Disliked{quote} Sure, these are from Friday on the ES. First example (ignore the horizontal lines on the chart, those are setup for today's session): This is not a great entry, but this a bull surprise bar breakout to new all-time highs in the ES. Given the size and strength, it could be perhaps reasonable to enter at the close of the bar (should have been long already from either of the prior to large bull bars). Stop would need to go at least below the breakout bar, if not below the low of the day (and trading size should be modified to ensure that the...Ignored
- #371
- Edited 4:35pm Jan 9, 2020 4:18pm | Edited 4:35pm
- Joined Sep 2017 | Status: Still a total mystery | 3,569 Posts
I would advise that everyone should backtest, analyse and project various degree of StopLoss parameters in their system.. Because yes, at a ONE trade, StopLoss might seem like a no-brainer choice most of the most since it prevents potential loses... But the question I would also add... how much profit are you missing (or even loses are you making) precisely because of the SL.. For example... If you Shorted at X price... and made a stop-loss X+10... and the price goes X+11... You maybe preserved some money but what if the price then goes X-20.... after it goes to X+12 first... You would have been better of leaving SL wider... But this has to be seen in a broader picture/model/analysis/projection... For just one trade... this SL or Risk:Reward thing might be much more arguable for certain trader... but when you see 10+ (or 100+) trades and compare outcomes at different SLs... the bigger picture might form.. I learned this the hard way guys, you might save yourself that time, if you can
Can you afford to take that chance?
- #373
- Feb 4, 2020 12:35pm Feb 4, 2020 12:35pm
- Joined Sep 2017 | Status: Still a total mystery | 3,569 Posts
Everyone do it.. One way or the other.. Either stop-loss or stop-out But yeah, some argue that they are safer without since broker does not know.. but they know the stop-out, if you want to go that road of thinking anyway That is true for high leverage of course, because if one would trade only with 1%... they could not be "chased" to abyss
But yeah, some argue that they are safer without since broker does not know.. but they know the stop-out, if you want to go that road of thinking anyway That is true for high leverage of course, because if one would trade only with 1%... they could not be "chased" to abyss Can you afford to take that chance?
Dear traders, I want to ask you questions about trading: 1. Do you use stoploss or not? 2. Why do you use stoploss and why you don't? 3. How many pips do you use your stoploss? thanks anyway
That being said, I use stoplosses when I am playing intraday
So no stoploss for positional trades IMHO.
- #377
- Feb 6, 2020 3:03pm Feb 6, 2020 3:03pm
- Joined Sep 2017 | Status: Still a total mystery | 3,569 Posts
{quote} I used to put stoplosses earlier but I've now stopped putting stoploss on trade itself, that's due to the reason that market makers are always one step ahead in hunting the stoplosses so a sudden fluctuation in the price for couple of seconds and your stoploss it hit. So in order to remain safe from such spikes, I do not put stoplosses. That being said, I use stoplosses when I am playing intraday
Can you afford to take that chance?
This question is EXTREMELY RELATIVE.
A better idea if you really want to learn is to post a screenshot of a trade you are in and ask. Where should I put my stop loss?
To use a stop loss or not depends on your personality and experience.
I am inclined to say YES use a stop loss you fool or you will lose all your money! But it really is not that simple. There are many traders who do not use a sl at all, and manage to close positions manually/set pending orders to offset their losses, hedge, use extremely low leverage etc. So really you should always cover your ass aka your risk, however that doesn't necessarily mean using a hard stop.
ALWAYS USE YOUR BRAIN. That is more important than using a stop.
If you want to learn post examples of trades, and take what members give you with a grain of salt. You will slowly learn much better this way rather than asking such vague questions...
Cheers
A better idea if you really want to learn is to post a screenshot of a trade you are in and ask. Where should I put my stop loss?
To use a stop loss or not depends on your personality and experience.
I am inclined to say YES use a stop loss you fool or you will lose all your money! But it really is not that simple. There are many traders who do not use a sl at all, and manage to close positions manually/set pending orders to offset their losses, hedge, use extremely low leverage etc. So really you should always cover your ass aka your risk, however that doesn't necessarily mean using a hard stop.
ALWAYS USE YOUR BRAIN. That is more important than using a stop.
If you want to learn post examples of trades, and take what members give you with a grain of salt. You will slowly learn much better this way rather than asking such vague questions...
Cheers