Regardless of your level as a trader we cannot ever 100% know the direction of the market so a SL is a MUST in all trades we take and is part of any sensible risk management strategy.
If you can't spot the liquidity then you are the liquidity.
Dec 02 2021 at 11:05
A stop loss is a way to get out of a position when your trading idea was wrong, a worst case scenario. Therefore a stop loss should be placed there where you know your idea didn’t work.
Placing stop loss is one of the difficult tasks in trading. So many things to consider. Your trading style, risk tolerance capability and good knowledge about support and resistance levels are important to place a stop loss.
I believe that this tool is the most important for work. In addition, if used correctly, large losses can actually be avoided.
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