There are those who never know when they should stop trading because the have their emotion out of check. They therefore want to make more trades and gain more money faster which is a sure way to make a lot of losses in a very short while. If you want to make it then you need to know when to stop. That is very important.
Oct 30 2020 at 12:36
You know that you should stop when all you are doing is making losses. As much as everyone can join forex. It does not mean that anyone should join. If it is not working out for you then you need to know when to quit instead of taking a lot of time trading only for you to fail in the end.
Oct 30 2020 at 13:41
TheGreatRecycler posted:
I set my stop loss at 20% of my equity. This is working really well for me, haven't had a losing trade all month
This can be achieved when you 'KNOW' the trend and you make sure you always trade with the trend
Proverbs 22 vs 29
Oct 30 2020 at 13:43
AmDiab posted:fancydandy posted:
I have seen some comments stating that some random stop loss is a way. Never ever do a random stop loss because it is like randomly study a part of topic thinking it will surely coming in the exam while ignoring other, as a result, you get a poor grade. That is like with random SL. Randomly setting SL leads to potential loss.
So for me, I always put the SL based on the market conditions and risk management.
Good choice; same from me! I always set my SL & TP according to the position of nearest support & resistant levels;
This can also prove to be a wrong trading strategy these days, i mean take a look at Gold, price takes out any recent swing high or swing low before changing direction again
Proverbs 22 vs 29
Oct 31 2020 at 07:49
Stop loss is most important in order to save your account from getting blown out.
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