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 is a myth to many people because they don't know how to correctly apply it, we should not be thinking that we will become successful when there is no core discipline in us, some traders just end up deceiving themselves in the name of setting a mental stop loss, it requires more energy and hard work to keep this active in your mind than in the actual charts, I used to have the challenge of having my stop loss hit always, so I just decided to stop using them because I knew that the different levels in the market are in my psychology.

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    It will be risky trying to have an invisible stop loss at heart when as much you could apply it in your trading. What happens when you are not readily available in your charts and the market goes ahead to reach that invincible stop loss and surpass it. I think for the best protection of our capital, learning to use stop loss will be a good one and will sure give us all it takes to manage risk.

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    Registered user juniorpeters's Avatar
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    well that's quite good but i wouldn't advice a new trader to practice this mental stop-loss,moreover this is mostly used by traders who are always in front of the computer screen.you can't be doing this while you are away because a volatile news can come up and wipe your trading account without you knowing,i still think its best traders practice the physical stop-loss that way they can attend to other activities without fears of losing all their funds.

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    Registered user Sixteen's Avatar
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    This is strange to me because if you do not apply stop loss in your trade then your trade is open to any risk regardless of using invincible stop loss as you would call it. Am sure when the market touches your mental stop loss and you are not active in your trading platform, you will still go ahead to make more loss. Some believe the brokers sees this stop loss that's why they don't set them so they don't hunt their stops.

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    Registered user Lyon's Avatar
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    I think I know about what you are taking about, in other words it is also known to be the use of cut loss trading method, I don't think it is a good means of trading because you could forget setting the main stoploss when trading and that could actually make you get emotional, I have seen such trading method and I know how it works. It is better setting right after taking trades.

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    Registered user layigold's Avatar
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    It is always better you plan your trade , manage your risk and facilitate that by using protective stop loss each time you have cause to place a trade. It is completely illogical to set a stop loss in your mind which does not reflect on your trade it is as good as not using stop loss at all . Trading without using a stop loss is very dangerous and it is a pointer to the fact that one has not fully realized the magnitude if risks involved in margin trading . If you want to stay long in trading business , you must learn how to use protective stop loss in trading

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    If you want to close your trades manually that involve you watching the market every minute and seconds and if you ask me I would say that's a lot of stress, so I think it will be better to set stop loss in the trade to reduce the risk and stress in your trading, it's not good to be trading in such a risky business without stop loss to protect you account.

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    Registered user Toyen's Avatar
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    Quote Originally Posted by Sixteen View Post
    This is strange to me because if you do not apply stop loss in your trade then your trade is open to any risk regardless of using invincible stop loss as you would call it. Am sure when the market touches your mental stop loss and you are not active in your trading platform, you will still go ahead to make more loss. Some believe the brokers sees this stop loss that's why they don't set them so they don't hunt their stops.
    Stop loss should be plain and physical, it is wrong to be using the mental stop loss, it shows that the trader is daring the market. It happens many times that what we think is not what will happen eventually, that makes it good for traders to trade with caution. We have to forget the mental still loss and use the normal stop loss at the right spot on the chart.

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    Registered user ola4real's Avatar
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    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.

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