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Stop Loss
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Professional4X

Member Since Jan 05, 2016  1189 posts Professional4X Aug 14 2019 at 22:11
BBBLack posted:
I don't use stop loss. I close trade only when I get a chart pattern in opposite direction to that of which I am in. This means that I am always in the market when I close a long trade I open a short trade


And how will you handle a massive negative spike against the account? Think about what happened with CHF a few years ago. Without some sort of SL your account would be wiped out. Even if it isn't a massive 3000 PIP price move, can your account easily absorb a sudden 500 pip price move against it? And if so, why would you want that to happen? How close to a margin call would you get? Think about it... trading without any SL to protect your account is irresponsible.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
Imamul

Member Since Aug 09, 2017  436 posts Imamul Aug 19 2019 at 09:25
only we can learn when making a loss , and in demo this experience not possible , so i always prefer live trading for acquiring real trading knowledge.

Q_FxTrader

Member Since Oct 08, 2018  142 posts Q_FxTrader Aug 19 2019 at 10:53
Imamul posted:
only we can learn when making a loss , and in demo this experience not possible , so i always prefer live trading for acquiring real trading knowledge.

Making a loss is good for brokers and other market participants who make profit out of that loss and not for the trader.

If someone is successful in demo with a really working strategy, then there should not be any question why he is not successful in live account.

Success in demo and failure in live commonly indicates random trading or emotion based trading.

AmDiab

Member Since Apr 18, 2017  624 posts AmDiab Aug 23 2019 at 15:24
Q_FxTrader posted:
Imamul posted:
only we can learn when making a loss , and in demo this experience not possible , so i always prefer live trading for acquiring real trading knowledge.

Making a loss is good for brokers and other market participants who make profit out of that loss and not for the trader.

If someone is successful in demo with a really working strategy, then there should not be any question why he is not successful in live account.

Success in demo and failure in live commonly indicates random trading or emotion based trading.


Yes; emotion plays an important role! In addition; this is why new traders need to use small demo account like 100 to 200$!

Imamul

Member Since Aug 09, 2017  436 posts Imamul Sep 19 2019 at 11:11
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme

AniLorak

Member Since Apr 18, 2017  847 posts AniLorak Sep 25 2019 at 14:38
Imamul posted:
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme


That’s the reality; there is no Forex trainer as like others profession; this is why it’s always challenging as well as boring!

jakes90

Member Since Jul 31, 2019  19 posts jakes90 Sep 30 2019 at 08:51
Well even I set my SL that ways, what’s wrong in that? Having a fixed SL, I don’t think is that preferable.

Adribaasmet

Member Since Aug 27, 2017  759 posts Adribaasmet Sep 30 2019 at 10:22
jakes90 posted:
Well even I set my SL that ways, what’s wrong in that? Having a fixed SL, I don’t think is that preferable.


What’s the way of setting your SL in trading? You mentioned earlier?

Imamul

Member Since Aug 09, 2017  436 posts Imamul Oct 02 2019 at 04:31
its the main challenge when having a losses , generally after having a losses from trade we become emotional and trade over and over , we lost our motive and mind , as a result become loser. its more appropriate to become cool when having a loss and stop trading for a while.  

togr

Member Since Feb 22, 2011  4541 posts vontogr (togr) Oct 02 2019 at 06:47
Setting stop loss is common way to protect your account from losses.
Wrong usage like too tight stop losses leads indeed to losses on your account.
There are other more sophisticated ways to protect your equity, of course the ones I am using :)

I like what I trade, I trade what I like
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