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Do you use stoploss?

  • #41
  • Sep 4, 2013 12:19am Sep 4, 2013 12:19am
Quoting pgpb
{quote} A friend of mine tells me he hardly ever takes a loss. He is right more often than not, but when a trade goes against him, he just waits and even if it goes against him a few hundred pips he just hangs in there. When I look at my own trading, I am also often on the right side of the trade, but sometimes it goes against me and hits my stop loss (45 pips).....but if I had a larger stop it would have eventually come back and gone my way, or at least come back to let me out without a loss I need to think this through....so i was browsing on...

I wonder too
  • #42
  • Sep 4, 2013 5:59am Sep 4, 2013 5:59am
Quoting CodeMeister
I trade using a safety stop loss > 30 pips at order entry on my favorite trading period of 15 minuts. My "real" stop loss is notional or mental. As the trade progresses, I tighten up the stop loss based on the ATR and the price action. If the trade is moving against me, I will place my mental stop loss and let the market take me out or turn around and go back to breakeven.

Looks like a very good techinque
  • #43
  • Sep 4, 2013 9:15am Sep 4, 2013 9:15am
Should there be some sticky threads in this forum for:

1. Stop loss - yes or no?
2. What is the Holy grail System?
3. Does anyone actually do this for a living?
4. Is it true 95% of people fail?
Anything can happen.
  • #44
  • Sep 5, 2013 1:08pm Sep 5, 2013 1:08pm
1 and 3, yes but as far as 2 and 4 are concerned, no. There's no such thing as a holy grail and the quest is ongoing (drop us a line if you come across one) and as to the last one, it depends on your take..
  • #45
  • Sep 5, 2013 2:02pm Sep 5, 2013 2:02pm
Stop loss is very important it save our account from big losses and we can increase our money management with proper skill of stop loss. Many traders fails in trading because lack of trading plans and also do no know the proper use of stop loss.
  • #46
  • Sep 5, 2013 3:08pm Sep 5, 2013 3:08pm
Quoting Forexnuts
1 and 3, yes but as far as 2 and 4 are concerned, no. There's no such thing as a holy grail and the quest is ongoing (drop us a line if you come across one) and as to the last one, it depends on your take..
2 and 4 will continue to be asked over and over along with the others...
Anything can happen.
  • #47
  • Sep 7, 2013 2:10am Sep 7, 2013 2:10am
LOL, yeah I know. All you need to do is to check out the FF threads and count the number of holy grail threads, and you can soon see that the holy grail threads are a big favorite, especially with newbies..
  • #48
  • Sep 13, 2013 3:35am Sep 13, 2013 3:35am
Is it normal when broker execute your order higher than level on SL? I mean that the price has not reached that level, but SL have done?
  • #49
  • Sep 14, 2013 4:48am Sep 14, 2013 4:48am
Stop loss is very much important for the traders so that they can place it at the appropriate levels and limit the risk while trading in the forex market.
  • #50
  • Sep 14, 2013 8:56am Sep 14, 2013 8:56am
Quoting Greeneyez
Stop loss is very much important for the traders so that they can place it at the appropriate levels and limit the risk while trading in the forex market.
Yes of course we have to place the stop loss and it will help us to minimize the loss and we will be able to trade properly. Risk management is very important so that we will be able to achieve our targets.
  • #51
  • Sep 14, 2013 10:16am Sep 14, 2013 10:16am
Quoting AliceInForex
Is it normal when broker execute your order higher than level on SL? I mean that the price has not reached that level, but SL have done?
Hi, I'm just a noob but here are my thoughts:

I have had this happen with both SL & TP. I think it has to do with your broker's spread. For instance if you go long at 1.0000 with a stop loss of 50 pips you would expect your stoploss to trigger at .9950 right? But if your broker has a 2 pip SPREAD on the pair your stoploss would trigger at .9948 to include the cost of the transaction in the loss.

Same goes with TP. If you set TP at 100 pips the market price needs to move 100 pips + SPREAD before your order will close

remember that spreads fluctuate depending on liquidity and other factors as well.

Senior members feel free to correct me if I'm wrong

(as to the OP, I don't use stop loss as a rule, but sometimes as a tool to manage trades. SL is great for locking in profits on a winning trade though, or for pyramiding in/out, and likely essential for those successfully scalping on <30 min timeframes. I'm pretty smalltime and trade microlots on 4h+ timeframe. I think that your trading account should never be so undercapitalized, or over leveraged that not setting an automated stoploss would seriously affect your trading capital. This is probably a naive perspective on SL, I'm sure I would change my tune if I was trading hundreds of thousands of dollars rather than just hundreds lol)
  • #52
  • Sep 16, 2013 6:06am Sep 16, 2013 6:06am
always use stop loss. you can never know which direction the signal will go.
  • #53
  • Sep 16, 2013 9:16am Sep 16, 2013 9:16am
My system automatically places a 50 pip Sl on all new orders regardless on the lot size or market conditions..........its not really optional for me
  • #54
  • Sep 16, 2013 9:52am Sep 16, 2013 9:52am
Did you read my user name?
  • #55
  • Sep 18, 2013 6:10am Sep 18, 2013 6:10am
I always use stop loss.

Why? Because it helps me to manage my risks much better and keep my emotions under control. I know sometimes it`s hard to watch when your stop gets wiped out and then market reverses.

I have seen many people who trade without sl and have been very successful for a short period of time at but eventually they have had margin call.

Also I don`t trust so called mental stop loss levels. If the bet`s raise then you can`t handle the pressure and you will lose it all.

So my conclusion is that you have to use stop loss if you want to survive.
  • #56
  • Sep 18, 2013 6:24am Sep 18, 2013 6:24am
If you have trouble cutting losses and using stops then you might place 'being right' over being profitable in the long run. No one is 100% right ever - so what do you do when you are wrong?

I recommend anyone who's struggling with this to read "Trading in the zone" by Mark Douglas.
Anything can happen.
  • #57
  • Sep 18, 2013 10:47am Sep 18, 2013 10:47am
Maybe we can open a "counter fire"...

Suppose an open Sell position... and the market goes up... and up...

If our choice is to keep that loosing position open, we should open a Buy position with same or more lots as the Sell position.

This Buy position must be closed always with profit, even if little profit. Then wait for the market to go a bit more down, and if it seems to retrace, open a new Buy position...

And that again and again... just to cover the Sell losses, or to see the market come down to the Sell position...

Anyone tried that ?
  • #58
  • Sep 18, 2013 3:13pm Sep 18, 2013 3:13pm
Equal arguments for both ways, good and bad sides to both ways, so might aswell just do what ever works for you.

If it's no SL's, just don't listen to anyone else, there is losers pretty much anyway.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59
  • Sep 21, 2013 2:35am Sep 21, 2013 2:35am
Quoting Scalptastic
I always use stop loss. Why? Because it helps me to manage my risks much better and keep my emotions under control. I know sometimes it`s hard to watch when your stop gets wiped out and then market reverses. I have seen many people who trade without sl and have been very successful for a short period of time at but eventually they have had margin call. Also I don`t trust so called mental stop loss levels. If the bet`s raise then you can`t handle the pressure and you will lose it all. So my conclusion is that you have to use stop loss if you want...
Stop loss is very beneficial and helps our account to save from huge losses. We can survive more in Forex by using the stop loss because Forex market is unpredictable so we have to trade with proper planning.
  • #60
  • Sep 21, 2013 12:50pm Sep 21, 2013 12:50pm
Quoting hedging
{quote} Stop loss is very beneficial and helps our account to save from huge losses. We can survive more in Forex by using the stop loss because Forex market is unpredictable so we have to trade with proper planning.
The market isn't unpredictable, but certainty is something you won't find.
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