Reason to use stop losses

USD. Today at midday New York time.

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Haha who are you telling got hit by the SL that gave me a good smacking on that bearish side of USD/JPY or anything against USD for that matter that Powell speech really drove in the dovish gang for sure.

Why would a trader even have a USD position open when Powell will speak on that same day?
Checking News schedule before entering a trade is paramount to every trading plan, seriously.

At the start of the week, every trader should go through the News schedule for that week and take note of high impact news events that may occur within the week to avoid getting busted.

Unexpected ones can happen though, but for the regular ones…

This is just my humble opinion anyway.
Cheers!

Cause I profited twice off of the previous 2 trades I did earlier with the pair that day. I was testing an idea & it failed. I’ve traded plenty of times during HIGH announcements & it’s went my way and went the other way. I think it’s all in the restraint & how you go about trading.

Trading the News is totally different from getting busted being unaware of the News!

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This is true & no I definitely wasn’t UNAWARE when I made that trade or when I trade on the regular. I know how news can sway markets.

Market is affected by many things, news, sudden changes and reverse market comes when a trader is going to trade, It is better to use management tools like stop loss for avoiding bad effects of market. Stop loss is very common among traders they like to use it because they think they can manage their accounts with it.