Mental Stop Loss, How does it work?
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  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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    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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    Quote Originally Posted by Tonycee View Post
    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.
    stop loss is the best tool to be place in our trading strategy but when you talk about mental stop loss it means that you can not place it physically in your trade and take a big risk to be consider it in your mind. i think it has no logic to do this. i also prefer to be place it physically in my every trade and becomes stress free due to fix my profit in case of market can start to move against my trade.

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    Quote Originally Posted by mao View Post
    stop loss is the best tool to be place in our trading strategy but when you talk about mental stop loss it means that you can not place it physically in your trade and take a big risk to be consider it in your mind. i think it has no logic to do this. i also prefer to be place it physically in my every trade and becomes stress free due to fix my profit in case of market can start to move against my trade.
    That is right, the use of stoploss is one of the simple and best way of trading the business. If the trader don't understand the market and then don't know how they are to control the losses, if the trader is serious in the business, I think they should have the good use of risk management, it is needed to master the risk management, because that will help the trader protect their account.

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    Quote Originally Posted by Brain View Post
    That is right, the use of stoploss is one of the simple and best way of trading the business. If the trader don't understand the market and then don't know how they are to control the losses, if the trader is serious in the business, I think they should have the good use of risk management, it is needed to master the risk management, because that will help the trader protect their account.
    The stop loss is so simple to use, this is what i know that keeps traders in the good protective form in the market. The traders that are not using the stop loss are the traders that will not know when they will lose all their money, i do not like that. To trade with the use of the stop loss is also needing some proper planning in the way of the use of the stop loss to work on the money and risk management in the market.

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    Quote Originally Posted by Leonvic View Post
    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.
    you are right, mental stop loss is a myth to many traders because they have lack of knowledge how to be follow any tool in the live account as it will be very risky try to have an invisible stop loss so i would advice a new trader to practice this mental stop loss so this is mostly used by traders who are always in front of the computer screen so try to be adopt mental stop loss physically with much patience.

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    Quote Originally Posted by loyaindia View Post
    you are right, mental stop loss is a myth to many traders because they have lack of knowledge how to be follow any tool in the live account as it will be very risky try to have an invisible stop loss so i would advice a new trader to practice this mental stop loss so this is mostly used by traders who are always in front of the computer screen so try to be adopt mental stop loss physically with much patience.
    I believe that stop loss must be placed manually and with proper analysis and target according to planning and strategy and do not compromise at money management.must have a limit for each and every trade and try to earn in a proper manner and not to place orders randomly.mental stop loss would not work.we should have a proper stop loss to get success and to earn better profits from this field.

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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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    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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