Howdy, stop losses should just be re-named LOSSES. Ive been trading live only about a month now and have had my fair share of losses let me tell ya, but in my determination to trade more profitably, I went from using 30-40 pip stops to tightening them up like a noose around the bankers necks, HEHE! They are all out to get those PIPs you leave on the table and will do so more often then not! Retail FX is a minnow swimming in a pool of sharks.
Things that have helped me in regards to S/Losses were to make them as tight as possible. If the trade gets stopped, then re-evaluate the technical strategy because the one you have chosen has proven incorrect in the short term. This does not mean your strategy is wrong, because patience is a big key in FX. Just wait for the market to come to you and dont re-enter the trade until you feel you have corrected your mistake, or have found confirmation of the trend.
I would also add that not having a stop loss set on your trade is akin to skydiving without a backup chute. All it takes is an ill timed news release against you to blow your account. I usually set my stop loss within 30 seconds of an order execution. Even waiting that long is a seriously flawed habit of mine that Im sure will bite me in the hoo-hoo if I dont correct it.
Good luck to you, hope you find the answers your looking for.
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