Do you use stoploss?

That's pretty good advice, I will keep it in mind. Thank you!

The problem is that there is no such thing as a 'hard stop' or 'guaranteed stop'

I've seen the market skip >1% notional before a stop it triggered and slippage kicks in - to put that into context you're talking hundreds of pips before a stop gets filled. Yea it's rare, but it happens. One of these events and you're screwed, well..... your account is dead in the water.

Just look back to CHF when the SNB (Swiss National Bank) let shit hit the fan by removing the minimal floor rate.

I mean, yeah..anything can happen but there are measures you can take to avoid black swan events such as that.

1. Don't risk too much on one trade.

2. Trade with a proper broker that has some rules and regulations in place to return your lost funds in case of such an event. (not every broker disrespected stops during that time.

3. Have a hedged position for long term trades aka do not have to much risk allocated to one asset.

4. Trade short term or close all of your positions before the weekend or the end of day. This will reduce your chance of being caught in a low liquidity move.

5. (This is probably the only almost guaranteed way to stay out of black swan events.) Only take sell positions! Obviously you will miss out on a lot of opportunities but if you are really paranoid about being caught in event like this, the data shows that most, if not all of these events happen to the downside. Meaning that if you only look for sell opportunities across all pairs you will most likely never be caught on the wrong side. Imagine being on the RIGHT side of that CHF event? No one ever talks about this though...

I guess that's because retail, at that time, were >90% long based on the indicative data available.

There's few around who can actually talk about such success stories off the back of a Black Swan event.

Still, the thought is nice

Hi.i place trades on if I think they will not quite hit close them down. Stop loss I don't use as I'm online and close the order if I think it's going to plummet and don't want to loose to much. Also what is the difference between taking profits as term currency and points ?
Please feel free to answer simpley, mmm very simpley and honestly much appreciated.
Have left gbp/usd on today 1.28600 to 1.30219 0.04 £250 account will leave it swinging until Friday or monday.
If I have posted in the wrong place apologies

There is no ISOLATED parameter that you would apply and get your edge, every is relative or DERIVATIVE... meaning that all is realtive..
STOP LOSS itself is not anything... Because the TIGHTER TP you have the more problematic it is to have SL... because it is very hard to be so precise...
I mean if you are trading TP10 or TP20... yeah, trying to get 10 or 20PIPs TakeProfit.. and would like to be within (rookie) "GOLDEN RULE" of Risk:Reward 1:1, or better, 1:2 or 1:4.. you would have to put SL at TP 20, TP10 or even TP5 OR LOWER! Good lukc! If you can pull that off, you might as well put leverage 1000:1 and become RICH quick, in like 10 (serial) profitable trades... See the cheetah thread for more, if you are interested in that scenario....

But if you are talking TP200, then maybe SL50 makes a much more sense and yeah, you got your R:R 1:4

So try to see the whole picture and not isolated "rule" or parameter because if anyone would really find it, we would already have a TRILLIONAIRE

I don't use stop loss at all, only take profit. BUT, i cut loss manually.
so my balance will go up and the equity too, and cut loss when the equity is reaching -100 dollars, for example.

so before it reaches -$100, my trades will go on, and on, and on. sometimes i got much profits when it reached -$100.

Without Stop-loss; there is no way! One single trade can destroy our full capital! That’s the main disadvantage!

iam new here but for me SL is control of your money....

Thanks for sharing your honest opinion with us and it is much appreciated, stop loss is really necessary before it is too late blowing up the entire balance.

Rarely. But that's just me.

I have found better ways to get out of losing trades.

I have been there and I have done that and it is incredibly unpleasant.

Hello; is your trading strategy based on hedging? I am really interested to know more!

I do my best to enter the market at high probability turning points. This doesn't always work out in my favor, however.

Rather than allowing myself to get stopped out, I will place another trade in the direction of my first trade. In other words, suppose I place a sell limit order and it gets triggered, but the price continues to move up another 50 pips (could be less), I will place another short in anticipation that either a retracement will take place or an all out reversal will happen in favor of my trading bias.

If it is merely a retracement, then it is likely the first trade will break even (I will close that one out when price hits it), and the second trade will gain me some pips in the process (I will keep this one running for as long as it makes sense to do so).

There is more to this strategy, but this gives you a basic idea of how I manage bad trades and potentially gain better entries in the process.

Note: I don't always trade like this. And there are a number of things I put into consideration before using this strategy.

Of course, things can get crazy as a result of unexpected events making a mess of the market, such as the current one we are dealing with concerning the coronavirus. Under such circumstances, I might have no choice but to close out the trades and eat my losses.

However, I am a very conservative trader. I don't go crazy on leverage. I can literally be hundreds of pips underwater and still avoid a margin call. I have enough in my account to do so.

The market stability prefers liquidating at limits but buying on spot and at bid. A stop-loss isn't necessary in trading macro-markets because day-day volatility isn't extremely high. My emergency exit-plan for losing trades is manually liquidating at the spot if my underlying outlooks change enough to warrant such extreme trade actions. Diversification is what makes the equity-leveraging so much more lucrative. Keeping up-to-date with positions instrument prices consistently is what creates success in this niche.

What is your plan for cases when you can't do that on the spot? In case your internet disappears or you lose server connection? What about cases when the market moves too fast to react to it?

Stop Loss is my Daily best friend of trading. Sometimes, i dont use take profit levels but i never forget to use or never place a trade without stop loss. If i do not have any stop loss level based on my trading system and strategy, but the trend is totally in my direction, i skip the trade just because of a good place for putting my stop loss.

I prefer using a stop loss either way, especially in the current times.

i am beginner and i find stop-loss is very essential

Regardless being a beginner or experienced, I just think that stop-loss is very essential and should not be missed out.