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Thread: Mental Stop Loss, How does it work?

  1. #1
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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. #601
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    Quote Originally Posted by Ahmed86 View Post
    Mental stop loss takes some sense of discipline to achieve, assuming you get distracted by some other activities and you forgot that you are supposed to close a trade when it reaches a certain price, this could triple the losses that you will secure from that pair, it's dangerous.
    Forget the mental stop loss, the mental stop loss is bad, we should not try to use it for a quality trading plan. Stop loss have to be the usual one, when it sees that the market is giving us high loss on our trades, it will trigger and cut off at the point we set it. This will happen whether we are there or not, this is safer than mental stop loss.

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  3. #602
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    Trading without actually putting stop loss in your trading is too risky, that's not a good way to succeed in this business, if you want to become successful in the market you need to make sure that you place stop loss in every trade that you take, trading without stop loss will make a trader lose his or her investment easily.

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  4. #603
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    I do not always like the idea of using mental stop loss because i know it is not the best idea to trade the forex market because there are so many things that can happen in the market at any time without giving any warning to a trader. I have tried to use the mental stop loss many times and i have bitten my finger over such action. It is good to apply the stop loss as soon as i open my trade.

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  5. #604
    Trader Lyon's Avatar
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    Loses can be controlled. We need to all times make use of risk management, if we are not making use of risk management then we are not disciplined. The stoploss is not meant to be in the head, but then we are to place it after which we have taken the trade. That is how the market works, by doing that, we can all times, protect our trading account.

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  6. #605
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    Quote Originally Posted by Lyon View Post
    Loses can be controlled. We need to all times make use of risk management, if we are not making use of risk management then we are not disciplined. The stoploss is not meant to be in the head, but then we are to place it after which we have taken the trade. That is how the market works, by doing that, we can all times, protect our trading account.
    A lot of traders do not like placing stop loss on their trades directly,they feel brokers do what they term stop loss hunting,so they have a mental calculation of were their stop loss should be and when price get to that level they will close,but the problem with doing this is that sometimes it is just difficult to close trades depending on the market and the broker,and even network so you might just end up losing more.

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  7. #606
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    When we are taking mental stops instead of the actual things, let's be sure we know what will come from the trade, this can be a source of lack of discipline for most traders, you are more relaxed when the right thing has been done, Forex is not same for many traders, this folk has done some explanation about it, actually it might not work for everyone, take what is suitable for you to earn.

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  8. #607
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    The entire business of forex trading is about discipline, you are not doing yourself any good if you choose to be using the mental stop loss without knowing the implications and consequences for your choice, when you lose your account for lack of discipline, nobody can be blamed for this, always take the responsibility for the outcome and learn as much as you can to prevent stress from your mind.

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  9. #608
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    The trading with the stoploss method is one good approach of trading, we can't be that so much successful if we don't understand the need to always trade with the use of the stoploss trading approach, using it has to be physical, we have to place the stoploss after which we must have taken our trades. That is basically how I see it works.

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  10. #609
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    Mental stop loss will never work, if you have a better experience of trading forex you will reliaze that mental stop loss won't do you any good but rather will make you lose money, mental stop loss is not good so you shouldn't engage yourself in such act, if you really want to protect your capital stop loss is what you need to learn how to use.

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  11. #610
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    Quote Originally Posted by Eneregha View Post
    Mental stop loss will never work, if you have a better experience of trading forex you will reliaze that mental stop loss won't do you any good but rather will make you lose money, mental stop loss is not good so you shouldn't engage yourself in such act, if you really want to protect your capital stop loss is what you need to learn how to use.
    Only if the trader can be awake all the times, monitoring and following their trades, which to me, I see it as a waste of time and will not ask any one to do that in the market. We have those tools in the market for it to be effective as well, so why actually making use of mental stoploss whereas you could make use of the stoploss and have things done in accordance.

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