Make stop loss a must, not a maybe

[SweetPrincess]

Setting a stop loss, takes the emotion out of the situation.
Most disciplined Forex traders used stop loss.
Before opening any positions, you must know exactly where you will place your stop loss.
Once you set this up, you should never lower it to keep a position open.
You should always know your profit target before you commit a trade.

 

[Michelle Yeoh]

Absolutely, trading without stop loss trading tool is always risky! Now I make my market analysis based on my TP and SL position! Before I used fixed SL and TP. But now I use these tools based on live support and resistant levels.

 

[Ary Barroso]

Generally, which traders don’t use stop loss trading tool regularly, they are the traders who face huge amount crash in their live trading account; that’s the reality! By the way, from my demo I always use stop loss trading tool according to my live trading analysis!

 

[lenon]

Stop loss isn't always useful for trading. Sometimes the strategy doesn't mean loss and then you don't have to set it.

 

[Hafizmd]

Some people say that they are so much professional that dont need them. Anyway, when it's about money, especially not small amount f money..... better use them 🙂 I do.

 

[Derry]

Stop loss really isn't needed, only for scalping with strategies that don't involve loss, there you set it however you see it necessary.

 

[Ary Barroso]

Stop loss really isn't needed, only for scalping with strategies that don't involve loss, there you set it however you see it necessary.

Stop loss is the obvious trading tool for me! During scalping, I use small SL; but for swing trading I need o use a wider SL.

 

[Helloyees]

Stop loss is very important for the management of risk in any trading activities. As a matter of fact, only traders with big egos trade without stop loss and they end up losing a lot. It is important taht you use stop loss to minimize your losses and protect your profits as well

 

[Oswald]

I am always using SL. I am not so disciplined with TP which I find is my deficiency. I have learnt that market moves sometimes can be so swift that I dont have time to close my position. SL order helps me a lot in such situations

 

[Dictorsto]

I absolutely agree with everything said in this post. I think that I am one of the best promoters of SL application, as this order had safe me in several occasions from significant losses. Traders should pay attention to high market volatilities and not gamble with their own money

 

[Jason Martin]

Stop loss urges us to close a trade when we are running at loss. It is generally used by traders who are not willing to close a trade at any given minute. It shield us from losing more than we can stand to lose. Tenderfoots makes use of it since the trade is distinctive to them and in light of the way that they don't understand the market or couldn't make usage of the analysis. I generally utilize stop loss for my trading. I really take after set and overlook run the show.

 

[Ary Barroso]

Stop loss urges us to close a trade when we are running at loss. It is generally used by traders who are not willing to close a trade at any given minute. It shield us from losing more than we can stand to lose. Tenderfoots makes use of it since the trade is distinctive to them and in light of the way that they don't understand the market or couldn't make usage of the analysis. I generally utilize stop loss for my trading. I really take after set and overlook run the show.

That’s the best practice! Yes, I am talking about using the SL tool; we can’t ignore the rules of money management as well as risk management.

 

[reecerispoli1]

i mean playing without a stop loss is dancing with fire, split second could blow the account

 

[ForexTus]

Completely agree, always use a stop loss

 

[Zeenat shein]

No trader is immune to losses in the market and independent of the trading strategy you use or how good you are, your decision can still go wrong. Successful traders, of course, have good strategies which give them profits, but they also cut their losses short when the trade goes against them. In fact, one of the most important tenets of a successful trader is to limit the losses in such a situation, and the way to do that is by setting a stop loss. For novice traders, stop loss is a price at which you exit your trade when it turns against you.