Mental Stop Loss, How does it work? - Page 4
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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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    The best way to control the risk is with the use of a stop loss there is no way we can continually watch the market every minute and seconds but stop loss will be able to watch the market at all time and stop the trade at the given level to avoid losing big money in the trade, manually closing your trades isn't too safe if you ask me cause you won't be able to watch the market at all time.

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    Quote Originally Posted by Eneregha View Post
    The best way to control the risk is with the use of a stop loss there is no way we can continually watch the market every minute and seconds but stop loss will be able to watch the market at all time and stop the trade at the given level to avoid losing big money in the trade, manually closing your trades isn't too safe if you ask me cause you won't be able to watch the market at all time.
    The use of stop loss has been downgraded by some traders, they are of the opinion that we should not use anything that will hamper the amount of money we ordinarily should be earning from the market, the dangers of this kind of mentality lies in fact that we will fall into different temptation that won't be easy for us to overcome. Closing your trades manually without stop loss can lead to even more loses in the process.

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    Quote Originally Posted by Leonvic View Post
    The use of stop loss has been downgraded by some traders, they are of the opinion that we should not use anything that will hamper the amount of money we ordinarily should be earning from the market, the dangers of this kind of mentality lies in fact that we will fall into different temptation that won't be easy for us to overcome. Closing your trades manually without stop loss can lead to even more loses in the process.
    I know some traders who don't make use of stoploss, but you know what? they got to make a lot of money but just few losses that would have been in control had they used stoploss, the when went wrong it made them loss a lot of their money, it is common in the market, that is the reason why traders should maintain the discipline of making use of stoploss at all time when trading.

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    Quote Originally Posted by Real View Post
    I know some traders who don't make use of stoploss, but you know what? they got to make a lot of money but just few losses that would have been in control had they used stoploss, the when went wrong it made them loss a lot of their money, it is common in the market, that is the reason why traders should maintain the discipline of making use of stoploss at all time when trading.
    It is never a wise decision trading without the sue of risk management. Mind you, we can't open the market and watch on the trade all day, we have to at some point leave the market and go do other things, so with the slightest movement leaving the mind, obviously the market can be aggressive. I don't buy the idea of using mental stoploss, there is nothing as that.

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  6. #35
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    Until we follow the market rules properly before we can succeed in trading forex, the market is very risky and it requires that we use stop loss always to protect our money if we don't follow this simple rule we'll find it difficult to be successful, stop loss is important therefore we need to consider most of the time to keep our trading less risky.

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    Quote Originally Posted by biru View Post
    You want to say that we are not use stop loss in trading but we must keep in our our stop loss and when market is reached to that point we can close our trades. The most important thing for traders to choose a best trading trading strategy and if you are make good trading strategies then you will always make money on your trading.
    This is not meaningful to me, the traders that will trade well will be using the good stop loss which everyone that check their account will see, there is nothing wise in using the mental stop loss. I was so much surprised when I saw this mental stop loss thread, it was as if I was dreaming because I dont know how traders can ever make it with it.

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    Quote Originally Posted by Real View Post
    I know some traders who don't make use of stoploss, but you know what? they got to make a lot of money but just few losses that would have been in control had they used stoploss, the when went wrong it made them loss a lot of their money, it is common in the market, that is the reason why traders should maintain the discipline of making use of stoploss at all time when trading.
    When I started first trading, I never failed on the use of stop loss, but here is the challenge that I had, it was either my stop loss was too tight or too wide, that resulted in the losing of many trades and of course many accounts, I had to learn from my experience that the application of SL was not working, although I have made countless losses when I started implementing this decision, now I am better off than where I began from.

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    Stop loss is important and nothing can replace it, no amount of mental stop loss can replace it, stop loss is very important and if you don't want to lose your capital over night you need to use stop loss in every trade, because mental stop loss cannot help you when some unexpected news hit the market so it's better to use stop loss.

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    I must say that i am baffled by this mental stop loss, are you really for real? Well, what i can only support in the market is a physical stop loss, that is what makes trader what they can ever liked with their trading protection. How could a trader say that they will have mental stop loss, this is an aberration in the trading of the market, we have to always be factual and be serious with our trading.

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    The best thing that can help traders to make money from the market is discipline, now I regard discipline as being when the trader can trade correctly in the market. If you are not making us of the stoploss in trading then you are not being good and disciplined. You could loss so much than you would have been able to have avoided. Forget it, if you don't place the stoploss then you are not being disciplined.

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