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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. #2091
    Trader Silhouette's Avatar
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    Quote Originally Posted by audic5 View Post
    Mental stop loss has no importance in trading because it has no logic to work like place stop loss in your mind, this is very strange to me that you do not apply stop loss in your trade physically, it means that you trade with an open risk to lose your money when the market touches your mental stop loss ia may be happened that you are not active in your platform.
    Indeed it's true mental must be put aside of every business we do because it gives no assistance at all. Learn to place stop loss with our knowledge and experience rather than using our mental because it shows no impact to our trading but to lose more on market. Traders must think with their logic and step aside from their emotional feelings to avoid themselves trapped with market in emotional way.

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    rules made to be followed, not to be broken

  3. #2092
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    There are some things that should not be mentioned amidst forex traders in term of system f trading the market , and this idea of mental stop loss is just one of them because it does not conform with the right way of trading the market.I do not like this because it has never worked out for me on the few times i have refused to initially include my stop loss as soon as i open a new trade. I do not support the idea of mental stop loss because it is not right.

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  4. #2093
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    Quote Originally Posted by glory3 View Post
    There are some things that should not be mentioned amidst forex traders in term of system f trading the market , and this idea of mental stop loss is just one of them because it does not conform with the right way of trading the market.I do not like this because it has never worked out for me on the few times i have refused to initially include my stop loss as soon as i open a new trade. I do not support the idea of mental stop loss because it is not right.
    Of course, mental stop loss is wrong idea because traders use leverage and losses has a multiplication effect so they can increase very quickly and account can be lost. Big financial institutions trade without stop losses as they do not have leverage and it is 1:1 so they do not worry. But retail traders with leverage must use real stop losse.

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  5. #2094
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    I have meant some few traders who practice this kind of unethical trading style called Metal stop loss.I see it as an inexperienced way of trading some one who has never had an experience of the negative effects of metal stop loss.its simply placing an order without put stop loss but have it in mind to do a when price move away from the point if entry before putting the stop loss.

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  6. #2095
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    Quote Originally Posted by Krosneles View Post
    Of course, mental stop loss is wrong idea because traders use leverage and losses has a multiplication effect so they can increase very quickly and account can be lost. Big financial institutions trade without stop losses as they do not have leverage and it is 1:1 so they do not worry. But retail traders with leverage must use real stop losse.
    Mental stops wouldnt work so well as the actual stop loss. In past I made mistakes like thinking that I would book losses if prices reach to a certain level, but then I used to get overtaken by emotions and all. Evaluating is part of our trading work and it is essential to bring down our losses and even if we are getting good results, evaluation can help us to become better.

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  7. #2096
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    We need to ensure that we are using a good risk management at all time, trading with mental stop loss means that there is no better risk management in our trading and that is a lot of risk because if the market go against us we can lose huge amount to the market, we have to ensure that we are using a good risk management in our trading to help protect our money.

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  8. #2097
    Trader Doge's Avatar
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    We need to have trading rules as definite as possible. Mental stop is good, but it more often than not needs to be accompanied by an actual stop order a bit later.
    Mental stop should be used for searching a more profitable exit - for example it's an up trend, we have long, last high is at 53, mental stop at 51, hard stop at 49. Price goes to 50, our plan then is to close at 52 if the hard stop does not get hit.
    Be advised that this works only in nice long trends.

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    Wow. Much Forex. So Monies. Very Opportunity.Many Trade. So Amazed. Wow.

  9. #2098
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    Quote Originally Posted by Doge View Post
    We need to have trading rules as definite as possible. Mental stop is good, but it more often than not needs to be accompanied by an actual stop order a bit later.
    Mental stop should be used for searching a more profitable exit - for example it's an up trend, we have long, last high is at 53, mental stop at 51, hard stop at 49. Price goes to 50, our plan then is to close at 52 if the hard stop does not get hit.
    Be advised that this works only in nice long trends.
    For protecting our account we have to make strong plans before trading and always keep the stop loss in every trade we open. You said can be good too, like we can first think about a mental stop loss and then use the actual stop loss, but my way is to put the actual stop loss as soon as I open the trade. Further many times there are issues like fear or we dont like to get losses in our trades that dont allow us to use the stop loss.

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  10. #2099
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    I do not believe in mental stop loss because either there is stop loss or there is no stop loss. Money and account can be safe if there is real stop loss. Mental stop loss means that there can be any spike and trader can lose money in a few minutes or seconds because of unpredicted eventor Black Swan. It is better to place real stop losses.

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  11. #2100
    Trader Azis Muslim's Avatar
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    Quote Originally Posted by MIGHTYRAMESH View Post
    For protecting our account we have to make strong plans before trading and always keep the stop loss in every trade we open. You said can be good too, like we can first think about a mental stop loss and then use the actual stop loss, but my way is to put the actual stop loss as soon as I open the trade. Further many times there are issues like fear or we dont like to get losses in our trades that dont allow us to use the stop loss.
    Everything about risk and reward within this business are included inside our money and risk management. No matter how hard things could get sometimes with market, we must follow every rules we have to keep our trading stay consistent even the result is showing us some negatives. Remember that traders must fully aware to take their losses as their result in trading and able to learn from it, not blaming anything. Use our logic instead to help finding market possible levels for our next stop loss because letting our mental to do that will give us bad trading for sure.

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