Hey Mark, even I agree with it. There is no point in doing something when you are not comfortable with it. I do use stop loss but not in all of my trades. I use it only when I think I need to when trading with XTB and Fxview. I prefer trailing stops over stop loss because they help lock profits while keeping the trade open until currency’s price hits the trailing stop level.
It’s all about your choice. If you want to use it, use it and if you don’t, you don’t have to. There is no such hard and fast rule.
I am following this basic strategy since I started trading. It always worked great even when I was a beginner and now when I have years of trading experience. I make sure I get the 1:2 risk to reward ratio at least and sometimes I even take the 1:4 ratio. Placing my stop loss not too close because it might get hit with random price movements and not to far that it becomes impossible for the price to reach that level.
Ditto!Trading is your personal choice and you can do it the way you want to.
I’m thinking your post was flagged by mistake.
To do trading the way you want, you will have to obtain a lot of forex knowledge. Without the proper knowledge, you won’t be able to make the right decisions in the market.
Absolutely Karl! It takes a trader to be knowledgeable enough to make good profits consistently. You will have to take risks to be able to make decisions in your best interest.
When I learnt about forex trading, I had no idea about how I will do it. But as I started to learn with Trading in the Zone, I saw new doors opening. I created my demo accounts with Fxview and eToro and practised trading for some months. After becoming confident about my knowledge, I went live with them and have applied several strategies. Got to know that all strategies don’t work for me.
I know mate, just floating my thoughts around, you never know where great suggestions, ideas spring from 
I actually do use stop loss, but I think not very rightly
Sorry when I said “you” I was referring to people as opposed to you specifically.
Personally I look to move mine when I see structure broken. Doing so before then tends to lead to early exits.
It’s not easy to find a suitable strategy. You have to try out different strategies at a time to see how they impact your profits before you settle for one.
Using trailing stop losses you cut potential profit as well since the number of trades closed early (by tighter stop losses) should increase. Also it is harder to estimate precision of your strategy because you get pushed out of a trade early by random move which hits trailing stop loss.
Wouldn’t that happen even in case of fixed stops. So many times I have exited before I actually would have, had I been actively monitoring.
I guess so and that’s why demo account trading is the best. Try out different strategies before you settle and find the one that you know will reap you profits.
Nope, I for one don’t really think demo accounting can help you. Let’s agree that the figures, MA, Pips, and almost every aspect in real-world trading is much more complex than the pretty picture brokers give in the demo.
@redangreame Which broker have you been using? There are really good ones out there like Admiral brokers, fxview, and oanda where the demo accounts will be as good as the live accounts with indicators, speed, and stability.
Not saying that the brokers were unreliable. I’m speaking jof demo trading in general. Like the fundamental and technical aspects that affect the price quotes that isn’t a possibility with demo.
Go for brokers offering parallel forex trading platforms for demo practice where you’ll get the real-time feeds to test your skills at both technical and fundamental levels.
That’s right and I believe practising on them for some time can impact live trading in a positive sense. Do you know a platform that offers almost similar demos as live accounts?