I think to set a stop loss that depends on the strategy you use, at this time I prefer to use the H4 timeframe swing technique, I always use about 100 pips for stop loss, because price movements tend to be stable in the H4 timeframe
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I think to set a stop loss that depends on the strategy you use, at this time I prefer to use the H4 timeframe swing technique, I always use about 100 pips for stop loss, because price movements tend to be stable in the H4 timeframe
around my opinion, you must not use stop loss strategy if you have got not enough confident making use of it. as a result of this operation can hunt your money in case you are traveling to place wrong. 10% or 5% is higher of balance to apply it.
You should place stoploss at previous swing high or previous swing low because when your stoploss gets hit then you will realise that the market was reversing and it was the better time to exit the trade and limit your losses.
if you do have smart knowledge regarding forex analytical matters additionally as risk and money management then i think a trader really should be take 2% risk of the specific trade. but if you are willing to have smart analytical knowledge in which case you haven't any have to firmly be compelled to use stop loss use no more than take profit. this tips no more than applicable for professional forex trader not for beginner.
Stop loss is something that you know when it is triggered, the losses are gone, so you calculate your stop loss to avoid exposing your account too much for high losses through stop loss, so using 40 to 50pips is very good.
For daily trading we can use 50 pips as our stop loss. If we use scalping, i think our stop loss can be 35 pips only. Out stop loss can be depend on the situation in the market also. It depend on our trading system also
i'm a long term trader..
for myself... place 50 purpose stop loss would build me comfortable to trade..
i additionally place eighty purpose take profit variety for every position..
for one week, i solely created one or 2 transactions
usually to put my stop loss following the previous candle either high or low and I added with the spread in pairs. The things I do to minimize my stop loss placement. but sometimes I immediately gave up 20-50 pips stop loss
At first we have consider that forex is so much risky and price volatility is so high, so it is better if you always set up an stop loss in all trade , so i think 10 pips is the safe trading for set stop loss, if trade go against you then you will safe.
i haven't yet experienced this on the real account and but i will in the start only set 5 pips for the losses and 10 pips for the profits bcoz i do not want to directly earn big, i will take time for everything