8christianpaul8
(8christianpaul8)
Member Since Aug 27, 2017
85 posts
Jan 11 at 10:20
Gleywilleyy posted:
I think under no circumstances should stop loss not be used, it really is not worth the risk. I have suffered massively in the past when I was too casual and paid the price in terms of losing all my profits. I have made a fresh start with IB and fxview and vowed to never not use sl.
The problem here is it's based from your own experience and it may not be the same with others. Though I understand the importance of SL. As I've mentioned before it would depend on the strategy you use and how focused you are when trading. I do have an account with a stop by overall % of drawdown on all trades but not on a per trade basis. But I have another account where I use SL on all trades. It really based from your backtest, research, and forward testing. It's also a personal preference I guess.
Trading is a marathon, not a sprint.
Trading without stop loss is okay if you are going to stick to your trading screen through out your positions are open. If you are planning to leave your trades unattended, use of stop loss is must.
The more your practice, the more you learn.
Tyronemings654
Member Since Nov 09, 2020
15 posts
Jan 12 at 03:55
Gleywilleyy posted:
I think under no circumstances should stop loss not be used, it really is not worth the risk. I have suffered massively in the past when I was too casual and paid the price in terms of losing all my profits. I have made a fresh start with IB and fxview and vowed to never not use sl.
If someone is constantly monitoring their trades then it’s okay to not make use of sl. As it is there is always the problem of slippage, on top of it if sl is used (which certainly takes its own time to get triggered), trading profitably is just not possible.
russellgutierrez
(russellgutierrez)
Member Since Jun 03, 2020
56 posts
Jan 12 at 06:25
Guys just check if your broker allows use of trailing stops, they are much better as they move with change in prices. I know for sure that IG, Fxview and XTB give this option.
8christianpaul8
(8christianpaul8)
Member Since Aug 27, 2017
85 posts
Jan 12 at 08:26
russellgutierrez posted:
Guys just check if your broker allows use of trailing stops, they are much better as they move with change in prices. I know for sure that IG, Fxview and XTB give this option.
Is it not an option will all brokers that offers Metatrader? I've never seen a broker that offers MT and no TSL.
Trading is a marathon, not a sprint.
joastdaffy
Member Since Nov 27, 2020
24 posts
Feb 04 at 09:56
I think stop loss is a very effective strategy for managing risk. Traders should make proper use of it to avoid losses.
debramaldonado
Member Since Dec 02, 2020
21 posts
Feb 09 at 09:58
Hedging can be a very good risk management strategy that some people like to use for their trades. Making effective use of the stop loss can also be helpful in minimising risk.
Whether we use SL while trading or not, I think that totally depends on a trader's strategy and plan. It is not necessary to have a stop loss placed every time you are trading, but yes it serves as an extra cushion against major losses for sure.