This is a basic requirement for keeping your deposit safe. Remember that anything can happen in the market and outside of it too!
One example of common problems is a computer crash, power failure, internet failure. A colleague of mine almost lost a trade in this way, the Internet at home went down, he had to run to a neighbor and ask for Internet access. Since then, when trading, he has at least. 2 independent Internet connections + UPS for the computer + a charged phone with a number to the broker, so that he can close the position in case of emergency.
Another example — a sudden phone call with important information (I know a person who found out that his wife went to the hospital, he forgot about the open position in the market, lost his entire deposit).
One more example — you may feel unwell, you may lose consciousness. What then? SL will save your deposit.
Remember too, that you can manage the SL position as the market situation develops. The question of how to do this should be answered by your system/strategy.
In summary — there is not a single common-sense reason not to set SL. And any professional trader will tell you that.
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WhiteWitcher posted: Oh I know other theory about SL. The more often you put a stop loss, the more often it works and you lose. 😄😄😄
Fully agree. There is one more mind: if you don't set SL then you will loss more or even all. But in many cases on currency pairs it could be just a big drawdown. And after that will be growth (or fallen depends on direction).
Also I agree with another opinion. SL is necessary in cases if you face unexpected things or work ect. It will be better to set SL in order to not to lose all:)
Well, I cannot say that used to set up SL. Moreover it all depends on circumstances. If I understand that I may have a big loss, I would put the stop loss. If the risks are minimal, I will expect a rebound and further growth/fall of the currency pair.