personaly i dont use the stop lose ..he cost me enough but to who want to use it it depend on the resistance and support levels not just numbers like we see in other threads
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personaly i dont use the stop lose ..he cost me enough but to who want to use it it depend on the resistance and support levels not just numbers like we see in other threads
the most important part of a trade is to have good entry point so SL can be place at a position where you feel if price touches your current analysis as been rendered invalid and loss is likely to continue increasing.
I always set my SL at the nearest support and resistance. Don't forget to add also the spread during setting the SL. Let's see the example. Current price for EUR/USD at 1.4221. Near support 1.4288, near resistance 1.4144. So for my buy post, the SL must be 1.4144 - spread - 1 pip. So SL = 1.4140. It's more safe. So my TP will be at near resistance or 50% using fibonacci
---------- Post added at 11:16 PM ---------- Previous post was at 11:12 PM ----------
well , it depends on you and your strategy in trading. i think that if you want to put your stop loss at a good point then i think that you need to be doing a good practice on demo account and also you will have to be choosing the level of stop loss according to the market volatility and will have to be good in risk management
Trading profit with the system we've got.
b. "Profit consistently".
Well .. this is where we can make a profit outcome goals we want to accomplish. if we can get to this level, rest assured we will be able to feel the beauty of being a trader.
I usually use a 30 pip stop loss as much, but this is not a definitive reference as to use a stop loss that depends on the situation and size of the targets to be obtained, if the price movement is not good then I minimize the use of stop loss, but if it allows me to get more much profit then I take profit enlarge
I agree with the possibility of the loss that much you should use stop loss order not to harm occurs much so that you can survive in the forex and learn from the mistakes madeQuote:
Originally Posted by ObaFX
I still have to learn about the importance of SL again because I lost my money because without anticipation, I have suffered the loss of a lot of money, because I think the price will go back again, so I decided to use the tidal SL, but I actually got a fatal loss.
The 50 pip is too large distance between open trading point and stop loss pointe and it takes a lot of times to make another deal i think that the 25 is more than enough for stop lossinh really !!!
Stop Loss is a very good way of preventing our account getting huge loss during the trade. We all know that forex is very risky. If we don't take necessary measures, we will sure lose all our money.
So setting stop loss just helps us to solve that problem. But to be able to set perfect SL, we need perfect forex education and that depends upon the amount of money that we are going to invest.
well based on my understanding i really think 30 pips is very good strategy we can always have and have our mind at rest and once our stop lose is been hit at stop lose then we just have to exit the trade and look for another opportunity to trade the pair again thats what i really think based on my point of view