Believes.
Jan 13, 2022 at 20:20
Well, mental stop loss can actually work if a trader has strong discipline and self-control.
Technical stop loss has some drwbacks which get on my nerves and I am sure that I am not the only one here. I mean that the market can just occasionaly go beyond the borders of your stop loss and them immediately bounce back according to your expectations but it is too late because your deal was closed with a loss. That is why I met many traders who avoid using mechanical stop loss and they just follow their own plan. That is what I wanted to talk about. If you have a trading plan and you are ready to follow it without any compromises, you can do without stop loss in the traditional sense, i.e. the one which is present in trading platform. However, the vast majority of traders, especially new ones, are not disciplined enough to do so. They are full of beliefs which are affected by emotions and there is no room for common sense and logic. In this situation it is a must for a trader to use mechanical stop loss despite its main drawback which I mentioned before.
Technical stop loss has some drwbacks which get on my nerves and I am sure that I am not the only one here. I mean that the market can just occasionaly go beyond the borders of your stop loss and them immediately bounce back according to your expectations but it is too late because your deal was closed with a loss. That is why I met many traders who avoid using mechanical stop loss and they just follow their own plan. That is what I wanted to talk about. If you have a trading plan and you are ready to follow it without any compromises, you can do without stop loss in the traditional sense, i.e. the one which is present in trading platform. However, the vast majority of traders, especially new ones, are not disciplined enough to do so. They are full of beliefs which are affected by emotions and there is no room for common sense and logic. In this situation it is a must for a trader to use mechanical stop loss despite its main drawback which I mentioned before.
Jan 19, 2022 at 07:27
Cordardred posted:Could not have said it better. It is very important to include stop loss in your trading
Stop loss should be used by all traders I guess. It doesn't matter whether you're skilled enough in trading or you just joined trading community. Those ones who trade without stop loss will definitely once face unpleasant consequences of their neglection of using stop loss. As for take profit, then here every trader has to decided by himself, because take profit restricts your potential income, while stop loss is much more important. In my opinion, the very first thing in risk management is the ability to set stop loss correctly. The perfect ratio is 3:1, tp/sl respectively. Complying with this ratio might restrict potential losses.
Jan 24, 2022 at 05:34
Mental stop loss doesn’t work in this highly dynamic market. You can’t monitor the market every minute of the day. You may leave your trading desk with everything in your favour but when you return there’s a possibility that a sharp market turn has happened and you have not only lost the unrealized profits but it has also wiped out your entire account. Moreover, another purpose of using a stop loss is to separate the emotions, if you are not going to automate it, you can never exit the positions at the right time.
Jan 24, 2022 at 09:33
pipham posted:It may not, but it will minimize the losses you could potentially face.
Mental stop loss doesn’t work in this highly dynamic market. You can’t monitor the market every minute of the day. You may leave your trading desk with everything in your favour but when you return there’s a possibility that a sharp market turn has happened and you have not only lost the unrealized profits but it has also wiped out your entire account. Moreover, another purpose of using a stop loss is to separate the emotions, if you are not going to automate it, you can never exit the positions at the right time.
Member Since Aug 10, 2021
178 posts
Feb 02, 2022 at 12:00
Taking part in Forex treading is a very easy way to earn and Forex treading can be done at home without any pains, so I think Forex treading can make a very easy and simple life. So I believe that forex can make life easier for everyone to work from home.
Member Since Aug 05, 2021
401 posts
Feb 02, 2022 at 17:43
True. The whole point is no longer allowing emotion to interfere, so traders should keep with the 'set and forget' mindset.
Member Since Oct 29, 2021
70 posts
Feb 23, 2022 at 05:05
It is hard to predict the forex market. However, if you have a working strategy and have knowledge about fundamental and technical analysis, then you can make money trading forex.
Member Since Feb 21, 2022
9 posts
Feb 23, 2022 at 10:47
miguelcaron posted:
It is hard to predict the forex market. However, if you have a working strategy and have knowledge about fundamental and technical analysis, then you can make money trading forex.
Do you make money trading Forex? Can you teach me?
Member Since Feb 16, 2022
119 posts
Feb 24, 2022 at 04:32
HeavLeighGill26 posted:Frankly, I don’t have anything like mental stop loss in my trading, because stop loss is a sure thing in my trading! I never open any trade position without stop loss trading position, and the size of my stop loss mainly depending on my trading style! When I do scalping I use small stop loss like 12 pips!
True. The whole point is no longer allowing emotion to interfere, so traders should keep with the 'set and forget' mindset.
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.
