Quote from: Mr_Akbar on August 06, 2019, 04:06:13 AM

I definitely hear people say this, and it saddens my heart. New traders especially get stuck in this mindset of "when I stop loss, it always goes back up." Or the ones who dollar cost average into the dirt...

1. Not Determining your Stop Placement in Advance

You should know where your stop is going to be before you open a trade.
The same goes for your entry and target(s).
As soon as the trade is live and youre seeing your p&l fluctuate, youll find every single reason in existence to stay in the market.
The benefit of ascertaining your stop before you open a trade is that it removes any emotions from the decision, because you havent yet risked any of your capital. Youre simply looking at a chart.
Additionally, if you dont have a predetermined stop and the market starts moving against you with the full threatening force of big, scary Japanese candlesticks, theres a much higher likelihood that you market puke the position without considering whether your trade idea has actually been invalidated.
Theres no point winging your stop decide where youre wrong before you open a position.

5 Stop Loss Mistakes To Avoid
Topic source: https://bitcointalk.org/index.php?topic=5162520