I’m am Intra-day Trader. I try not to hold positions overnight. I do my analysis based on the current market conditions and trade accordingly.
As a new trader, you need to use 1st the demo; of course with the stop loss trading tool! I guess, you haven’t read BabyPips School yet! Am I right? If yes, just use the BabyPips School as soon as possible.
That is why it is important for you to set a stop loss. Don’t give your broker an excuse to take all your money. Some brokers will just hunt you down. Is ally invest a Forex broker? Am trading live with Forexchief anyways.
But till now you need to SL; since it’s quite impossible to sit on your chart. SL is the main protection.
Based on my analysis, I know before hand where price should go. So there is no need to babysit the charts. I set alerts in the event that I was wrong and the trades does go against my analysis.
However, when I’m wrong, it’s only a matter of entering a bit too early, so price seems to fall right back to where my analysis said it would. I do however use a SL as a Trailing SL only to lock in my profit.
Yes, this is one of the most common solutions; I see so many traders are using the alert tool.
You should place a stoploss order to avoid more lose in forex…
Poorly placed stop loss also leads to losses. Yes, use stop loss, but also make the effort to learn how to use it well, i.e. find a good strategy that involves using SL and follow it closely.
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True. Besides, I don’t see any disadvantage of using stop loss if we can set the SL based on support/resistant level.
Ally invest is not your typical Forex broker. I did a search on them. Stick with the one you are using, they are better
Support and resistance areas create alot of liquidity for the real players to take away your money.! Be careful around these zones…
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Exactly, without proper trading knowledge SL is not enough to protect your trading balance.
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True. Always figure out where the major support and resistance zones are before you actually open a trade.
I understand, what you mean; yes I’ careful on that issue, that’s way I use few extra pips in this case! Besides, I set my TP based on the S/R level as well.
Stop loss is a precautionary measure which must be taken if you are new to the trading business. It is really a helpful fir staying secure on the market somehow. I am sure you have got the point which I want to cover here, have you? Thanks in advance!
There are some very experienced traders who are making daily trades in which they do not set SL. But it is highly not advisable for new trader on the market. Market can make very sharp and swift moves on fundamentals which can erase all your profits. So it is better to have SL in place