Traders using various stop lose methods to prevent huge loses if the trade goes against desired direction. Here is few methods
- Support and Resistance
- Daily Range (Average True Range) 100-120 pips
- Pivots
- Price action candle tops and bottoms
- Order flow bids and offers
- Fibonacci
- Elliott waves
- Fixes stop loses
- Trailing stop loses
- Bollinger Band
I'm a new trader and still learning Forex and doing Forex trades with mini lots on GBPUSD pair, I like to hear ideas of professional traders about what is the best method for set stop loses.
Failure is not failure if you learn from it...