Of course I do. It is important to not burn all money
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DislikedDear traders, I want to ask you questions about trading: 1. Do you use stoploss or not? 2. Why do you use stoploss and why you don't? 3. How many pips do you use your stoploss? thanks anywayIgnored
DislikedDear traders, I want to ask you questions about trading: 1. Do you use stoploss or not? 2. Why do you use stoploss and why you don't? 3. How many pips do you use your stoploss? thanks anywayIgnored
My overall point is the S/L is an important element in my trading plan because it helps me reduce risk. Full disclosure I am a rookie with about a year of studying and only a few months of real trading.
DislikedFrom what I have read the goal of a trade is to reduce risk as much as possible. I use a S/L as part of my money management rules to reduce risk. For example: Use 1% of Capital = .01 x $5000 = $50 = Trade amount Place stop loss. (I usually like to place it either a little lower or higher than a resistance or support level respectively going long. Opposite going short if possible.) Take the difference between currency pair price and S/L. Say 100 pips Divide $50 by 100 pips = $0.50/pip To get lot amount=> $0.50/10 = 0.05 Lot or 5 micro lots (I don't...Ignored
Dislikedconsider the day when SNB announced dropping 1.20 and you did not set a stop loss on your EUR/CHF long orderIgnored