Mental Stop Loss, How does it work? - Page 111
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Thread: Mental Stop Loss, How does it work?

  1. #1
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    Mental Stop Loss, How does it work?

    There are people that have always talked mental Stop loss which involves the use of trading without actually setting a physical stop loss in the charts but trying to use an invisible one that is set in the minds of the forex trader, I personally trade this way most of the time because in the past I have always have reasons to use stop loss which always got hit, the sad and unfortunate part is that people are greedy and don't want to follow some basic rules, as a newbie I always felt that brokers were constantly on the look out for my trades for them to take me out, and for some reasons too I got used to trading with strictly mental Stop loss, that is my personal story about this matter.

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  2. #1101
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    Quote Originally Posted by Penuelophir View Post
    Forex is full of surprises and very volatile and honestly in the sudden moves the market is capable of wiping out your trading account even when you have a mental stop loss with you, and this is why I personally love to use the stop loss set in the market to avoid such a sudden moves which might not be in our favour some times. So we should learn to set the stop loss at the appropriate levels in the chart!
    Yes, we need real stop loss in order to escape of sudden movements that can happen every moment in the market. Mental stop loss will not help to protect our account in such cases as we will be short of time to do anything or we simply be not able to see the sudden change of direction because we do not see in front of computer.

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  3. #1102
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    Mental stop loss had done more harm than good to those that believe it is the best, why do we like to make things complicated unnecessarily, it is very easy to trade with the stop loss that is inside the charts, using something that we are not used to is just a fantasy that would definitely make us margin call at the end of the day, just forget about the mental stop loss please.

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  4. #1103
    Registered user nsawork's Avatar
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    @ leonvic, When I started my trading then I was using stop loss and most of my trades were closed due to stop loss whether or not they were correct. This was because the stop loss settings that I was using were 20 to 30 pips from my current trade levels.

    After getting much losses from the forex market now I am not using any stop loss and I try to close my trades manually in a loss when they have gone wrong. Like it has been said it is actually a mental stop loss that is in my mind because I know that at this level I need to close down my trading.

    But for this system to work we need to be actively monitoring the market because if we get away from the charts then any big spike can increase the amount of losses that we can get from our trading.

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  5. #1104
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    Quote Originally Posted by nsawork View Post
    When I started my trading then I was using stop loss and most of my trades were closed due to stop loss whether or not they were correct. This was because the stop loss settings that I was using were 20 to 30 pips from my current trade levels.

    After getting much losses from the forex market now I am not using any stop loss and I try to close my trades manually in a loss when they have gone wrong. Like it has been said it is actually a mental stop loss that is in my mind because I know that at this level I need to close down my trading.
    Firstly, we should understand that setting the stop loss should be done well enough as to make sure that the price would not just come back and hit your trades off the market. So when you are buying the stop loss should be set below the support levels and when you are selling the stop loss should be placed above the resistance level which makes the market difficult to get it hit.

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  6. #1105
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    Quote Originally Posted by Penuelophir View Post
    Firstly, we should understand that setting the stop loss should be done well enough as to make sure that the price would not just come back and hit your trades off the market. So when you are buying the stop loss should be set below the support levels and when you are selling the stop loss should be placed above the resistance level which makes the market difficult to get it hit.
    You are right. If we place the stop loss correctly above below support resistance levels so we can forget about all mental stop losses. If the things are done well so we do not need to invent something new that nobody knows. Stop losses placed in right place is the best option to escape from large losses and protect our accounts.

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  7. #1106
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    for many traders I think that the using of the stop loss may not be vital as they can trade the pairs with very high tops or very low bottoms . at times where no probable to go against the expectations . thus the price will go to the target whatever it reversed . and if there reflecting they can stop the trade manually

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  8. #1107
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    Mental stop loss takes some sense of discipline to achieve, assuming you get distracted by some other activities and you forgot that you are supposed to close a trade when it reaches a certain price, this could triple the losses that you will secure from that pair, i think Real stop loss is better in any case. It can be placed far and can be not in correct place but it will save our account in cases when the market will go strongly against us

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  9. #1108
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    We get maximum losses in this market if we have not used stoploss well so for trade success and for good results we always have to focus on right use of stoploss if we have price in mind so what is issue to put price on active trade and be fresh to make our trade safely for attain maximum profit from market .

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  10. #1109
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    Quote Originally Posted by soufyane bz View Post
    Mental stop loss takes some sense of discipline to achieve, assuming you get distracted by some other activities and you forgot that you are supposed to close a trade when it reaches a certain price, this could triple the losses that you will secure from that pair, i think Real stop loss is better in any case. It can be placed far and can be not in correct place but it will save our account in cases when the market will go strongly against us
    You should just forget about the mental stop loss, the mental stop loss is confusing traders, it is what is not right, it will not give you the true mind to close your trade. Many forex traders are emotional on the use of the mental stop loss, they will not be sincere to close their trade at that exact point they proposed to close it due to emotion. We can overcome that by using the real stop loss that will be closing our trade automatically for us.

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  11. #1110
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    Mental stop loss is used by traders who do not want to place stop directly in their trades because of one reason or the other,most traders have the feeling that big traders hunt stop loss in the market,an allegation that they have not been able to proof,the use of stop loss is very important,mental stop loss will not stop you from losing.

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