Mental Stop Loss, How does it work? - Page 153
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Thread: Mental Stop Loss, How does it work?

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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. #1521
    Trader Toyen's Avatar
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    Quote Originally Posted by simpleman View Post
    Though a lot of traders do trade without using the stop loss to trade, all things require practice , but to me i prefer the use of stop loss in all trades, stop loss helps trader to minimize the loss and this is the reason why we should not neglect it as a rules of trading Forex market, mental stop loss is like we don't use stop loss and it is dangerous to our account.
    I know that many traders are trading without the use of stop loss, that is what i will not join them to do. The use of stop loss is what i know that is proper, we can not survive our trading for long time without the use of stop loss, we need the stop loss to cater for the insufficiency of the trading strategy we are trading with. We can minimise and plan on the risk we want to take only with the use of stop loss, and we likewise have to use the stop loss properly.

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  3. #1522
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    Quote Originally Posted by simpleman View Post
    Though a lot of traders do trade without using the stop loss to trade, all things require practice , but to me i prefer the use of stop loss in all trades, stop loss helps trader to minimize the loss and this is the reason why we should not neglect it as a rules of trading Forex market, mental stop loss is like we don't use stop loss and it is dangerous to our account.
    Patience is all that we require, this is the key, I am not using this opportunity to ask anyone to trade without their normal stop loss, many traders sometimes criticize because they believe you are imposing something on them, using this mental stop loss is at your own risk, same way forex brokers would always put a warning on their website that trading forex and CFD is highly risky, let's demo trade before we apply anything that is new to us.

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  4. #1523
    Trader Sixteen's Avatar
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    Stop loss is one of the best way to have the solid protection of capital we have always wanted. I always advice traders to do everything necessary to we can apply stop loss in their trade if they must grow in this trade. Stop loss can help traders minimize risk and see they do not get on to risk huge money they can't afford. This mental stop loss for me doesn't count as I see no reason why I would make a trade without thinking about applying stop loss.

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  5. #1524
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    I do not subscribe to the ideal of mental stop loss at all,it is dangerous and can lead to further losses if one is not careful enough,sometimes it is difficult to close a trade manually,internet could also be a major problem,so it is important that we learn how to place direct stop loss that way we are stop out automatically.

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  6. #1525
    Trader ola4real's Avatar
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    Quote Originally Posted by Leonvic View Post
    I don't think we should be having a discussion about mental stop loss, this is an excuse to trade the Forex market with stop loss, the mentality that you can control your trades losses without using the prescribed way of protecting your account is not proper, mental stop loss makes you feel relaxed for your trades to move so far in negative, this makes discipline to be far away from the mind of the Forex traders, trust me you don't need anything like this to succeed in Forex.
    It is not proper for forex traders to be trading with mental stop loss, the mental stop loss is causing forex traders to lose opportunities in protecting their forex accounts. If forex traders can trade with the real stop loss, it will be better for that trader, because the real stop loss will do its function of protection in full, and the forex trader will not expose their forex account to losses.

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  7. #1526
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    Quote Originally Posted by BOSST View Post
    I do not subscribe to the ideal of mental stop loss at all,it is dangerous and can lead to further losses if one is not careful enough,sometimes it is difficult to close a trade manually,internet could also be a major problem,so it is important that we learn how to place direct stop loss that way we are stop out automatically.
    There is no security of mental stoploss even our purpose does not fulfilled we need to put our price in stoploss head so if price moving fast we take our part and exit from market , trader will never take risk in such situation , we must be clear in price where we exit and dont worry if stoploss hit we have more opportunity to cover our losses and build profitable plan .

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  8. #1527
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    Of course, mental stop loss do work if it is well structured out and discipline is applied to it. But in the real sense of it, it is not the best way to trade the forex market because i had practiced this method so many times, and most of the time it becomes emotional when you see your trades at loss and you are hoping that the market will go back , which do not always happen until you are either forced to take a rash decision or watch until your trading capital is wiped off the market .

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  9. #1528
    Trader famousfx's Avatar
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    Many traders preferred to be trading the Forex market without the use of stop loss, as per this there are individual differences,to me the use of stop loss to trade is very important in every trade we are placing on the platform of trade , this is going to make the traders to trade without fear because the account is protected if at all the market reversed.The use of mental stop loss is like we are not using the stop loss at all and it is not advisable to traders.

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  10. #1529
    Trader Batavia's Avatar
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    stop loss is necessary to use it if you trade without stop loss it does mean you taking a big risk or all risk for your balance and it will be bad if you wrong to analyze this market and then you will get MC. so more better for us use stop loss to limit our risk and being survive and just remember loss is a part and no one trader trade without loss but the cleaver trader can recovery it. so which want do you want to be a cleaver trader or loss trader.

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  11. #1530
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    Does mental stop loss work, I don't believe that it is the best trading style to save one's account from losses, if you cannot use the regular stop loss, you invariably put yourself in a very tight corner whereby things can go wrong at any time, mental stop loss is not a good security for your trading account, except you have the discipline to see it through.

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