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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. #1621
    Trader Yayami's Avatar
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    Quote Originally Posted by Kinza pervaiz View Post
    Mental stop loss is that order that we promise ourself that we will use if price hits a certain level,when we are losing 100 pips, we start hesitating if we are not exiting our trade too early,I think mental stop-losses are for the very experienced traders only,in order to protect yourselves against adverse market movements,physical stop-loss is the best way to limit our risk.
    i usually set my stop loss at fixed amount according to my money management, not with my mental or anything related to it. i always counting on regular rules i create for myself rather than use my feelings or emotions to help me manage everything. i understand how this market works so i carefully picks my methods because i don't want to lose a lot of money to market before making a lot in the beginning.

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  3. #1622
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    Stop loss is a very interesting one that would help us minimize risk and we should do everything to make sure it's applied in our trade all the time. With stop loss we can manage risk and we can build a strong trading that would give us a perfect profits. Without the means of managing loss, it get easy to loose your investment and it becomes hard to earn from forex. Stop loss can help in ensuring that maximum protection is followed and this will give way for better trading.

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  4. #1623
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    You will have losses more if there is no stop loss, what we call mental stop loss is trading without any protection from the uncertainty of the market, losses cannot be wished away, using the mental stop loss only increases this in the long run, I believe that we cannot trade Forex with good determination if we are losing, that is why we actually must use the physical stop loss.

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  5. #1624
    Trader Toyen's Avatar
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    Quote Originally Posted by Yayami View Post
    i usually set my stop loss at fixed amount according to my money management, not with my mental or anything related to it. i always counting on regular rules i create for myself rather than use my feelings or emotions to help me manage everything. i understand how this market works so i carefully picks my methods because i don't want to lose a lot of money to market before making a lot in the beginning.
    The best thing which traders can do is to use the normal stop loss and set it at the fixed position where the trader will know that he has calculated the highest possible loss he can incur with it. Trading the market goes a long way in making traders to lose at times, but with stop loss, the management of that trading account will be achieved. It is not easy to trade with mental stop loss, it makes traders to do mistakes.

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  6. #1625
    Trader Goldenstein's Avatar
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    Quote Originally Posted by Toyen View Post
    The best thing which traders can do is to use the normal stop loss and set it at the fixed position where the trader will know that he has calculated the highest possible loss he can incur with it. Trading the market goes a long way in making traders to lose at times, but with stop loss, the management of that trading account will be achieved. It is not easy to trade with mental stop loss, it makes traders to do mistakes.
    money and risk management become our best strategy to help us limiting our trades with stop loss and take profit. with these managements, we can create a fixed rule of how we set our positioning in exit and entry level to market. try not to misplace between logical calculation to anything related to our mental as a trader because it will not sync well and could create a new problem to us.

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  7. #1626
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    Some traders do not like placing stop loss directly,so they have a mental idea where their stop loss is suppose to be and they tend to close their trades once price gets to that point,but it is very dangerous because it might just be difficult trying to close manually where you really want to close it.

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  8. #1627
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    Stop loss should be real as mental stop loss will not work. Retail traders work with high leverages and loss can increase very rapidly. Institutional traders work with no leverage 1:1 so they do not need the stop loss. But retail traders have to use stop loss because they can lose everything and nothing will help them with exception of stop loss.

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  9. #1628
    Trader layigold's Avatar
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    I don't believe in mental stop loss because is as good as not using any stop loss at all. It is the stop loss a trader sets that works to protect his account when trade goes bad and that is why much emphasis is placed on the aspect of risk and money management. There is no way a forex trader can move near achieving unprecedented success and breakthrough in trading business without being able to manage the risks of trading successfully.

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  10. #1629
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    Quote Originally Posted by layigold View Post
    I don't believe in mental stop loss because is as good as not using any stop loss at all. It is the stop loss a trader sets that works to protect his account when trade goes bad and that is why much emphasis is placed on the aspect of risk and money management. There is no way a forex trader can move near achieving unprecedented success and breakthrough in trading business without being able to manage the risks of trading successfully.
    I will just have to say that the trader who believes on it ain't got the confident in trading so the trader is been still controlled by emotions and all of that gets to make the trader have fear, so to avoid being stopped by stoploss they instead decide to trade on hopes, well, experience and some practice will teach them better.

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  11. #1630
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    Quote Originally Posted by Real View Post
    I will just have to say that the trader who believes on it ain't got the confident in trading so the trader is been still controlled by emotions and all of that gets to make the trader have fear, so to avoid being stopped by stoploss they instead decide to trade on hopes, well, experience and some practice will teach them better.
    Yes, the main reason is fear to accept the losses of not placing stop loss. Traders have psycholgical problems and that does not let to work well in forex market. Trader shoul be with cold mind and think that losses are part of forex business and maybe he lost today but he will earn tomorrow. Stop losse should be placed always.

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