Mental Stop Loss, How does it work? - Page 158
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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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    Trader pajero's Avatar
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    Quote Originally Posted by Toyen View Post
    It is very wrong for traders to be trading with mental stop loss, the metal stop loss will make traders not to be serious. The trading of the market in the way of the mental stop loss will make traders to forget what they want to do, or the bad market condition will not allow traders to do their trading rightly. It is bad to trade and not have rest of mind on that trading, the real stop loss is what can avoid that.

    In trading the use of stop loss is very important. Stop loss functions to close our position if it has touched a certain price. Of course we ourselves must also anticipate how much loss we can receive, which we should spend. (Of course not full position)

    The use of stop loss is accompanied by the correct money management, it will provide more opportunities to open positions again in the future,

    Our capital will not be drained so quickly, because in forex trading what we pursue as a professional trader is consistency in achieving accumulated profits in a certain time, not in seconds or hours.

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  3. #1572
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    Mental stop is when a PC order is not placed to exist a trade for us,but instead we leave the position with no offsetting order to control our loss.I think stop loss should be pre planned,when we are in trade we cannot able to decide the stop loss level because of our emotions and mental stress so stop loss should be physical.

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  4. #1573
    Trader famousfx's Avatar
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    One of the most important rules that traders in the Forex market must not for any reason neglected in trading is the stop loss, if we have the stop loss in mind without setting it up physically on the chart is more or less using no stop loss and trader should discourage this act so as to stay in the market without fear.

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  5. #1574
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    Stop loss is what we need to use, trading without stop loss is not a good idea because it could make you lose big money to the market without knowing, you should always use stop loss because it's the best risk and money management that we got with the help of stop loss we got the chance to reduce the amount we have to lose in any trade.

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  6. #1575
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    I do not believe in mental stop loss because either there is stop loss or there is no stop loss. Money and account are safe if there is real stop loss but mental stop loss means that there can be any spike and trader can lose money in a few minutes because of unpredicted event and market movement. It is better to place real stop loss.

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  7. #1576
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    I don't see any point where mental stop loss is recommended for any trader rather they are been told to apply stop loss. I have one time been in a situation when I forgot to place stop loss but thought I placed them. So when that trade start going bad I had to check up on my trade and I realize that its still reading much more than my budgeted stop loss, that's when it dawn on me that I never even applied for stop loss. It would be risky trading without stop loss and I suggest that we apply them always instead of deciding to manually exit in loss.

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  8. #1577
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    If you do not apply stop loss, then be ready to easily loose your investment when a wrong trade occurs. Stop loss have always been one of the best way to handle risk and this means that proper management will likely represent success for us. Loss must be managed and we should understand that if we can plan ahead and build a strong system, we can always have the chance to create a profitable profits.

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  9. #1578
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    Quote Originally Posted by pajero View Post
    In trading the use of stop loss is very important. Stop loss functions to close our position if it has touched a certain price. Of course we ourselves must also anticipate how much loss we can receive, which we should spend. (Of course not full position)

    The use of stop loss is accompanied by the correct money management, it will provide more opportunities to open positions again in the future,

    Our capital will not be drained so quickly, because in forex trading what we pursue as a professional trader is consistency in achieving accumulated profits in a certain time, not in seconds or hours.
    to be place a mental stop loss is only reliable when you are active in the platform all the time and consistent monitoring the market which is not possible for a trader and very bad decision to place stop loss in mind. it is very stressful and can not give you enough sense to control it mentally when market can change its position suddenly so try to be place it physical always to secure your trade.

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  10. #1579
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    Quote Originally Posted by Ulthred View Post
    If you do not apply stop loss, then be ready to easily loose your investment when a wrong trade occurs. Stop loss have always been one of the best way to handle risk and this means that proper management will likely represent success for us. Loss must be managed and we should understand that if we can plan ahead and build a strong system, we can always have the chance to create a profitable profits.
    The best way to succeed and really last long in this market is through the use of proper stop loss,with mental stop loss anything can happen to the trade at any time,we do not control things that happens in the market so it is better to always place stop loss so we can protect our trades very well.

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  11. #1580
    Trader Toyen's Avatar
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    Quote Originally Posted by Ulthred View Post
    If you do not apply stop loss, then be ready to easily loose your investment when a wrong trade occurs. Stop loss have always been one of the best way to handle risk and this means that proper management will likely represent success for us. Loss must be managed and we should understand that if we can plan ahead and build a strong system, we can always have the chance to create a profitable profits.
    There is no trader that can say that he knows everything, the use of the stop loss will let us know how to protect our trading account. The traders which are not doing well are the traders that are overlooking the use of stop loss one way or the other. No matter what this reason could be for the trader, it is not genuine. We have to force ourselves to be using stop loss, this is to our advantage.

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