❗️USE STOP LOSS AND BECOME A BETTER TRADER❗️

[skrimon]

STOP LOSS IS: A stop-loss order is one that automatically terminates a losing position when the price reaches a certain threshold.
We normally compute SL in pips, however there are other ways to do it. It might be based on time, percentage, or volatility. For some investors, SL is a key piece of news that changes their perspective of the asset's worth. Regular stop losses can also be numerous and different, such as a trailing stop. In addition, we occasionally shift our SL to entry after the half close to protect our gains and keep our position risk-free. However, all of the scenarios I outlined above had one thing in common: the SL was used!


To be honest, I'm amused by the large amount of folks who give me screenshots of their MT4 with multiple open trades on the same pair, all without a stop loss and with 90% of their account lost. And they ask me what they should do. The artwork above is an excellent depiction of what it would take to heal from such a loss. With a 90% loss, you only have one-tenth of your original account left. To restore your losses, you must earn ten times more money than you have left. Only a 999% gain is required to reclaim your former account. It just took you a day to blow it, and it may take months to regain your losses. This is the ugliness of trading. The market is ruthless and will punish you if you disrespect it. If you're thoughtless or make mistakes. The market always returns to collect, waiting for you to let down your guard and relax for a moment.

Please always take Stop Loss since it prevents you from losing too much!

I hope you all learned something today.

Best of luck to everyone!

And may the odds always be on your side.

 

[GumarSafin]

You also can install premium EA such as stereotrader or mini terminal (completely free), allowing you to easily calculate your stopp loss levels in pips and even in % to the Equity, which is a great risk management option as far as I'm concearned

 

[GumarSafin]

also a great thing to consider is a more sohpisticated limit order such as pullbacklimit oders

 

[Georgia_Davies]

In my opinion, by using stop loss, traders can better manage their risk and potentially become more successful in their trading. However, stop loss is not a guarantee of success and should be used in conjunction with other risk management techniques and a well-thought-out trading strategy.

 

[Polakandil]

Stop loss still become great feature in forex trading to manage the risk, we can manage the risk based on preference using stop loss, how to put stop loss maybe each trader has own way to calculate, however there are some trader dare to trade without stop loss with reason stop loss only make a loss, in my daily trading with FXOpen often I use stoploss.

 

[GeekyForex]

Stop loss orders should always be placed at the same time as entering a trade, this ensures that the open trade will be protected in accordance with your levels of acceptable risk set out in your trading strategy.

However, stop losses should be monitored and adjusted accordingly depending on how your trade is performing. If the trade becomes profitable, don't just let your static stop loss sit dormant. This would allow the opportunity for a profitable trade to revert and hit your stop loss, closing out your trade.

Instead, as profits are being made, the stop loss should be moved to break-even point or above. Alternatively, the static stop loss should be switched to a trailing stop loss that follows behind price action at a pre-determined pip distance.

You can learn more about using stop loss orders effectively in our guide to using trailing stop loss orders when forex trading.

 

[FXOpen Trader]

Stop loss orders should always be placed at the same time as entering a trade, this ensures that the open trade will be protected in accordance with your levels of acceptable risk set out in your trading strategy.

However, stop losses should be monitored and adjusted accordingly depending on how your trade is performing. If the trade becomes profitable, don't just let your static stop loss sit dormant. This would allow the opportunity for a profitable trade to revert and hit your stop loss, closing out your trade.

Instead, as profits are being made, the stop loss should be moved to break-even point or above. Alternatively, the static stop loss should be switched to a trailing stop loss that follows behind price action at a pre-determined pip distance.

You can learn more about using stop loss orders effectively in our guide to using trailing stop loss orders when forex trading.

If we start doing our trades with the use of the proper Stop loss settings then our income from such trades will become more.

 

[VasilTodorov]

you should set it when you want to enter the trade and then it will be really helpful

 

[Latham]

Sadly to say that my initial days passed without using stop loss and most of the trades took me huge time and my equity went reduced drastically. Later on I discovered not using SL was a point behind so. Since then I started using SL and other tactics properly on the platform of FXOpulence broker, which is a ASIC- regulated broker allowing traders with different trading instruments-Indices1000, Crypto500, Currency100, EURO basket and USD basket.

 

[Fin_Trader]

In addition to setting stop losses in your transactions, you also need to pay attention to the lot size. After all, even when a stop loss is used, but the lot is very large, the losses will also be large. Therefore, the possibility of observing risks in trading is possible when a stop loss is used, and transactions are made in lots according to the rules of money management.