How to Set the SL properly: The Most Effective Ways I Know

This is Just A reply to A question I got from our fellow trader Micheal C.F. on my trading thread and thought it might be a concern of many other traders.

So, Let's cut to the bones!

First of All there are 4 ways to manage your losses in this market:
1- the regular SL. 2- the trailing SL. 3- Doing a hedge. 4- Doubles.

Most importantly before we dig into the 1st way ( the regular SL ) is TO Admit That You've Lost ... This is extremely important because if you don't handle your psychology properly then don't continue reading this.

So, How do we define the regular SL level:

Many factors shall help us:

1. Highs and Lows
2. S/R levels
3. the pair range of movement.
4. R/R ratio.
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I've to go back to work now but I'll come back to explain every single one of those then moving to the trailing SL.
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N.B. Don't continue reading And Go DO something else e.g. Watch TV if you've no intention to learn ...
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Good Day .... Chris

Here we go fellow traders

Let's start with the highs and lows ... Which I consider the easiest way.

this method is working really well for whom who trade on the trendline breakthrough, S/R lines and reverse patterns .. Of course You know that the SL will be under the most recent low in the buy position and vice versa ... a 3 years old knows that ... So where's the trick ... Listen, Champ, the stop loss distance of the last high/low shall be calculated according to the average movement of the currency .. And guess what .. it's really easy to find out using that lovely indicator we all have on mt4 and 5 .. it's called the ATR or Average True Range ( we determine it's level as shown in the attachment and in this case it's 34 ) then we take that number and multiply it by 2 so it's 34*2 = 68 plus the spread of the EurUsd which is 3 pips in this case so our SL should be under or over the Low/High by 68+3 = 71 pips ... I'll come back later for discussing the other ways asap ... good luck peeps

Hello again fellow traders

behind the microphone is your speaker Chris AKA cristiano7, Sitting nicely shirtless in my 5 dollars jeans

So, where were we ???? Aha, I remember ... it was about that noisy subject I hate so much Called the SL ughhhhhh

this time I'll try to cover the second favorite way for me to set it up:

The Support and resistance lines and lucky for me as I won't have to type and for you because I'm a f**ked up teacher anyway there's a lovely video I found that will explain it all ... so Go watch it and leave any question and I'll answer it if I know the answer

Hey man, glad to see you trying to help out the rookies talking about SL, are you also going to go into market orders and limit orders?

Or to save you some time.. so you can concentrate on helping your patients at work , http://www.babypips.com/school/stop-...hats-that.html is helpful.

Mm okay going to go mind my own business now.

Market orders and limit orders ... seriously ROFL ? .... and of course patients come first ( they pay my bills ) .... I'm busy now but will come back to kick your A**

Haha don't get me wrong here, i enjoyed your other threads very much but this one just seems to have taken a turn for the worse. SL has been talked about so much, just didn't want to see you beating a dead horse with a stick, so to speak. Let those who want to learn get off their lazy asses and do some research! And in the meantime we can get back to really discussing fx and its implications. Sound ok?

Listen Champ, I'll tell you one thing because I'm really f**king busy for real. There's a big layer of the trading community in general NEVER watch a +1 hour video even if it really has the f**king holy f**king grail because people are lazy as f**k and wanna short cuts So, some people who are naturally active have to see hundreds of hours of such videos and pick the right one for the others. And why they'll watch it ? ... simple ... because someone took time to watch it and said it's good ... this is psychology, dude ... btw, I'll come back to kick your A**

Ok bro, stop cursing.
If they're lazy as fuck then maybe they shouldn't trade. They'll lose money.

I'm just saying don't waste your time, wheres Michael C.F. saying his thanks?

What you're posting here has been done before.

And as for kicking my ass? Sure, I'll just pay you to heal me afterwards since you're a doctor lol. That's one thing I can do with money.