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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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    Mental stop loss does not really work for me and i think it is a very dangerous way to trade the market,it is better if we just learn to place stop loss directly instead of using mental stop loss,there are a lot of factors that might make it impossible to use the mental stop loss very well,like volatility and network issue when one really to close a trade.

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    Quote Originally Posted by Giedra View Post
    Mental stop loss can be used when account is little like 50-100 dollars because so little accounts are to risk much and win or lose. There is no reason to place stop loss. But if account is large 1000-1000 dollars so stop loss must be real because in case of market big spike trader can lose much money. Big money like safety and stop loss has to be.
    The mental stop loss does not have this kind of limitations, it can be used for any account size, whether it is the one hundred dollars based account of the one thousand dollars, the main difference is the trader's sense of discipline, even with the physical stop loss, many traders still go through the margin call experience, so I did one don't classify using mental stop loss base on account balance.

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    Quote Originally Posted by BOSST View Post
    Mental stop loss does not really work for me and i think it is a very dangerous way to trade the market,it is better if we just learn to place stop loss directly instead of using mental stop loss,there are a lot of factors that might make it impossible to use the mental stop loss very well,like volatility and network issue when one really to close a trade.
    But it works for me, the last time that I used the regular stop loss because I was following the rules of a strategy, I ended up with losses because I left the trade to run through the night, but as I trade with a smaller Time frame and leave the trade with smaller profit, I have understood better why I should be using the mental stop loss, mental stop loss is a better idea because we will avoid some brokers stop loss hunting especially if you find yourself with a market maker.

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    and stoploss are also useful for those who are traveling, it is better to get a stop loss than a drag on a dynamic price, when there is no time monitoring the market, without stop loss it is possible to always monitor the market but if the time we spend urges us to monitor better use stop loss.

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    Quote Originally Posted by simisola View Post
    The mental stop loss does not have this kind of limitations, it can be used for any account size, whether it is the one hundred dollars based account of the one thousand dollars, the main difference is the trader's sense of discipline, even with the physical stop loss, many traders still go through the margin call experience, so I did one don't classify using mental stop loss base on account balance.
    Yes, mental stop loss has no limitations but there is other thing that little accounts with 100 dollars are for risky trades and I understand that if trader is using 0,1 lot on such account and he does not use stop loss so everything is OK, because little account is the same as stop loss. But when trader uses big accounts like 1000-10000 dollars and without stops so it is very bad thing.

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    Mental stop loss does not work for retail forex traders like you and me but those institutional traders whose trading does not involve leverage, mental stop loss might be very applicable.Left to me, mental stop loss in retail forex trading is the same thing as not using any stop loss because the does not save your account when you are away from your trading platform.

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    Quote Originally Posted by cutiekc View Post
    In as much as you want to last longer in the market. There are some important things we should always get to do. This is never a professional way of trading the market and can be seen as one of the reasons why we have a lot of people who have been losing their money as well. Mental stoploss is like a joke, something which someone who is scared of losing would do.
    It is not a right thing to do by forex traders to be trading with mental stop loss. Every forex traders who are trading with mental stop loss are not serious, it is better to be trading without stop loss than to be doing a thing like that. Forex traders should know that the most effective way of trading is for them to trade with real stop loss. That stop loss should be used to work out an effective management too.

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    Quote Originally Posted by Krosneles View Post
    Yes, mental stop loss has no limitations but there is other thing that little accounts with 100 dollars are for risky trades and I understand that if trader is using 0,1 lot on such account and he does not use stop loss so everything is OK, because little account is the same as stop loss. But when trader uses big accounts like 1000-10000 dollars and without stops so it is very bad thing.
    Our perspectives obviously differs with this mental stop loss thing, you are mentioning the fact that certain account balance are not appropriate for the mental stop loss while some categories can be used for this, while I don't understand where you got this assumption for, but I believe everyone has a right to determine what they believe, I am not the trader who uses a strategy because of an account balance, a mental stop loss does not have to work for one account and be useless for the other.

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    Forex needs strict planning for better earning from this field.it is a risky business and here in this field we need to develop own plan to make our trading secure.some time we make a plan but we deviate from it but it is not good both for learning and earning purposes.we need to use our plan strictly.must put a stop loss for each an every trade and let the market to hit your stop loss or take profit.after that you can modify your plan for next month depending upon the results.

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    Quote Originally Posted by simisola View Post
    Our perspectives obviously differs with this mental stop loss thing, you are mentioning the fact that certain account balance are not appropriate for the mental stop loss while some categories can be used for this, while I don't understand where you got this assumption for, but I believe everyone has a right to determine what they believe, I am not the trader who uses a strategy because of an account balance, a mental stop loss does not have to work for one account and be useless for the other.
    There is no perspectives who supposed to be good with mental stop loss. If forex traders could not use the regular stop loss, it is better for that trader not to use stop loss at all than to be trading with mental stop loss. I have traded with mental stop loss, I know the bad side of it, forex traders can not guarantee the safety of their forex account with this method. Using the regular stop loss gives trader the assurance that they are protecting their forex account correctly.

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