Quote from: Johnyz on December 06, 2022, 09:45:08 PM

Quote from: tvplus006 on December 06, 2022, 09:03:36 PM

Quote from: thecryptogandalf on December 06, 2022, 02:59:05 PM

Trading without a Stop Loss is the testimony of a lacking trading system. And I think using Stop Loss prevents you from adding to your losses and being emotionally attached to a trade.

Most traders prefer to close their orders manually, and the main reason for this is that very often the price drops quickly and immediately returns to its previous value. In this case, your order will be closed and you will incur a loss. It would be more correct to wait until the price is fixed below the support level and in this case close the order manually.

Even if you do this manually, I believe it is still advisable to follow your stop loss price to avoid further losses. Many tends to wait for another confirmation before executing their stop loss action and the result becomes worst for them. Usually, traders always do this in futures because you can't afford not to set-up this one or else you'll be liquidated. We should always have the target price and the cut loss price, by this we can be more responsible trader and succeed in the future.

Absolutely agree! Setting a stop loss price is crucial for risk management, whether you are trading manually or using automation. It can be tempting to hold on to a position and wait for a potential recovery, but this can often lead to greater losses. By having a clear cut loss price in place, you can minimize the potential for catastrophic losses and make more informed and responsible trading decisions. This is especially important in futures trading, where not having a stop loss in place can result in liquidation. It's always a good idea to have both a target price and a cut loss price, as this allows you to properly balance risk and reward in your trades.