Instead i should have target my take profit and stop loss but i focus more on take profit and leave stop loss thinking i won't loss no matter what

I do think about taking my profit as my priority instead of focusing on my stop loss which lead to my stream of losses when trade goes against me all because i did not put my stop loss on every trade i execute

Now you know where you’re going wrong, dont ever do it again. Keep cutting your mistakes out.

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Wow that is route to a disaster , Have a plan , stick to it with a risk management process a key part of the plan

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For manual trading, it’s always recommended to use a stop loss. For automated EA trading or bots, it’s hugely recommended to use micro Accounts and on such a SL isn’t really required as most well designed EA are made to work freely without being tethered to SL. They’re rather made to close by number of days or hours from trade execution or being opened in the market. Factor the above and am sure you’ll do fine.

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Set your SL first. It’s an easy fix.

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Learn to take losses first, one has to lose to win! If one can’t take losses, forex trading is not his game, avoid trading forex. :sweat_smile::sweat_smile:

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Thanks for this piece.

You should focus on both things, if you just see to your take profit how will you manage your loss. If you not set it there should be a plan in your mind where you have to stop trading if market goes against you. To let trading going on to hit take profit is not a sensible way of trading.

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You sir, have no idea what you are doing. You are heading down the road to complete destruction.

Always use a stop-loss. Set the stop-loss where the TA tells you the probability of price moving in your direction is no longer positive: or no longer positive enough for you to take the risk of continuing to stay in the trade. When you have the TA-based stop-loss price, check that it is far enough from entry to allow for normal price volatility - ATR is a useful tool for measuring volatility.

When you identify the distance from entry to SL, adjust your position size so that you know how much of your account in percentage terms you are risking per trade, if the SL order is triggered. One or two % would be good targets.

Look at where the TA tells you price will probably stop moving in your direction - this could be due to support/resistance levels or simply experience with a particular entry set-up and pattern which tends to usually run out of momentum after so many bars on this market. Your TP should be here, or just before it actually. Check the distance between entry and SL and entry and TP - if the distance to the TP is less than the distance to the SL, then you are risking more capital than you are likely to gain - unless you know that price is much more likely to hit TP than SL regardless of the distances involved.

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