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Stop Loss
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Mohammadi

Member Since Aug 11, 2017  664 posts Mohammadi Sep 03 2018 at 08:42
Stop loss is very much important tool; but I don’t have any fixed number with this tool. In my live trading, I always set my SL based on the distance between support & resistant levels.

voketexpert

Member Since Aug 30, 2018  25 posts Voket EA (voketexpert) Sep 03 2018 at 08:50
so what is the matter. You did it good as well. There is no standard about good SL or bad SL. It depends technique you are using.

Pips are absolute aphrodisiac, so trade with your brain not your lust. Forex will always be the same.
TaloR_11

Member Since Apr 13, 2018  22 posts Kel Freeman (TaloR_11) Sep 05 2018 at 10:53
SL standing based on the support/resistance levels is a nice option. The distance depends on the market volatility. Btw, my opinion: SL is using only for your patience. SL is a psyhological tool but is not a part of trading strategy.

Be in time
AmDiab

Member Since Apr 18, 2017  624 posts AmDiab Sep 25 2018 at 14:29
Good plan mate, I don’t think; it’s a good idea to trade with a fixed SL! I am also following the same way! I always set my SL/TP according to the market’s requirements.

RichPort

Member Since Sep 20, 2018  9 posts RichPort Sep 26 2018 at 07:39
But what if you use a lot size of say 0.1 Lot and the stop loss is like 50 pips? Do you take that or wait for another trade? I worry about risk reward and drawdown with big stop loss

Adribaasmet

Member Since Aug 27, 2017  759 posts Adribaasmet Sep 27 2018 at 07:13
RichPort posted:
But what if you use a lot size of say 0.1 Lot and the stop loss is like 50 pips? Do you take that or wait for another trade? I worry about risk reward and drawdown with big stop loss


I think, if your risk reward ratio is 2% then you can open 2-3 trades in a time so smoothly.

AmDiab

Member Since Apr 18, 2017  624 posts AmDiab Sep 30 2018 at 07:01
RichPort posted:
But what if you use a lot size of say 0.1 Lot and the stop loss is like 50 pips? Do you take that or wait for another trade? I worry about risk reward and drawdown with big stop loss


Mate if you trading capital is too narrow like below 100$ than 50 pips SL would be costly, in this case traders can use cent type trading account.

Adribaasmet

Member Since Aug 27, 2017  759 posts Adribaasmet Oct 07 2018 at 05:55
AmDiab posted:
RichPort posted:
But what if you use a lot size of say 0.1 Lot and the stop loss is like 50 pips? Do you take that or wait for another trade? I worry about risk reward and drawdown with big stop loss


Mate if you trading capital is too narrow like below 100$ than 50 pips SL would be costly, in this case traders can use cent type trading account.


Yes, this type of trading account is very useful for the newbie! On the other hand, 50 pips SL is for only long term trading like swing trading, it’s not for short term trading at all.

tforexx

Member Since Sep 12, 2018  6 posts FX Ekspert EU (tforexx) Mar 29 2019 at 11:06
It's best to choose S/L according to the market, allowing it room to fluctuate.

CRPA9

Member Since Feb 08, 2019  21 posts CRPA9 Mar 31 2019 at 07:34
You should look for risk reward and always make sure its atleast 1:2

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