I place stop loss in every order according to my exit strategy that is 20-35 pips stop loss in every order. If I loss an order my order is triggered at stop loss.
fro what i have read so far on the site working out your exit can be down when entering a trade. have a target and a stop that fit within your risk reward ratios. i tend to never go for anything less than 1: 1.5 . so i set my stop at 10 points and my target at 15 points.
Joined May 2012
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Status: I'm Pawning 95Percent
|1,407 Posts
Learn the basic about resistance turns support, support turns resistance.
Most trader build positions on price action wick/pin on supply demand, support resistance. if they are wrong, they often get out when price retraced back to near or almost same point or even a reversal, but they often cut loss when it retraced back to former resistance turns support, or support turns resistance and plan a new entry.
just put an SL based on your risk management or strategy or what ever. the main thing is do not tamper with SL after you place it, unless its a winning trade i guess.. or so i think!
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Joined Oct 2012
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Status: Eating potato chips
|629 Posts
Hi,
I believe that lot size is pretty important here. Your lot size should firstly be in proportion to your account size. If a trade should then go against you (that is, if the trend actually turns - and price not just fluctuate within a range), it is much easier to exit, and psychologically take the loss.
You'd need to first explain what you mean by a losing trade. If you mean it went outside of your predetermined stop area then you simply didn't place a stop there. Exiting a losing trade should always be a planed part of your entry before ever placing the trade in the first place.
Hi there, when you say 'just close your order' it means you didn't have a plan to begin with. Without a plan, you lose. When you place an order, 3 positions should have taken place almost simutainously: the entry price, the stoploss price and the takeprofit price. Afterwards you do not touch it again until either the takeprofit or the stoploss has been executed.
Hi there, when you say 'just close your order' it means you didn't have a plan to begin with. Without a plan, you lose. When you place an order, 3 positions should have taken place almost simutainously: the entry price, the stoploss price and the takeprofit price. Afterwards you do not touch it again until either the takeprofit or the stoploss has been executed.
Good trading to you,
Joe
Ignored
If you do not have a proper strategy in place, then yes, you would want to exit the trade. This is an issue that most newbies face with their first orders, they would not have a strategy, SL or TP in place and on seeing the loss, would wonder how to exit the trade..thoug
Why nobody writes about trailing stops? This is really helpful (as stop loss are) and more flexible of course. You can get more profit and save the money if you lose trade.
