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

  • #21
  • Sep 6, 2009 2:02pm Sep 6, 2009 2:02pm
At the risk of stepping on some toes there are strategies which benefit from no stop losses, but anybody who tells you that they are only using stop losses for directional bets that are in the green...umm how do I put this? I would think long and hard before adopting that advise. As for when to tighten stops? You just have to have a tested stop management plan and stick to it, nobody knows where the market is going.
The breaking of a wave cannot explain the whole sea.
  • #22
  • Sep 6, 2009 2:28pm Sep 6, 2009 2:28pm
Quoting 7bit
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.

I definitely agree that there are some options missing from the poll. It seems like there are as many tactics for using stops are there are traders, so it has been very interesting to hear how other people manage their orders.
  • #23
  • Sep 6, 2009 2:32pm Sep 6, 2009 2:32pm
Quoting babyleaps
Do you use stops losses? If so,
...where are they? (Just wondering.)
  • #24
  • Sep 7, 2009 7:26am Sep 7, 2009 7:26am
Well that depends of the tactics. I have 2 general methods - long trading and scalping. If you scalp - then definitely your SL's are similar to stop-out levels of the broker you trade with.

If I use long-lasting orders - I try to catch the trend with at least 80 pips SL.

So far this works fine.
  • #25
  • Sep 8, 2009 10:03am Sep 8, 2009 10:03am
Most of my trading is done while actively watching the chart. Each trade is a strategy in itself and stops are pointless, either the trade is workng and it is open or it is not working and it gets closed.

If I am not going to watch the trade I usually use the broker's margin rules as a catastrophic stop loss, size my trades according to my money management rules and remove excess funds as appropriate.

For trades that become wildly successful, I place stop losses based on S/R to protect profits.

Phil
  • #26
  • Last Post: Sep 8, 2009 11:21am Sep 8, 2009 11:21am
Thank you to everyone who responded to this poll. Your answers have been very educational!
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