Accept your SL and move on

For me the hardest part have been to accept the SL.
I took one this spring but recover well after it.

I hope you also use SL

Is that a single lost trade or a number of them? If it is a single trade you should be dropping your risk asap.

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Hi,

No was not 1 trade. I took some SL’s.
My general view is that SL is avg of 3 months of trading. My avg of 3 months is like 12-15% depending of my trading moths.

//H

So what % are you risking per trade?

Hi,

My risk per trades depends of market so can not give quick answer.
Depends on market and how trends are.
On 10K account I can take like 0.01 or 0.03 lots as first trade. Then I manage the trades

Why don’t you allocate a % risk to each trade? This will help you to determine risk reward and therefore what sort of win % you need to be making money.

Hi,

I tested most of setups as I started to trade forex 2006 .
I found one setup that works for me.

//H

No fair enough. I was just curious. If it’s working then rinse and repeat!!

Hi,

Yes I repeat it on severals accounts :slight_smile:

As you as long as people use a SL that’s the main thing !
% risk can be a personal choice or asset/market dependent for some

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If you want to play safely in forex, you need to control your greed to avoid potential losses. Using a stop loss and target profit maintains the balance of the risk-reward ratio. There is no point in getting disheartened when you miss the chance of a higher gain, and similarly, you need to be sporting enough to accept your stop losses. Otherwise, it is hard to sustain in this ball game for longer.

Yep! new comers make forex so complex by these heavy calculations but the reality is something different. S&R, demand and supplies, SL, TP are the real beauties! These are the pillars.

Accepting a stop loss means accepting that forex is not an exact science. It is always subject to human error. In forex trading, you have to accept that even the top traders in the world lose money from time to time, so there is nothing wrong with you. It is just the nature of forex trading.

I agree with you. Greed is the number one factor why we lose in forex. Everything seems so tempting, but the market changes in seconds. We should stick to our trading plan.

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Agreed, tempting temptations really.

It is always safe to use SL while trading. If the price rises higher and your SL restricts the profit you could’ve made, just accept it. Rather feel relieved that at least you did not lose any big amount and go ahead with your next trade.

What are you doing to manage the trades? Do you mean just actively watching them? How long do you hold trades open? Overnight?

Curious. Thanks!

It’s a very spread issue among traders. They’re afraid of sl however I look at sl as at life jacket. It helps me to reduce risks and lose less money than I would lose without using sl. I have plenty of situation when I lost 15-20% per deal, however in fact, if I wouldn’t use sl I would lose 100% of my deposit. In my opinion, it’s not difficult to accept the fact of existence of sl, because it literally helps traders to weigh all the risks wisely. If you have a system then you shouldn’t pay attention to sl. It’s just a life jacket, at least you can relate to sl as to life jacket.