If you trade with no stop loss and proper risk management, then your prayers will be of no use.Mr.Market(god in trading) will punish for our action of no stop loss and taking huge risks.So, never forget this law of Mr.Market(god). Never take emotional decisions of greed and trying to recover losses rapidly in next trade. No God cant save us…Keep it in mind always.
The only traders that don\t use stop loss are 60 seconds scalper, Some don’t even risk not using stop loss. It is very important. New traders who have not yet understood the importance might still not use it for a start.
Yes, always use a SL
It is a gradual process for new traders; they will learn eventually. Even those who scalp have experienced the bad side of not using SL. The market could explode at any moment.
Traders who are new must always make use of the Stop loss while trading so that in the event their trade gets wrong the losses will remain limited.
Stop Loss Trading plays a significant role in providing security. Risk control is never possible without stop loss. Stop Loss must be used to get overall trading success.
You are right. Sooner or later everyone comes to realise how crucial it is to use stop-loss even the ones that claim to have some kind of emotional stop loss.
People don’t understand how important it is to use a SL that’s why they bear losses.
Agreed, SL can be a big saver at times, I try using it more often.
I agree with you, if you trade by making wrong decisions, you will never make money and no one will help you.
True! It is all in our hands at the end. We can make it or mar it.
It is true that is why it is essential for every trader to use stop-loss initially to avoid facing loss.
LOL, that is a funny way to guide the new traders about the importance of stop loss. Some traders place them after executing the trade thinking where to place it now! It is very important that you set the stop loss when you are placing a trade.
It costs nothing to implement and prevents uncontrollable losses.
I need to drill this in my head too. Took another big loss the other week thanks to once again living life with no SL.
Sad!! High time you develop the habit of using it, may be some times only if not always.
Always is better than sometimes, that’s for sure.
If you are a beginner, then you must use stop loss, it will close your position when it will start making an unfavourable move.
Stop loss is very important. I have never traded without stop loss so that I can’t make any large losses. Even I would suggest that even if you have experience also still trade with a stop loss to avoid losses.
I think stop losses help you to prevent big losses on huge amounts that sometimes turn against our trade. I always use this for my trades.