I also use a stop loss. It took me a while to realize that is the part of the game. You simply can't make every position earning for you. That is now essential for me, I need to know where stop loss is going to be before I open my position.
Everyone comes around to using stop-loss eventually. Some highly skilled traders may not use it in their seasoned years but I don't think anyone can survive for long if they trade without using stop-loss in their early years.
Everyone comes around to using stop-loss eventually. Some highly skilled traders may not use it in their seasoned years but I don't think anyone can survive for long if they trade without using stop-loss in their early years.
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Highly skilled traders use mental stoplosses, & the beginners imitate that by no stoplosses
{quote} Highly skilled traders use mental stoplosses, & the beginners imitate that by no stoplosses
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Sounds like a nonsense. What do you mean by mental stop-losses? Cutting losses according to situation? Non-system approach has one downside - it gains zero experience for you.
{quote} Sounds like a nonsense. What do you mean by mental stop-losses? Cutting losses according to situation? Non-system approach has one downside - it gains zero experience for you.
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I appreciate if you first read properly what I wrote before bothering to reply. There I was talking about skilled traders, & beginners trying to imitate that.
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Joined Oct 2020
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Hello, could somebody tell me if there is something i can do to protect my self against a sudden spike/gap and my pre-defined stop loss order is not going to get filled/respected at my pre-defined level?
This might be not a big deal if trading at small size but lets say i want to trade 1 Pip = +1% of my account's available capital going long at 1.3000 with a basic SL order that MT4 provides set to 1.2990. So pre defined risk would be fixed to 10 Pips or (-10%).
Now all of a sudden price spikes/gaps due to unexpected volatility or what ever you want to call it to 1.2900 instead and thats the first available price my stop loss order will get filled. Meaning a -100%, or my account wiped out.
I am using MT4 and trade on the RAW Spread account by ICMarkets. Its advertised to be a true ECN broker where my trades will be executed against the real market.
From there FAQ
Quote
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We do not have a dealing desk, we are not involved in creating the prices that we show you. IC Markets offer its clients with a market execution model. This means all the trades are executed at the first available price received from our hedge counterparties once an order has been triggered. Thus, we are not able to offer guaranteed executions exactly at your requested prices, we are simply streaming the prices that we receive.
So how to protect in such case? A 100-150 Lot position wiping me out on a 100 Pips different stop price than expected might be a problem hah...
Hello, could somebody tell me if there is something i can do to protect my self against a sudden spike/gap and my pre-defined stop loss order is not going to get filled/respected at my pre-defined level? This might be not a big deal if trading at small size but lets say i want to trade 1 Pip = +1% of my account's available capital going long at 1.3000 with a basic SL order that MT4 provides set to 1.2990. So pre defined risk would be fixed to 10 Pips or (-10%). Now all of a sudden price spikes/gaps due to unexpected volatility or what ever you want...
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The only thing you can do is use less risk. You cant do anything about gaps.
