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To Use or Not To Use Stop-Loss

okpinoy · 12 · 2000

okpinoy

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on: Nov 28, 2018, 10:07 AM
(Source: https://www.facebook.com/groups/FXFledgling/permalink/1260649234043971/)

This has been dabateable since the beginning of Forex Trading.

Some traders say that not putting an SL is a suicide and some say that putting an SL, either visible or mental SL, is more dangerous to your fund.

Why traders have different point of views on this? This is actually because it depends on the experience of the traders and therefore also depends on the kind of strategy that they have been using. Most likely some traders had a bad experience for not using SL that's why they are saying not using one is a no-no. On the other hand, some traders had a bad experience in using SL so they promised themselves not to use it anymore.

Another reason for this, maybe some traders became succesful (short-term or long-term) on not using SL. Of course, this is dabatable again to some traders. They would say that success will not last for a long time. But if you haven't experienced what the successful non-SL traders have experienced, you are not in the position to tell that what they are doing is not proper. They know a trick that you don't know.

On the other side, to those who are in dispute to those who are using SL. If they are successful, it means they know something that you don't know on how to use SL.

Opinions of traders are limited and based on what they already know and what they think they already know (There'a a difference actually hehe). It is also limited to what they have experienced.

So next time you heard a strategy from another trader and you think there's something wrong to what he is doing, do not be quick on judging, bashing, harsh comments, etc. "Respect" is the first keyword that should be in your mind. Respect on others' strategies may lead you to learn new tricks that you never thought possible. Respect promotes collaboration. Collaboration delivers quick success.

On trading with or without SL, both are equally risky if you don't know what you are doing.
« Last Edit: Nov 29, 2018, 05:29 AM by okpinoy »


okpinoy

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Reply #1 on: Nov 29, 2018, 05:12 AM
How about you? Which one do you use?


lakshi

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Reply #2 on: Nov 29, 2018, 05:15 AM
Stop Loss and Take Profit options have their advantages, but not all kinds of traders require their usage. Scalpers barely set Stop loss or take profit because their eyes are always glued to their trades. Also the traders have a short duration, sometimes less than 60 seconds. So setting SL or TP for such small amount is no use. Still, SL and TP are very important in every trade. I am using ForexChief broker and I am a long term trader, using stop loss and take profit is a must for my trades. Also, the broker always honor my orders without slippages.
« Last Edit: Nov 29, 2018, 05:21 AM by lakshi »


okpinoy

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Reply #3 on: Dec 02, 2018, 08:59 PM
if not using SL and trade goes south, ways to end trades are may be the following...
(1) grid with averaging
(2) lock hedging
(3) hedging with martingale

can you add other ways that you have been using so far?


okpinoy

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Reply #4 on: Dec 05, 2018, 01:11 AM
i usually use #1


okpinoy

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Reply #5 on: Dec 10, 2018, 08:20 AM
is there any other way to escape no-SL trades?


moneybanga

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Reply #6 on: Dec 26, 2018, 07:21 PM
Stop Loss and Take Profit options have their advantages, but not all kinds of traders require their usage. Scalpers barely set Stop loss or take profit because their eyes are always glued to their trades. Also the traders have a short duration, sometimes less than 60 seconds. So setting SL or TP for such small amount is no use. Still, SL and TP are very important in every trade. I am using ForexChief broker and I am a long term trader, using stop loss and take profit is a must for my trades. Also, the broker always honor my orders without slippages.

I trade with that Forexchief as well; It's a fine broker and they have good trading conditions for day trading. The use of Stop loss and take profit cannot be overemphasized.


okpinoy

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Reply #7 on: Feb 24, 2019, 11:05 PM
IC Markets and Pepperstone are also good.


okpinoy

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Reply #8 on: Mar 11, 2019, 07:15 AM
is XM ok?


okpinoy

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Reply #9 on: May 17, 2019, 07:27 AM
how about you? do you use Stop-Loss or not?


Spellstalker

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Reply #10 on: Jul 12, 2019, 01:27 AM
Using stop loss is very necessary, as a risk management strategy. I personally advice new trader to never enter a trade without setting stop loss order, because the market may never favour you. Again, not all brokers allow scalping, so it's better to be safe than sorry. Greed is bad for trade.


n0name_04

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Reply #11 on: Jul 22, 2019, 01:15 PM
I use stop loss kasi yun ang compatible sa lifestyle ko- i work every week so I dont have time to monitor my trade. Essential ang stop loss lalo na if the currency goes down south ng mabilis. Naranasan ko minsan yung USD/JPY ang erratic ng galaw. Nakakakaba pagbiglang bumubulusok pababa :))


 


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