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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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    Rookie juniorpeters's Avatar
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    Quote Originally Posted by simisola View Post
    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.
    first you must define the kind of trader you are before talking about using a mental stop-loss.are you a scalper or a swing trader,will you always be looking at your chart to know when to close your trades this are the important thing that should come first before thinking about this as a trader. i don't like believing my stop-loss is been hunted down by my broker to me that a wrong impression your giving your self and whenever you lose,you think its the broker at work. later the end result will be, taking every trade out of fear of nothing but what you impose in your mind or what you made your mind believe.

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    Trader cutiekc's Avatar
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    Using stoploss is so much important, we can't trade without using stoploss, if you are to trade without the use of stoploss then you are making one hell of a great mistake, which could lead to you losing a whole lot of your trading account, trading with the right risk management will enable you maintain lower risk and avoiding margin call.

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    Quote Originally Posted by juniorpeters View Post
    first you must define the kind of trader you are before talking about using a mental stop-loss.are you a scalper or a swing trader,will you always be looking at your chart to know when to close your trades this are the important thing that should come first before thinking about this as a trader. i don't like believing my stop-loss is been hunted down by my broker to me that a wrong impression your giving your self and whenever you lose,you think its the broker at work. later the end result will be, taking every trade out of fear of nothing but what you impose in your mind or what you made your mind believe.
    No matter the kind of trader we are, there is one thing I know about the forex trading market which is that we need to always make use of good money and then risk management. That means planing stoploss is not an option but a must, so if we are not making use of it, then it simple means we are not keeping to the rules of risk management.

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    Quote Originally Posted by sniper007 View Post
    No matter the kind of trader we are, there is one thing I know about the forex trading market which is that we need to always make use of good money and then risk management. That means planing stoploss is not an option but a must, so if we are not making use of it, then it simple means we are not keeping to the rules of risk management.
    its quite important for traders to use stop loss in their trade very often. This is how they can survive and improve on managing their investment. If we lack the ability to use proper risk management in our trade often, then it could be so easy to loose in this business and it will sure prove more difficult to make the needed profits. If you are not using stop loss in your trade, then the means of making money would be so hard.

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    Quote Originally Posted by ola4real View Post
    There is nothing like mental stop loss, i don't know how traders will say they are wise and be using the mental stop loss, they can be emotional at times and they will not be able to do what they have planned to do with that mental loss. There are some things i don't like to hear at all, our forex stop loss suppose to be physically seen at all time, and when we want to adjust it we have to have the good reason for doing that too.
    I think it depends on the perspective from which you are viewing it, while some people believe that it exists, for some other categories, they are adamant about it, the difference between one and the other might be based on the way they learned about the forex market which could be why some are successful while others basically fail, mental stop loss is not easy to maintain but once a Forex Trader had been able to master the art, I think it might be better than the regular SL that everyone is used to.

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    Traders that don't know how to make use of the stoploss and uses the mental means I think and would say they are not serious about the market and how it works. Because I know the market and one most common thing is that, you can't be all times at the market to monitor the trade you have opened, you just need to place it as it is so much important.

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    It not safe to trade without applying stop loss in your trade, it will be too stressful to manually close your trades beside that won't even give you the right point to exit the market, so the best way is for you to use stop loss to minimize the stress and to give you the right idea on where to exit your trades at the right point.

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    Quote Originally Posted by Real View Post
    Traders that don't know how to make use of the stoploss and uses the mental means I think and would say they are not serious about the market and how it works. Because I know the market and one most common thing is that, you can't be all times at the market to monitor the trade you have opened, you just need to place it as it is so much important.
    This is the main point here, and because most traders don't know how to use the regular stop loss function properly, the is a possibility that they might downplay it as not necessarily important, that is where the danger begins from, mental Stop loss should be applied when the forex trader is sure to have achieved some level of consistency, a newbie might not have this confidence so trading without the normal stop loss would be a bad idea for him.

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    Trader Sixteen's Avatar
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    If you plan to stay safe then the need for stop loss is very important. As traders in this business, if we do not use stop loss, we get to expose our trade to a huge risk which we can never be comfortable with. Stop loss have been better protective way to manage our risk in forex and we should always get ready to use this stop loss and know why we must protect our capital in this trade so we can have access to make that which we need.

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    Quote Originally Posted by Sixteen View Post
    If you plan to stay safe then the need for stop loss is very important. As traders in this business, if we do not use stop loss, we get to expose our trade to a huge risk which we can never be comfortable with. Stop loss have been better protective way to manage our risk in forex and we should always get ready to use this stop loss and know why we must protect our capital in this trade so we can have access to make that which we need.
    That is true, in a nutshell we all need to make use of the stoploss to enable us maintain good profitability. The traders that are often losing their money and getting stopout is because they don't know how to make use of risk management and then stoploss. In a nutshell using stoploss will really help us improve and become profitable.

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