Well, I never mind giving the world the benefits of my vast knowledge, whether asked or not…
But actually a discretionary stop is implied in what you said, not vikt0r, about “worse case scenario”. That does mean there must be a “not so worse case” price reached before the worst case. vikt0r only talks about one type of stop to cover the whole trade and the whole stake, which I believe is correct, but I still say a fixed count stop is going to give random results long-term.
Haha, I’m keen to know what area your vast knowledge is within? I can’t see evidence as of yet 
Sorry - didn’t mean to type vast.
Didn’t mean to type knowledge either…
Hi vikt0r,
That depends on the volatility and liquidity and next best available market price. If the price for 100 pips is available, your stop loss order will be executed and your account will suffer loss of 100 pips. But if the price for 100 pips in not available, price changes to 200 pips, your account can suffer loss of 200 pips.
Future is always uncertain. No one knows where the market goes. So every trader put stop loss to minimize the losses. Every broker has this option for trader. Yet some trader likes scalping and short term trade. In that case they didn’t prefer to use stop loss. They just took the profit and log out from the market by getting a little profit. But if anyone who want to do long term trade must use the stop loss to minimize the risk.
On the contrary, Gary: scalpers use [I]tighter[/I] stop-losses than those used by any other kinds of traders, and typically attach [I]more[/I] importance to them, because their trading-style predicates that if the price doesn’t quickly move in their favour after entering the trade, they probably wouldn’t want to be in the trade at all.
All retail forex traders, regardless of their trade-durations, should be using stop-losses. Every trading forum has its share of horror stories from what can happen when they don’t. Even if only to have some additional safety as a mitigation against potential computer/internet/power interruptions, it costs nothing to enter at least a “disaster-stop” routinely and automatically with every trade.
Stop loss is a favorite tool of traders specially beginners feel confident with Stop loss. They thin know they will stop their loss in trading. However main aim of stop loss is manage your account at the limit so that you will not face full loss.
This is way, you need to work with regulated type Forex broker, slippage and spike is very common issue on market maker broker, even they create false market movements by spike! I am a news trader, believe me I have suffered a lot on broker issue! Regulated Forex brokers are very honest on their live trading service, so stay with regulated broker and stay safe!
I am also always using stop loss on trades, in my view forex trading is included as speculative investment and market full uncertainty, and stop loss is one feature to manage the risk if likely trend market move not like as our favour, this for manage risk in trading
Setting a stop loss is an integral part of successful trading. However I think it is ridiculous to set a stop loss of 10 pips because minor fluctuations can close our order. if we place a stop loss very near like 10 pips or 15 then a good order can be closed with a loss. I prefer to place a stop loss at least 30 pips away and usually place it from 30 to 80 pips depending upon the trading strategy.
it really depends on you and your methods. There’s no calculations for the exact SL and TP because the market just doesn’t work like that. So observe your trades (preferably a demo account ) and learn from them and adjust your SL accordingly.
Every trader’s got their own criteria for installing stops,it also all depends on how much you can afford to lose at an unsuccessful deal. And look at the trading strategy.
You’re certainly correct about everyone having their own criteria for stop setting. But using the amount you can afford to lose is a very wrong way to set a stop. How much you can afford to lose is a key for determining position size, not stop price.
I trade using a safety stop loss > 30 pips at order entry on my favorite trading period of 15 minutes. My “real “stop loss is notional or mental. As the trade progresses, I tighten up the stop loss based on the ATR and the price action. If the trade is moving against me, I will place my mental stop loss and let the market take me out or turn around and go back to breakeven.
Have you tried to use trailing stop loss? It can save you a lot of time and troubles and exclude a possibility of human factor (human mistake)
Stop Loss depends a lot on the strategy. I know many who trade without stops and and they do a great job.
My trading career, I always use Stop Loss .
why? Because it helps me to mange my risk much better and keep my emotions under control. I know sometimes it’s hard to watch when your stop gets wiped out and then market reserves.
I have seen many people who trade devoid of SL and have been very successful for a short period of time but eventually they have had margin call.
in my trading career, I always trade with stop loss.
Once I lost tons of money because haven’t set them . during huge movements , for example while JPY intervention, one can lose everything in couples of minutes.
I never use trailing stop. If price goes more than 30 pips(dependently on currency pair) from entry , I always set BE
That works only if you have placed your stop loss properly. If you place it too shallow or too broad you’d end up losing money.
STOP LOSS is a boon to forex industry that we can some how regulate our losses with this option.
And it all depends on market wether it changes or not.
If people could forecast what exactly will happen there was no need of a stop loss.
So I suggest you to go ahead and test it and try with very minute amount which is also safe for that trade and see if you achieve your result.
Best of luck.