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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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    For me mental stop loss does not really work and it is too dangerous,i will prefer to use the normal stop loss that way i know my trades are safe no matter what happens in the market,with mental stop loss a lot can happen,when there is volatility it is very difficult to close trades and that might extend losses.

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    Mental stop loss is not what we should use in our trading, cause it's too risky to be trading without any form of money and risk management, forex trading is a risky business as we all no, trading without stop loss will make trading more risky for us, so therefore it's necessary for us to use stop-loss and avoid trading with the mental stop loss.

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    Quote Originally Posted by BOSST View Post
    For me mental stop loss does not really work and it is too dangerous,i will prefer to use the normal stop loss that way i know my trades are safe no matter what happens in the market,with mental stop loss a lot can happen,when there is volatility it is very difficult to close trades and that might extend losses.
    yes it too dangerously if trader does not use stop loss and they trading will not safe and easy for them to get floating loss and with stop loss it will more safe for us because we have do calculation our risk here and that's why management is important and trader must to have it and trade according by that.

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    The market movement is uncertain and therefore it's possible for us to experience some losses some times and without the help of stop loss we can lose big money to the market, but we can ignore this if we use tight stop loss in our trade, this will help prevent the market from giving us big loss, trading with mental stop loss is not the best way for us to protect our capital.

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    Mental stop loss is the passion of many small trader they do not know how to trade in the market. about my knowledge there is nothing like the mental stop loss , i do not like to trade with the mental stop loss , i like to use only the long term strategy for our trading , we earn a lot of money by using the long term strategy .

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    Stoploss has to be use in accordance, any one who desires to make money from the market should understand the need of trading in accordance and making use of good money and risk management at the same time, then that will lead the trader to making use of the stoploss immediately when trading, you need to protect your trading account and not trade in ignorance.

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    I don't need to understand how the mental stop loss work but I know that generally speaking it is not appropriate, we can trade without it, anytime you are using the mental stop loss, there is a sense of uncertainty that you feel because you know something is not right about your method of trading, its best if we use the normal stop loss always.

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    Mental stop loss is always the wrong method to keep our accounts from the type of losses that we want to see, according to my trading skills a forex trader that is using pending orders cannot be hoping to set mental stop loss as his exit plan, that would definitely backfire at him. This is very good option for scalper trader because he could more then time like to trade short term trading method on this business.

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    Stop loss have always been the best means to minimize risk and see we can also get on to increase our means to make profits. Traders who are not managing their risk and building the right skills that would help them improve in forex will have to face huge difficulties in forex. Not applying stop loss will bring higher risk for us when it comes to loss and if care is not taken there is huge possibilities to loose our trading capital in no very time. Loss should well managed and we have to get prepared for this and make sure our stops are applied at the very important areas.

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    Quote Originally Posted by GEO View Post
    Mental stop loss is the passion of many small trader they do not know how to trade in the market. about my knowledge there is nothing like the mental stop loss , i do not like to trade with the mental stop loss , i like to use only the long term strategy for our trading , we earn a lot of money by using the long term strategy .
    It is not a passion to trade with mental stop loss, the traders which are trading with the mental stop loss are the traders which are not doing fine. Mental stop loss make sure that traders are trading the market without assurance on the safety they have on that trading account, there is nothing that kills the account of a trader more than that, we need to trade carefully with the use of the normal stop loss to trade the market safely.

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