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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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    If you expect mental stop loss to help protect your account balance from unnecessary losses you are only wasting time because you can not expect the mental stop loss to work all the time, if you want to protect your account balance what you need is stop loss, because stop loss is what can protect our capital even when we are fast asleep at night.

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    Quote Originally Posted by stanlon View Post
    It is very wrong for us to be trading with mental stop loss cause that cannot protect our investment from heavy loss, we can lose big amounts to the market without even knowing it because we didn't set stop loss, it's not good to be trading with mental stop loss or trading without take profit, we should always consider this tool at all time for the better protection of our equity.
    I think it is truly wrong to be trading with mental stop loss, the mental stop loss will not drive forex traders to safety. We can use the mental stop loss and lose our sanity of trading at the same time, there is no forex trader who will protect a trading account like that. Why not use the stop loss who is the effective medium to trade forex field, that is what I know that can make forex traders to be trading and gaining as regularly as they should.

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  4. #1643
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    We can choose to plan our management in our own way but one thing we must always understand is that stop loss is important to help us manage our risk and give us the means to build a strong trade that will enable us to trade good. Stop loss is important and its the best way to trade and see traders would achieve so much from their trade. It's very risky to trade this business so we should use common sense and realize that with stop loss we can highlight our risk and build a strong way to come up with a profitable method.

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    Quote Originally Posted by Eneregha View Post
    If you expect mental stop loss to help protect your account balance from unnecessary losses you are only wasting time because you can not expect the mental stop loss to work all the time, if you want to protect your account balance what you need is stop loss, because stop loss is what can protect our capital even when we are fast asleep at night.
    This is your opinion which might not necessarily be true, let's think about the scalpers as our example, do you think that they use stop loss, because they target something between ten to twenty pips at the most, what they usually depends on is the mental stop loss, there is nothing evil here with the mental stop loss, it is your discipline that matters most of the time. Don't condemn it simply because you don't use it.

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    Quote Originally Posted by stanlon View Post
    Mental stop loss, is for us to actually trade without stop loss, and trading without stop loss is very risky business we don't no when we will encounter loss and without stop loss and the market is against us we could lose heavily in short period of time, especially when the market is high volatile, so it's important we used stop loss in protection of our equity.
    There is a good use of stoploss only if we place on trade if we think in mind but not trading then may be that will give us big risk which every trader have to avoid , stoploss give us good advantage only if we place it on right time and our trade success should became easier to trade successfully in this market .

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    You have the freedom to choose anything you prefer in this market, the mental stop loss is not always the best especially for the unexperienced trader who is yet to have a solid background about what he is doing in the market, we have to cancel the belief that forex will be easier when we trade without using the actual stop loss, the dangers of the mental stop loss are too heavy to bear, it's better to avoid it.

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    It will be very hard for us to succeed in this business without the use of stop loss, stop loss doesn't help us to make money from the market but it due protect our capital from unnecessary loss, with stop loss we will never lose more than we can avoid, so trading without stop loss mean that we are taking a very big risk of losing all our capital at once if the market is against us.

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    Honestly, the use of mental stop loss is a waste of time and resources and could lead to huge losses when we do not take our time. Yesterday I was trading the GBPUSD without setting my stop loss in the market and it happened that the price jumped 30 pips without prior notice and it lead to me losing so much amount of pips, and that is why I would never trade without making sure that the stop loss are set in the market because it makes you relax and there is no way you would not be taken out of the market at the right time and level when it is moving against you.

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    Quote Originally Posted by Eneregha View Post
    If you expect mental stop loss to help protect your account balance from unnecessary losses you are only wasting time because you can not expect the mental stop loss to work all the time, if you want to protect your account balance what you need is stop loss, because stop loss is what can protect our capital even when we are fast asleep at night.
    you are right if you think that to place stop loss in your mind is give you success in this risky business so it is impossible to be successful trader because stop loss gives you security if you can place it physical an it is the best way to trade and common sense is also very important to understand where stop loss is placed that give you a profitable trade without losing money.

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    Mental stop loss is not a convenient way to trade this market,a lot happens in the market and sometimes if we are not careful it can lead to further losses,that is why it is very important that we set stop loss right from the beginning,that way no matter what happen even if you not close by your system your can still make it.

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