POLL: Do you use stops? If so, how large? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

[Poll] How much leverage do you use? 1 reply

Fixed stops loss or atr stops ? 0 replies

Mental stops vs hard stops 1 reply

Which Broker You use... Thread with Poll... 3 replies

I am looking for EA to put Buy Stops, Buy limits, Sell limits, and Sell Stops. I will 0 replies

POLL: Do you use stops? If so, how large?

  • Poll

  • Do you use stop losses on your trades?
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  • #1
  • First Post: Sep 5, 2009 6:34pm Sep 5, 2009 6:34pm
Do you use stops losses? If so, how large?

There seems to be a wide range--from people using very small SL to people using none at all. What do you use? This poll is anonymous, so feel free to 'fess up, or explain what rationale you use if your option isn't listed on the poll.
  • #2
  • Sep 5, 2009 7:07pm Sep 5, 2009 7:07pm
Gotta ask, what is "Zippy the Wonder Lizard RULES!!", lol
  • #3
  • Edited 7:43pm Sep 5, 2009 7:19pm | Edited 7:43pm
Quoting pipmutt
Gotta ask, what is "Zippy the Wonder Lizard RULES!!", lol
I always try to give people a weird option while answering a poll I've put together. After learning that if you give them an option like "mind your own business!" most people will just choose that, so I started putting nonsensical stuff in.

On the TV show MASH, Klinger announces a movie for the camp, saying it stars "Teddy the Wonder Lizard". Somehow, in our family, that evolved into Zippy, and he gets blamed for whatever gets broken or messed up in the house. Strange, huh?
  • #4
  • Sep 5, 2009 7:29pm Sep 5, 2009 7:29pm
haha, makes perfect sense!
  • #5
  • Sep 5, 2009 8:01pm Sep 5, 2009 8:01pm
There are some options missing in the poll:

I use stops only when i am in Profit and then only if i dont have a target, which effectively means i could just as well close the trade immediately because it will hit the stop anyways.

There were times when i used stops but no fixed targets and waited for a big winner while constantly losing more and more. Now i use targets but no fixed stops and wait for the big loser while constantly winning more and more.

My stop is margin call.
  • #6
  • Sep 5, 2009 8:43pm Sep 5, 2009 8:43pm
It depends on the market/set-up presented and the volatility of the pair.

Generally no more than 20 pips, at times it's been as low as 2 or 3 pips plus the spread. Average is about 7-10.

I must have a lot of losers then? No, not really. Considering I just came off a streak of 42 consecutive weiners, I think I'm slowly getting it down. Still a long, long way to go yet.

Risk:Reward has been well above 1:50 on the runners. That's my main focus, high gains for very little risk. It's what I've been taught.

Whatever rules your Mule, there's no right or wrong. It's only wrong when your balance is in the red.
  • #7
  • Sep 5, 2009 8:55pm Sep 5, 2009 8:55pm
It depends on Market Conditions.. As i am a S/R Trader i put my stop loss below or above S/R 20-30 pips. Stop losses also depends on the average volatility of a pair.
  • #8
  • Sep 5, 2009 11:55pm Sep 5, 2009 11:55pm
Interesting that so far the poll leader is no SL at all..........
  • #9
  • Sep 6, 2009 12:37am Sep 6, 2009 12:37am
I don't use any hard SL placed in my trade but I close my trade at loss when the system demands it........Even I don't use any trailing stop in my trade........
  • #10
  • Sep 6, 2009 12:53am Sep 6, 2009 12:53am
Most people I know (and myself) use volatility adjusted stops, timed exits are also apparently good, though I haven't tried this for myself yet.
The breaking of a wave cannot explain the whole sea.
  • #11
  • Sep 6, 2009 1:02am Sep 6, 2009 1:02am
Quoting 7bit
There are some options missing in the poll:

I use stops only when i am in Profit
I second that.
Nothing worth having is easy.
  • #12
  • Edited 10:17am Sep 6, 2009 10:03am | Edited 10:17am
For those of you setting stops only while in profit, are you referring to trailing stops, or are you using a hard stop in case of disaster? How large a trailing stop do you set?

Still have so much to learn....
  • #13
  • Sep 6, 2009 10:13am Sep 6, 2009 10:13am
Well I trade off 2 main SMA's, 55ema and 200ema, 200ema is the main direction I'm interested in so if I go long above 200ema ie near 55sma then no point exiting to the trade until the direction turns, so the SL is just the other side of the 200ema.

M1 charts, but I generally won't take a trade if my SL is going to exceed 30, above that I'll run a tighter stop the other side of the 55ema on faster stronger markets.

Easy!!

He says
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #14
  • Sep 6, 2009 10:16am Sep 6, 2009 10:16am
Remember smaller the SL more likely hood it'll be hit, but the more you lose when it is hit.

I've treid 13SL too many soul sucking small cuts which bleed you to death.

30SL might work out similar over all, 1/2 the losses and twice the loss, but it doesn't beat your confidence up as badly.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #15
  • Sep 6, 2009 11:24am Sep 6, 2009 11:24am
My stop depends on the market. I like to use a swing hi or low for intial stops and then trail them along some structure like a MA or an Ichimoku structure. Finally I consider the volatility of the market as measured by the ATR to ensure the current stop won't be prematurely hit.

However, in my opinion the real genius is NOT whether or not to use stops that should be a no brainer. The true wizardry come in knowing WHEN to tighten your stops as the move may be nearing a reversal.

any ideas on that?
  • #16
  • Sep 6, 2009 11:45am Sep 6, 2009 11:45am
Quoting gspajon
My stop depends on the market. I like to use a swing hi or low for intial stops and then trail them along some structure like a MA or an Ichimoku structure. Finally I consider the volatility of the market as measured by the ATR to ensure the current stop won't be prematurely hit.

However, in my opinion the real genius is NOT whether or not to use stops that should be a no brainer. The true wizardry come in knowing WHEN to tighten your stops as the move may be nearing a reversal.

any ideas on that?

Different Times are you best bet for this and the latest part of the puzzle I've been putting together.

ie market will likely change direction, 5 mins after the USA's open @2:35pm GMT, I'm trading the initial turn currently and holding till the next change time in short.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #17
  • Sep 6, 2009 12:26pm Sep 6, 2009 12:26pm
I try and use a 20 pip stop loss. Sometimes it's a lot less than 20. I can always get back in the trade.
  • #18
  • Sep 6, 2009 12:56pm Sep 6, 2009 12:56pm
I always place a stop on my trades, and the actual stop depends on the trade set-up and market conditions. On average, my stop is about 25-35 pips, but on GBP crosses it can get as high as 50 pips. I would rather take a 2-3% hit on my account than stand the risk of a much larger loss, but understand why some traders trade without protection.
  • #19
  • Sep 6, 2009 1:01pm Sep 6, 2009 1:01pm
Hard stop of 20 pips but I will manually close if price comes back at me by more than 3 or 4 pips...
  • #20
  • Sep 6, 2009 1:37pm Sep 6, 2009 1:37pm
As I trade daily charts, primarily, my stops would seem huge to many here. They still equate to roughly 2% of the account though.

I always place a stop if I have to leave the computer for any length of time, otherwise I have a clear mental stop position that price must close below before I deem a trade dead.
0 traders viewing now