Absolutely! 
I think TCH was also making the same point in a few posts above about adjusting position size. This is a very good method of maintaining a consistent equity management approach, thanks!
ouups didnt see that post sorry. then nevermind my post as its redundancy hehe 
Not at all, it only goes to emphasise the relevance of the point!
Some great advice. Im taking it all on board at the moment. Every piece of advice and information is getting logged somewhere in my head! Thanks everyoneā¦
Ever had a power-cut, a blown fuse or a brief disconnection from the web?
It costs nothing to open every trade with (at least) a ādisaster stopā.
In my trade when i was not using stop loss then sometimes i had huge losses and that was also due to the slippages from the broker i was trading withā¦
So I guess you even made it worse, because SL are at least automatic and slippage with closing position by hand means that your losses are even worseā¦
Although I am still in front of computer, but usually still put stop loss in my trades, itās making more comfortable in minds because sometime faced with weak connection internet and might faced with requote so to manage my risk stop loss still very important for me
You need stop losses on every of your trade only if you are serious with your trading. If you are a gambler or trying to get rich quick then you donāt need tools for your success in forex market.
Stop losses are always necessary, in my opinion, for various reasons, the simplest one of them being that you never know when and why you may have to get up from your computer and leave your trades unattended. Anything can happen and a prudent trader should be ready for it.
We can certainly benefit from using the Stop losses in our trading but we have to remember the fact that in the event of any losses to our trading accounts only the stop loss will save usā¦
No, you do not need them, if you are in front of your computer and
know in your mind where to cut losses.
And even more so, you do not need them,
if you plan to hedge & manage it, if things go south.
Question to ask is this :
Will you have the discipline to click close and cut losses when level is deem unsafe?
Do you have a strategy to manage it when position are hedged?
There is a rumor that some brokers may have a stop loss pip crawler built into their software, whose only function is to go after the stops set by the newbies. This may or may not be true, but I for one always without a doubt get my stop loss hit before the price moves into the direction I chose for my entry. It donāt matter if itās 10 pips away or 60 pips away, it just always seem to find my stop loss and take my cash. The best way I found to protect myself is to do like the professional Traders who scalp the market without a stop loss and yes sit in front of the screen. You leave the trade when you leave your screen. The volatile markets are my favorites as it does not give you timeto be bored. As always, success in day trading comes from having a solid strategy and a plan and be willing to close your trade anytime the strategy donāt pan out even after losing or winning a couple of pips.
youre only good in trading when trading is boring.
Trading as a scalper is more intense and is probably as close as it gets to the heat from an open-outcry pit trading sessionā¦
Most trading, however, as Turbo says, is rather quite dull and unemotional, more akin to accountancy than anything else, although the exception is the research side for macroeconomics and fundamentals where you become more involved in spotting and positioming for large trend potential and less in frequent trading.
I agree, scalping can be pretty exciting and stressful even when you know what you are doing and youāre good at it. Iāve often wondered how often scalpers open trades in a single day, since that would depend both on the market and how exhausted their own psyche is.
Here is a tip from me, experienced trader with way more than 10,000 hours up my sleeve.
If you know what you doing, why use SL? Would you go into business and say here is 100 dollar I am willing to lose? If you are willing to lose, then you will surely lose. Next time go in business and declare losing is not a choice and not in my vocabulary.
If you still lose, then this means that you are either NOT adequately EDUCATED or NOT adequately CAPITALIZED for your endeavor.
For a start, in case your internet connection suddenly fails momentarily, while youāre in a trade.
It costs nothing to enter at least a ādisaster-stopā automatically with every trade.
I would have thought that someone who had over 10,000 hoursā experience would appreciate that.
I can see that that point [I][U]might[/U][/I] have some validity if you were using a counterparty market-maker instead of a genuine broker (i.e. if your own ābrokerā were trading against you!), but we both know that nobody with 10,000+ hoursā experience would be doing that.
How do I say this gently or considerately: you are wrong friend.
It does not matter if internet disconnects or if there is a strong thunderstorm or hurricane before the calm, a SL is not a necessity. Who would naively do trade with out taking those into accounts already before hand. If you are a noob, perhaps you do need a ādisaster-stopā.
Perhaps, you need more education. Inadequate capitilization and risk management flaws usually make people worry like that.
I really doubt that this is the case. Firstly, if discovered it would ruin their business, 2) the position size of most newbies would hardly make it worthwhile, 3) it is in the brokers own interest that clients continue with them long term.
The reality why so often it seems the broker is gunning for stops is probably, 1) newbies will understandably tend to put their stops too close to significant levels and get caught when the price overshoots it by a few pips, 2) broker spreads widen, sometimes considerably, when market volatility jumps or as we approach data releases and this can trawl in stops which are close to the market.
I think it is ok to trade without a trade-related SL if one is watching the screen, but I do think one should ALWAYS have a safety net stop comfortably far away from where one would normally close the trade manually to limit serious damage in the event of sudden price jumps which occasionally occur or in the event of communications breakdown. These are generally never hit during normal trading and are far from any brokerās spread changes.