I am new and wonder how other people set up their stop loss?
Do you set it up after placing the buy/sell order? Or do you set it up with the order? If so, is there a script or something that can let me set the SL at a certain number of pips away rather than having to type the number in?
You should always set it all up before you enter a trade so you know exactly what you will do. Once you are in a trade emotions could cloud your judgment which is a bad approach. You can do all that from the order window.
100% before the trade. You can’t buy the correct position size without the knowledge of the size of your stop-loss.
Having a set stop of 40-pips (that’s just an example), isn’t that good either. You need your stop to be in a logical place that indicates that your trade setup is now invalid so you’re talking potentially below support/resistance or a swing high/low.
I use support/resistant coupled with atr; What it essentially does is that it gives a better S/L based on the volatility of the pair. For example, if i m short on pair then i take the resistance and minus atr from it or when i m long on trade, i take support and add atr to it. It is a very effective strategy