Stop Loss
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Thread: Stop Loss

  1. #1
    Join Date
    Dec 2006
    Location
    Maryland
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    36

    Smile Stop Loss

    Hi guys,

    How do you set up a stop loss for trading the forex? And could anyone recommend a backtesting software.

  2. #2
    Join Date
    Dec 2006
    Location
    Norristown, PA
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    450
    You can place your stop order numerous ways ways but that really depends on the broker your using. I would just look at the help file for your broker. I use Oanda and I can place a STOP order at the same time I place the order to buy or sell. I can also right click on the chart to change the STOP order. I use Metatrader for my backtesting. Good Luck!

    http://www.strategybuilderfx.com/ind...?page=platform

    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.

  3. #3
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    If you talk about the theory behind stoploss identification - thats your duty. Upon your risk, reward ratio.

    Your stoploss is what you can afford to lose in that particular trade, not more.

    Check your strategy, and your profit objective, that will give you a clue where to setup stoploss.

    Metatrader indeed is best charting software I seen.

  4. #4
    Join Date
    Mar 2015
    Posts
    240
    Quote Originally Posted by topchess View Post
    If you talk about the theory behind stoploss identification - thats your duty. Upon your risk, reward ratio.

    Your stoploss is what you can afford to lose in that particular trade, not more.

    Check your strategy, and your profit objective, that will give you a clue where to setup stoploss.

    Metatrader indeed is best charting software I seen.
    Stop loss is simple tool in operate but hard to do at every trade, maybe its just set at order any amount of pips but iin fact so many trader not do like this . Among of them still assume the market will move as their expected. so no want to set stop loss

  5. #5
    Join Date
    Apr 2013
    Location
    Canada
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    1,851
    Quote Originally Posted by marginfx View Post
    Stop loss is simple tool in operate but hard to do at every trade, maybe its just set at order any amount of pips but iin fact so many trader not do like this . Among of them still assume the market will move as their expected. so no want to set stop loss
    I disagree with the majority and agree with the minority that a stop loss is sued to close a trade for a loss (I know a few here at BP have written about it). Makes perfect sense to me.

  6. #6
    Join Date
    Sep 2010
    Location
    Cheshire, UK
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    1,807
    Quote Originally Posted by Rambo35 View Post
    I disagree with the majority and agree with the minority that a stop loss is sued to close a trade for a loss (I know a few here at BP have written about it). Makes perfect sense to me.
    I guess the clue is in the name...

  7. #7
    Join Date
    Oct 2011
    Posts
    1,183
    You are asking how to go about using stop loss?? Would suggest you check up on baby pips school for the relevant info right away..

  8. #8
    Join Date
    Mar 2015
    Posts
    104
    I think setting a stop loss has to do also with which broker you are using as some of them have restrictions on how wide a sl can be

  9. #9
    Join Date
    Oct 2014
    Posts
    2,664
    You do realise this is a 9 year old thread?

  10. #10
    Join Date
    Oct 2011
    Posts
    1,183
    LOL, lazarus threads are a great fun to read up on..wonder how the OP did sans the SL..

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