Protogenus....
Great question...
I am still learning about stop loses.
However, the way I see it.. if I am risking 1%.... That means, I am willing to posible loose 1%... And for me to totaly loose my 1%... the market would have to move against me 100 pips. Realistically it could happen. So, as long as I can learn to control my loses, hopefully I can be alright. I finally figured out how to do a trailing stop.. I thought it was a cool feature. Anyways, I am trying to learn more about price action. If I am at my computer I will manually stop it myself. But I scan all the time frames from the lowest to the highest... I am trying to teach myself to get a feel of the price action. I know I have to learn patience. And the market is like ocean waves hitting the beach.. When the tide comes in go long, When the tide goes out go short. But in the mean time. I might lose all my pips if I jump in and out of the market because of a lower time frame that is confusing me. So, again. 1% equals 100 pip elbow room for me to work with. And I can set a stop lose if I know I will not be at my computer. But I still have a lot to learn. I really am not good at drawing all those lines on my charts. All I can say, is I have to learn from my mistakes. And one more thing... If you ever played checkers... did you ever learn that move where you can loose one checker piece to your opponent, but that puts you into a position of capture two of your opponents pieces?... So, with forex, I tell myself... I need to learn how to sacrifice pips to gain a greater reward. I hope that makes sense. Again I am still learning.
Great question...
I am still learning about stop loses.
However, the way I see it.. if I am risking 1%.... That means, I am willing to posible loose 1%... And for me to totaly loose my 1%... the market would have to move against me 100 pips. Realistically it could happen. So, as long as I can learn to control my loses, hopefully I can be alright. I finally figured out how to do a trailing stop.. I thought it was a cool feature. Anyways, I am trying to learn more about price action. If I am at my computer I will manually stop it myself. But I scan all the time frames from the lowest to the highest... I am trying to teach myself to get a feel of the price action. I know I have to learn patience. And the market is like ocean waves hitting the beach.. When the tide comes in go long, When the tide goes out go short. But in the mean time. I might lose all my pips if I jump in and out of the market because of a lower time frame that is confusing me. So, again. 1% equals 100 pip elbow room for me to work with. And I can set a stop lose if I know I will not be at my computer. But I still have a lot to learn. I really am not good at drawing all those lines on my charts. All I can say, is I have to learn from my mistakes. And one more thing... If you ever played checkers... did you ever learn that move where you can loose one checker piece to your opponent, but that puts you into a position of capture two of your opponents pieces?... So, with forex, I tell myself... I need to learn how to sacrifice pips to gain a greater reward. I hope that makes sense. Again I am still learning.
Luck has no place in trading. Leave that for the poker table.