Setting loss makes me insecure as violatile market ,i dont want to hit my set loss to early and seeing the market going back to the direction im trading.
if i set it too huge, market might violate as huge as my set loss range, so i dont set it.
however if market reverse my direction and keeps trending in just a day as i sleep, then everything would be gone.
whats your intake?
should i set or no set? any pros comment please =)
1 Don’t sleep:D
2 Don’t leave trades open over night.
3 Hedge the trade when you sleep.
4 Exit the trade then reenter when you wake up.
I do # 1 and # 2
Set stops!!
Yes, always set a stop loss.
The stop loss should be bassed at a point where the reason you made the trade is no longer there. What I mean is not so small that any random spike could trigger it and not so huge to avoid being stopped out (which in itself defeats the purpose of a stop loss)
If you are worrying about trades then It’s a good idea to trade smaller lots. I used to have the same problem but after I halfed the amounts I traded I felt much more relaxed, and my trading improved alot as I had a much clearer head when setting stops and take profits.
The trick is to find a lot size that your comfortable with
Hope this helps some
best regards,
Simon
Thanks simon, thats the answer i wanted to get from.
i think i knew the answer from my heart but just couldnt get it out.
You inspire me,
the exact words. " The stop loss should be bassed at a point [B]where the reason you made the trade is no longer there.[/B] "
Thankyou.
this is what I believe in about Stop loss
- [B]Get stopped out - the right way.[/B] A trader shouldn’t set their stop loss levels according to how much of their account they are risking. Rather, stop losses should be set at points where the original trade idea is invalidated, or no longer has the potential to be successful. That means you should set stops well beyond established support/resistance areas, or when you system signals an exit. The market does not know how much you are willing to risk, so why set your stops to that?
10 Forex Tips for 2010 | Forex Blog: Pick of the Day
At some point to become a very very profitable trader you will need to leave trades open while you are asleep or away from your computer. The number point is that you will know that your trade will continue on. If not why would you leave it open. When trading the higher time frames you will also take into account any lower time frame swings.
But the number one thing you will do is be in profit .I would never leave a losing trade open. I would only leave trades that I am in profit and my stop is at a point that if it got hit I was still in profit or at the very least broke even.
But to obtain those gains of 100 or even 1000’s of pips we will have to have positions open overnight. Now the weekends are another matter. LOL…
Although I know people that have positions open from !.700 on the gbp. Right now. Not sure I could deal with that much whipsaw.
But trading a smaller amount until you get the right mindset is a good idea for anything in trading which causes you a emotional response. You can’t trade worried period.
Happy Trading KenI don’t sleep when I have a trade open period…only because I am so new to trading and the few times I have tried to sleep with open trades I toss and turn till hubby kicks me out of bed anyway so I may as well not hop in to bed in the first place…although slumped over my desk is not a good way to sleep either and I’ve done that a few times :rolleyes:
I am on the wrong side of the planet for the most active hours though too!
Thanks for your insight, im trading small timeframe now as its the first day of my live,
and yes to be a profitable trader u would have to leave it overnight.
Thankyou everyone, now i know how to set my stop loss when i need it.
and it looks like GU is going down in the MONTHLY frame yeah =) guess those 1.700 shorters are very happy!
Definitely stop loss are a must, but I don’t only mean it for overnight positions but for all of them. Especially for newbies, it helps to control the trades; well at least it makes me feel that way… regarding keeping a position over night, congratz Cares 
I I first started I would have never kept a position for even a second of I wasn’t going to be there in front of my platform to watch it!!!
If you want to trade overnight (which is recommendable), you should have in mind these factors…
1.-Leverage should be very little comparing to short term trading.
2.-Place SL/TP Orders.
3.-Risk-Reward Ratio like 1:2 should be wise, overall if you’re a new trader.
4.-Use Pivot Point and consider a lot about support/resistance zones, this is for me the most important of all technical analysis.
Well # 1 is wrong… your leverage is your leverage and has nothing to do with a trade overnight or not… do you mean a smaller position size instead of leverage?
#2 yes SLs are a must! I seldom use a TP myself but you can use it if it suites you.
#3 R:R is something to always consider in any trade.
#4 Major S & R zones are important when considering how much potential there is in a trade, i would look at the 4 hour TF and determine how much room there is to the next major S & R zone.
#5 Trade with the trend, you might just get lucky this way
#6 Ideally have the trade in profit with the SL set to BE…
cheers
Well you get used to it! You have to sleep! Some of my trades remain open for two to three days or more.
Regarding stop losses depending on your method your stop loss should be in a place where definitely the trade becomes invalidated, no need for hesitation with that.
As for market volatility, I set up alarms near my stop loss order so before price reaches that level I make sure my order is filled, you now, just for security.
Hope that helps.
Well # 1 is wrong… your leverage is your leverage and has nothing to do with a trade overnight or not… do you mean a smaller position size instead of leverage?
Well I don’t think I understood well your question, what I mean is you can’t try to set high leverage on small accounts with long term trading, because your SL in this case should be wider than short term.
Maybe I should say better: keep the good money management and risk no more than 1% per trade [B]still[/B] in long term trading.
For profitable trades, I just manually trail my stop and limit up before bed so I don’t have to be afraid when I’m asleep. For stagnating trades, I just close them. I also have time stops so I close out positions that do nothing for 4 hours.
You can use a EA which will manage your trade when you sleep. I am not talking about opening closing your position, but just managing your lose or win.
You can set a trailing stop too, since Stop lose will suppose that you are already losing in this case, do you will let a losing trade running, and going sleeping in peace ?