Good day fellow traders, I'm thinking of using stop loss order in my trades, can you give me some advice how you use your stop loss order?
For most traders the decision to put a stop loss is an uncomfortable choice, because it means they have received the loss, but traders have the right to determine the trader strategy that is suitable for him. For those of you who want to use stop loss to control risk of loss the first is to put a stop loss on forex, the choice is manual or automatic stop loss, then determine the price level
Actually, it is one thing to put a stop loss and it is another thing to know where you should be putting a stop loss as the case may be. At the end of the day, everything still balls down on the strategy of each trader and what they tend to look at, at every point in time.
One thing with not using stop loss is that when the market tend to give more signals to go lower, and if it ends up going too far, you will just end up holding till you are able to get back the profit and that could take a while, but instead, with stop loss, you could have been able to buy more at a better position and as long as people do not get this, they wont understand the importance of stop loss in trading.