Hi all
Does anyone know if changing/adjusting stop loss affects a trade?
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If you’ve placed an ordinary stop-loss (i.e. not Guaranteed stop-loss) you can move it up or down on a long or short or cancel it altogether at any time, including when the market is closed.
Cheers bruv, thanks
Yes you can. But learn the “why’s” you are changing it. It is different for each trader. To minimize problems on future trades, a trader should have a good reason why he put the SL or why he doesn’t put an SL. The same when the trade is already executed, he should have a clear plan why an SL needs to be modified. Trading with SL and without SL are equally dangerous if the trader doesn’t know what he is doing.
What do you mean with affects? Adjusting the SL only can give you better results from each trade and that`s all.
In the sense that if a trade ain’t going your way and you make adjustments to prevent a loss, would it affect how much money your going to make on the trade
For me I’m always going to use SL, and it’s a case of when I see a dip and I guess out of precaution not to take a L on a trade I’ll make adjustments. But I was wondering if you make less of a profit if you go to low or high with a SL
I’m not that advance yet to be trading without a SL but I think it’s something I’m always gonna use, it’s a hell of a safety net. But I only make adjustments when a trade might be taking a turn for the worst
If a trade ain’t going your way then dont touch it. Thats the purpose of SL. And the opposite - if a trade is going your way, then you can adjust the SL at break even or profit.