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Thread: Stop Loss

  1. #11
    Join Date
    Dec 2014
    Posts
    547
    Quote Originally Posted by eddieb View Post
    You do realise this is a 9 year old thread?
    9 years or 90 years, stop loss has the same importance. We can discuss this issue over and over again because this is something that had greatly changed my trading results once I started using proper stop loss in all of my trades.

  2. #12
    Join Date
    Oct 2011
    Posts
    1,183
    True 'Dat..I guess the analogy to use here is like speeding up to sixty miles and over, taking sharp curves without brakes..it makes sense to use SL and given what happened with the SFranc, it is one way to protect your account from sudden unexpected freefall..

  3. #13
    Join Date
    Oct 2014
    Posts
    2,664
    Quote Originally Posted by forexcrisp View Post
    9 years or 90 years, stop loss has the same importance. We can discuss this issue over and over again because this is something that had greatly changed my trading results once I started using proper stop loss in all of my trades.
    Hi, chill out, I was only smiling at how seemingly dead threads get resurrected on here

    Out if interest, what were you using prior to 'proper stop loss'?
    Did you change anything else in your trading at this time that may have caused this improvement?
    Does your myfxbook verify this, it might be useful for others to see actual positive results as a means of encouragement.

  4. #14
    Join Date
    May 2008
    Posts
    643
    Quote Originally Posted by nesmithdj View Post
    Hi guys,

    How do you set up a stop loss for trading the forex? And could anyone recommend a backtesting software.
    I always use a Stop Loss. I´ve been doing it for the last 7 years trading and it is one of the most important aspects of my trading.

    I would recommend Metatrader to backtest.

    good luck!

  5. #15
    Join Date
    Mar 2015
    Posts
    28
    What platform are you using? I am currently using mt4 with my broker and there are multiple ways I can place a stop loss. Just to add to this I always use a stop loss. If you are suing the mt4 platform then you can place a stop loss by selecting a price in the stop loss box when oepning an order, or if you right click on your open order you can select to modify it and add a stop loss. For backtesting I use the mt4 also. It is a simple platform with many capabilities and functionalities.

  6. #16
    Join Date
    Oct 2011
    Posts
    1,183
    True, MT 4 sure makes for some easy trading..compared to the other variants..

  7. #17
    Join Date
    May 2015
    Location
    Cebu,Philippines
    Posts
    31
    Personally, I don't use Stop Loss anymore. It's a way to lose money if you have small funding. Stop loss is suitable for big players who have millions of dollars in their account. They can put wider stop loss that can't easily hit by market ups and downs. Their trades can breath and withstand market's unpredictability.

    In my case, I use my defined algo to manage my losses and turn into winners. This makes me consistently profitable then. I don't worry if the market direction turns against my trade because there's an algo that could handle efficiently 100% of the time as long as the market moves.

  8. #18
    Join Date
    Apr 2015
    Posts
    142
    Quote Originally Posted by MarkBucks View Post
    Personally, I don't use Stop Loss anymore. It's a way to lose money if you have small funding. Stop loss is suitable for big players who have millions of dollars in their account. They can put wider stop loss that can't easily hit by market ups and downs. Their trades can breath and withstand market's unpredictability.

    In my case, I use my defined algo to manage my losses and turn into winners. This makes me consistently profitable then. I don't worry if the market direction turns against my trade because there's an algo that could handle efficiently 100% of the time as long as the market moves.
    What is this Algorithm something you coded?

  9. #19
    Join Date
    Apr 2015
    Posts
    142
    I never use SL, instead I put averages up/down. I am 99% sure that the TPs an SLs are visible to brokers. It happened wayyyy to many times that my TP wasn't filed by just 1-2 pips ... for the same reason I suspect they can see orders and hunt them (Stop hunts)

  10. #20
    Quote Originally Posted by JamesBr View Post
    I never use SL, instead I put averages up/down. I am 99% sure that the TPs an SLs are visible to brokers. It happened wayyyy to many times that my TP wasn't filed by just 1-2 pips ... for the same reason I suspect they can see orders and hunt them (Stop hunts)
    I thought the same at one point, even on a practice account, so I investigated and the difference I was seeing was the spread, and my graph was showing the other end of the spread to what I needed, but ofcourse when you hit a stop loss, it looks to be premature for the same reason.

    For me there are a couple of times that my reading of the chart etc. has been right, my take on what is going to happen pans out, but before it does, I get stopped out. So next time I increase my stop, and you gues ed it, I'm wrong I loose bigger than I should have. I think sizing the stop loss is a definite art and one I have yet to master.

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