Do you use stoploss?

1. No
2. Because I use hedging. My risk management strategy works with a 5 times loss recovery process.
3. I hedge after 20-50 pips depends on the strategy I use for the actual trade.

yes to all my trades

If you think that you are not fully in control and that the markets essence is uncertainty. Stop loss, of course!

Honestly, I can't think of trading without an SL.

This is a very stupid question....
What exactly is a unit in terms of GBPUSD? If GBPUSD is at 1.41830 and my accounts currency is USD, how many U.S. Dollars would it cost to purchase 30,000 units of GBPUSD?
How do I calculate this?

Please could you be more specific?
There are 3 questions
Are they all very stupid? Or just some? Or maybe some more than the others?

Thank you

PS: Sorry if these are stupid questions too...

sheesh you needa chill mr passive aggressive

When you put in a long order for 30,000 GBPUSD, what exactly are you buying (or selling or both) ? Do you ever own any other currency besides USD (assuming your account is in USD) ? or are you just making a bet with your broker? If your using 1:1 then how much would come out of your balance when you make this trade? How would this differ from using 30:1 and what is the formula for calculating it?

Me trading without stop losses be like

Me after putting stop losses

As for my stop loss issue, sometimes I don't or if possible I will cut my loss before price hits my set stop loss. Because, there are times when I find the market unpredictable, so I change too.

you gambler

I use Stop Loss for unattended Trading Only.
Also rarely, during volatile sessions.

However, with that being said - I will always know my Exit Point (Essentially the Stop Loss point).

As a beginner, I try to stick to a 2-3% Risk per Position. With that, I calculate my Risk, and set my Exit accordingly with each Trade.
Note, I also consider Technical Data, previous H/L, Support and Resistance, Supply, etc. - For further confluence and confidence, to determine my Exit.

Hope that helps!

Hey All,

I will just say that not using a Stop Loss in general is added risk with no upside. While I disagree, I can understand why scalpers, day traders may elect not to use a stop loss. However, if we are talking about higher time frame trading, I would seriously discourage it. While you may think you can stop it in time, that is not always the case. Algorithms that are used today can and will blow up your account before you have a chance to react.

Let me ask you a couple of questions.

What do you do if you lose internet connection/power for an extended period of time?

What happens if your brokers side servers fail?

These things can/do/will happen.

- Ric

I am a short-term scalper with a holding time of 5-10 minutes on average. Of course, I use a stoploss. I don't drive a car without a seatbelt either.
Let's look at this logically: We all don't know where the price will go and when it will do so. As a successful trader, I look for situations where the win-loss ratio justifies a bet. I have no control over price, only over my trade, so I need to know where to cap the bet and realise the loss before I trade myself into a hole. That is simply a fact of this business. Anyone who thinks they can tell from the price action whether it is just a spike or an actual quick trend reversal is overestimating their abilities or is in the psychological trap of wanting to avoid individual losses and risking their account to do so.

To clarify again, the loss is all we can really control while the bet is running. I will therefore not want to relinquish this ability, even if the computer, electricity or internet fail. If I know where I am going out, there is no reason not to do this automatically. If I don't know where to get out, I have no trade just a reckless gamble. Those who think they are better off trading without this safety net should at least honestly consider whether they actually have a strategy for the loss exit at all or whether, like so many, are just guided by their feelings and thus offer bad luck a target. Discretion is not a strategy guys.

By the way, you can also push the SL into positive territory with the bet and thus use it as a tool to really milk a trade. I have therefore never understood why people use a take-profit. The positive SL is also an important tool to secure position increases from the unrealised profit. If you do it right, you don't need to risk your equity for these, you just bet the unrealised profits and thus improve the profit-to-loss ratio even further.
When it comes to loss reduction, however, one should also consider other methods. Exiting the entire position via the SL does not have to be the only loss exit strategy. Especially for traders who are not as involved in the short term as I am, it can also be a good idea to work with two stoplosses (sort of). One is the complete stop at which the bet no longer makes sense and then one before that, somewhere in the middle, that halves the position.

It is really important to use stop loss.
I use S/L every time I open a deal for several reasons.
Firstly, it is next to impossible to predict the market fluctuations every time. Forex market is very unpredictable as it is influenced by many factors and news. Every time I open a deal, I need to have a kind of insurance that I'll not lose everything.
Secondly, it is a good way to structure the trading ideas. Surely, you can avoid using pending orders, but every time I use them, I keep asking myself why I think that this deal is goinf to be profitable.
As for the number of pips, it really depends on the trading strategy or current situation on the market. If there is high volatility, I increase the number of pips in stop losses, if the volatility is low, then stop loss doesn't need to be large.

If someone does not use stop loss, then he may be very surprised at one moment ...

Stop loss should be in place for every trades taken.

Yes i always use a stop loss. I have been caught out when i have decided against it, so always use.

Yes because the market can be unpredictable and I do not want to become their victim, it’s better to lose 2% compared to 30%

Firstly, this question is not stupid at all.
I can guarantee you that people who have traded for years might not even know how to calculate base on your question.
That's because a trader simply based on 1 standard lot = 10 USD/pip movement (4th decimal place of a major pair [apart from yen])
This is also provided that the trading account is in USD.

Here's what I understand:
If you trade 1 standard lot = 100,000 unit
If you buy 30,000 units, that would means you are trading 0.3 lot or 3 mini lot.
Buying 30,000 units of GBPUSD means buying 30,000 units of GBP with (30,000 units x exchange rate of GBPUSD)
So if the rate is 1.3, you are buying 30,000 GBP with 39,000 USD.
And 39,000 USD is the margin required to buy 30,000 GBP.

So when you mentioned about 30:1 leverage, it matters a lot.
Most people wouldn't have 39,000 USD to buy 30,000 GBP
But with 30x leverage, it will only require you (39,000 / 30 = 1,300 USD) of margin to buy 30,000 GBP.

In terms of profit and loss, if your trading account is in USD and you are trading any pairs with USD as the quote currency (In GBPUSD, GBP is base currency and USD is quote currency), every pips movement (4th decimal place of the price) = 10 USD per standard lot...
Therefore...
If 1 lot = 10 USD/pip,
0.3 lot = 3 USD/pip

In short, leverage only affects the amount of margin required to trade but doesn't affect your profit and loss (apart from the fact you can trade a bigger position with higher leverage).

Hope this answers your question.