Believes.

Well, mental stop loss can actually work if a trader has strong discipline and self-control.
Technical stop loss has some drwbacks which get on my nerves and I am sure that I am not the only one here. I mean that the market can just occasionaly go beyond the borders of your stop loss and them immediately bounce back according to your expectations but it is too late because your deal was closed with a loss. That is why I met many traders who avoid using mechanical stop loss and they just follow their own plan. That is what I wanted to talk about. If you have a trading plan and you are ready to follow it without any compromises, you can do without stop loss in the traditional sense, i.e. the one which is present in trading platform. However, the vast majority of traders, especially new ones, are not disciplined enough to do so. They are full of beliefs which are affected by emotions and there is no room for common sense and logic. In this situation it is a must for a trader to use mechanical stop loss despite its main drawback which I mentioned before.

Yes, using stop losses and limits is a good way to manage risk when trading currencies. In simple terms, a stop-loss order is used as a method to cut your losses when your trade is not going according to plan.

Cordardred posted:
Stop loss should be used by all traders I guess. It doesn't matter whether you're skilled enough in trading or you just joined trading community. Those ones who trade without stop loss will definitely once face unpleasant consequences of their neglection of using stop loss. As for take profit, then here every trader has to decided by himself, because take profit restricts your potential income, while stop loss is much more important. In my opinion, the very first thing in risk management is the ability to set stop loss correctly. The perfect ratio is 3:1, tp/sl respectively. Complying with this ratio might restrict potential losses.

Could not have said it better. It is very important to include stop loss in your trading

Mental stop loss doesn’t work in this highly dynamic market. You can’t monitor the market every minute of the day. You may leave your trading desk with everything in your favour but when you return there’s a possibility that a sharp market turn has happened and you have not only lost the unrealized profits but it has also wiped out your entire account. Moreover, another purpose of using a stop loss is to separate the emotions, if you are not going to automate it, you can never exit the positions at the right time.

pipham posted:
Mental stop loss doesn’t work in this highly dynamic market. You can’t monitor the market every minute of the day. You may leave your trading desk with everything in your favour but when you return there’s a possibility that a sharp market turn has happened and you have not only lost the unrealized profits but it has also wiped out your entire account. Moreover, another purpose of using a stop loss is to separate the emotions, if you are not going to automate it, you can never exit the positions at the right time.

It may not, but it will minimize the losses you could potentially face.

Forex market is not that easy to predict. So , it's always better to trade using stop loss to be on safer side by minimizing the associated risk.

Taking part in Forex treading is a very easy way to earn and Forex treading can be done at home without any pains, so I think Forex treading can make a very easy and simple life. So I believe that forex can make life easier for everyone to work from home.

True. The whole point is no longer allowing emotion to interfere, so traders should keep with the 'set and forget' mindset.

It is hard to predict the forex market. However, if you have a working strategy and have knowledge about fundamental and technical analysis, then you can make money trading forex.

miguelcaron posted:
It is hard to predict the forex market. However, if you have a working strategy and have knowledge about fundamental and technical analysis, then you can make money trading forex.

Do you make money trading Forex? Can you teach me?

I always set my stop loss and take profit according to the nearest support and resistant levels! Sometimes I add few more pips because of slippage issue! That’s my strategy!