That might be good for beginners - placing stop loss close to entry.
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At first I was hesitant about using SL since I had no idea how I would go about it. But after a few good and bad trades, I realised its importance. Now I donāt resist it at all when Iām trading.
Yes, for me too! It is more to do with meditation than anything else. It has become a part of my schedule so to say. I take out about 20 minutes from trading everyday and try to relax. Works all the time!
I see some talk of meditation here. Does it really work?
Iāve been mulling it over.
You can give it a shot maybe. Seems to be working for a lot of other traders 
Traders have to be careful when it comes to setting the stop loss levels. Iād say it is better to determine the sl order according to your price. The idea is to limit the possibility of any loss by effectively using a few sl placement methods.
Why bother so much with stop loss when you can just focus on your strategy and trades? I mean this is just one of the many aspects of trading.
Manual stop loss is far better than an automated trailing stop.
Works alright for reducing risk but I understand now that at times it also reduces the prospective profits. I use it sometimes when Iām trading with these brokers - Etoro, Avatrade or Fxview. Not that Iām completely hopeless with using this strategy for my trades but when itās working fine, I play along.
I think stop losses are a good way to stop a loss, that is why the name. It can be a two edged sword for some people because maybe due to stop loss the asset would be sold in loss and in the next instance, it makes a huge jump. So use it after considerable thought, especially as to its placement.
Thatās where my confusion stemmed from!
When I started trading I found out about the trailing stop losses. We can set up a stop loss after looking at golden crosses and death crosses. The best method to use is the Fibonacci values plus the EMAs. If you do positional trading then you can understand Fibonacci values through the trade calculators which are provided by numerous brokers like Fxview and ICM which I personally use. When you figure out through both of the indicators where the security is gaining or losing according to going short or long, it would help you to understand your SL values.
Hahaā¦ no one can predict the market truly, so it is better to work as per your experience and what you feel is best for you.
Thank you for the advice. I will definitely try this method. It is a good way to figure this thing out.
I donāt think SL would guarantee your profit just because they will be naturally protecting you from the loss. For example if you long your position in the trades and the asset starts falling, it will sell it at a predetermined level. If the SL is set at the value of 10 percent then if the security goes below the 10 percent of its value, it will sell the security.
SLs arenāt fixed anyway. You can change them once the trade is live if needed but that should be to lock in profit or create a risk free trade when appropriate. I just donāt see on earth you wouldnāt give yourself some protection by using one
As a day trader I would only put stop loss on the trades which are at very high risk.
But I think that using a well-calculated stop loss in all your trades can save you from some potential losses. Because with every trade you enter, you take the risk, though the category can vary.
But donāt you think Neal itās every traderās personal choice whether to use stop loss or not. If someone is doing good without stop loss, I donāt think they should use stop loss just because other traders are using it.