I don’t use a SL with my trading strategy.
Not to say that you shouldn’t.
It’s all relative to your trading abilities.
Most traders won’t agree with me on this issue.
However, most of those same traders aren’t making consistent profit either. I am.
If you’re trading with a $500.00 account, the lot size you trade has to be relative to your account size.
I use what I call a soft SL. I don’t actually place a SL on my trade. Rather, I know how much I’m willing to risk and I monitor each trade according.
Maket Makers are Notorious for pushing price to hit amateur trader’s SL, and if anyone thinks they can’t see in general where most amateur traders place their SL,
that thinking alone speaks for itself why most traders lose money.