Placing stop loss
Dec 22, 2021 at 05:54
Placing a stop loss requires experience. There are different strategies to place a stop loss. But I recommend focusing on the basics first. Always consider the support and resistance levels as prices would bounce up or fall down at certain levels. Place the stop loss at some points above or below(according to support and resistance) from where price could change direction.
Dec 23, 2021 at 19:42
Stop losses are definetely pain in the neck in the process of allocating your deal, but they are significant if you want to make yourself desciplined and weight up all of your ideas before you actually act. As for me, setting up stop losses makes me ask myself whether I am sure that this or that deal is good to open. It is something like 2FA for me, where I keep asking myself questions and this makes my trading more consistent and coherent. I feel that the secret of good trading is in consistency, so the more filters you have for making decisions, the more sober your trading strategy becomes. Therefore, you should treat stop losses as an integral part of trading and make a habit of using them in trading.
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