Hi could anyone please explain to me the reasoning why stop loss minimums are so high sometimes? In this case I couldn’t set SL within 24 pips!
You should consult your broker as they set the minimum distance for SL/TP
1 Like
Try using your strategy on your demo account, because that’s how you will get an idea about what you can do when you go live.
1 Like
Your broker is the one to contact. Some brokers have long distance setup to prevent scalping. Which means they do not like scalping. So, kindly change your broker. Find a broker that allows scalping, such broker is more likely to allow 5 pips stop loss. try Forexchief, their distance is smaller.
1 Like
I completely agree with you. Not all brokers allow lower range
You don’t have to use a stop loss. You can close the order whenever you want. Can automate trading in your broker?
1 Like
That explanation makes sense. Thanks for the recommendation.
1 Like
Automating trading with your broker is done either using the Stop Loss, Take Profit, Trailing Stop, or Expert Advisers (Robots)
Is there anybody here to suggest whether using stop-loss in every trade is important? I do know using it helps to save losses but is there any other way around it? Just figuring out the strategies here. Thanks in advance
I tried demo trading for a week without SL’s and found that even though I win more trades (by not getting stopped out early), the few trades I lost were always large enough to eventually negate all my wins for the week.
Having SL’s set really helps with risk management in my opinion.
1 Like
One rule I swear by is that if you’re actually serious about staying in the game and that too for a longer time alongside growing your account, make it a ritual to use stop-loss orders in every single trade.
1 Like
Stops are important. Just trying to say that you don’t need to use the default stops system of the platform.
In cases where you need closer stops than those allowed by that systems or when you don’t wnat to provide your stop information to the broker, you can do it manually or by a third party automatic system.
1 Like
Considering you don’t plan on using stop-loss order, will you be able to calculate what position size to take, how much money you should be risking on a trade, how much money you’re risking on a single dollar you’re making, and so on and so forth? If you can, you’re ready to go without one.
I agree here with you @Paul. Moving the stop-loss manually gives a trader more control over the timing of the move while trading. A strategy I tried with turnkey forex. But another thing I realized while practicing this is that we may just ignore the unrealized profits in case the price reverses much before we move the SL.
1 Like