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    Thread: The Ultimate Benefits of Using Stop Loss

    1. #1
      FX Zombie
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      Default The Ultimate Benefits of Using Stop Loss

      Hi Everyone,
      How are you, all?
      I am going to share my own experience of trading today. The ultimate benefits of using the stop loss. A simple mistake can destroy your account in Forex trading. It doesnít matter that how much capital you have. You just need a strong and effective trading plan. Both TP and SL are very important to ensure a good profit or calculated loss. Forex market is a very risky market so we shouldnít open any trade without putting SL point.

      I have 537$ capital. I have opened 2$ lot size trading without using any stop loss. I actually tried to close these trades with a small profit. Another mistake is that I opened too much trade in the same pair. I should havenít done it. We should not open multi-trade in the same pair without putting the stop loss. Because itís a market not a pendulum. When a high impact news publish it remains in the same trends for a week.

      My faults are too many in these trades. Multiple trades, high lot size and most importantly not using stop loss. Itís really painful. I suggest everyone, please try to avoid facing such horrible situation.

      It seems like driving without break. An accident is just a matter of time. Stop loss in trading is as like as break in the car.

      Thanks to all of my respected moderators and forum members.
      Please keep me in your prayer. Stay safe.
      Regards.
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      Who Is Your Creator And What Is His Intention? Find It Before It Becomes Too Late. If You Search You Will Realize That Allah Is One. May Allah Bless You.


    2. The following 5 users say Thank You to Interlock for this useful post.

      わξΨǐ ツ (01-16-2018), cambiste (01-20-2018), normarster (01-15-2018), Tarikul Islam (01-25-2018), Warren Bafett (02-15-2018)

    3. lamborghini
    4. #2
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      In my opinion, i prefer blow my trading accounts, loss $500 than pay the cost to fix that car!


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    6. #3
      FX Zombie
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      In my opinion, i prefer blow my trading accounts, loss $500 than pay the cost to fix that car!
      It is not possible to close those trades with this condition. Actually it is far better than getting margin call than recovering 500$ loss. My car is just waiting for a smash. It's a bad feelings mate.
      Please never open any trade with using the stop loss.
      Hope for the best.
      Who Is Your Creator And What Is His Intention? Find It Before It Becomes Too Late. If You Search You Will Realize That Allah Is One. May Allah Bless You.


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      I have 537$ capital. I have opened 2$ lot size trading without using any stop loss. I actually tried to close these trades with a small profit. Another mistake is that I opened too much trade in the same pair. I should havenít done it. We should not open multi-trade in the same pair without putting the stop loss. Because itís a market not a pendulum. When a high impact news publish it remains in the same trends for a week.
      This is something many do. The real mistake I believe is entering with a high lot size. That automatically means that you aren't willing to accept any losses and if there are losses, you are likely to get a margin call, unless you are a professional scalper.


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    10. #5
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      This is something many do. The real mistake I believe is entering with a high lot size. That automatically means that you aren't willing to accept any losses and if there are losses, you are likely to get a margin call, unless you are a professional scalper.
      Yeah, high lot size is a good point. But the most important fact is that i opened these trades without any proper plan. I was entered only for scalping. But due to not using stop loss bring me market out.

      Using stop loss is a must need things. So be careful of using SL and TP.
      Who Is Your Creator And What Is His Intention? Find It Before It Becomes Too Late. If You Search You Will Realize That Allah Is One. May Allah Bless You.


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      i think that is big loss for you unfortunately. but it is good example for me stop loss is important tool for my trading and i always use it to avoid any loss that is beyond i can afford. i think this is good inspiration to trader who new to this market like i am and i can learn from it. thank you


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    14. #7
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      i think that is big loss for you unfortunately. but it is good example for me stop loss is important tool for my trading and i always use it to avoid any loss that is beyond i can afford. i think this is good inspiration to trader who new to this market like i am and i can learn from it. thank you
      That was my target for sharing such bad experience. Most of the trader avoid sharing such bad experience. They only share their profitable trades as well as withdraw amounts. It is not encouraging for the newbie because they will not care about their trade if they don't know what is the dangerous part of Forex trading. Stop loss is essential to survive in the market or you will be stopped out as like me.

      Wish you all the best mate.
      Who Is Your Creator And What Is His Intention? Find It Before It Becomes Too Late. If You Search You Will Realize That Allah Is One. May Allah Bless You.


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    16. #8
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      Quote Originally Posted by Interlock View Post
      That was my target for sharing such bad experience. Most of the trader avoid sharing such bad experience. They only share their profitable trades as well as withdraw amounts. It is not encouraging for the newbie because they will not care about their trade if they don't know what is the dangerous part of Forex trading. Stop loss is essential to survive in the market or you will be stopped out as like me.

      Wish you all the best mate.
      Sorry to see your big loss. You used $2 lot in such a small account. You could have survive if you used a much lower lot size. Thanks for showing and sharing your mistakes, I learned a valuable lesson from your downfall. Hope you also learned from it. Next time trade carefully and trade with small lot size so that you can protect your account from margin call even with out using stop loss.

      Why you did not closed all your negative floating trades when it fall down to $250? You could have start from there...
      No Guts No Glory!


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      I have 537$ capital. I have opened 2$ lot size trading without using any stop loss. I actually tried to close these trades with a small profit. Another mistake is that I opened too much trade in the same pair. I should havenít done it. We should not open multi-trade in the same pair without putting the stop loss. Because itís a market not a pendulum. When a high impact news publish it remains in the same trends for a week.
      The lot size for each trades are actually on the medium risk size, the problem is the accumulated risk is high and you know it too. Another problem I noticed is you let the losses run without managing them. Multiple trades are okay but you need to know to manage them. Different pairs require different analysis and they don't correlate with each other in terms of exact price movement and so on, so you need to know which trades to close and which to let run.


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    20. #10
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      Quote Originally Posted by Interlock View Post
      Hi Everyone,
      How are you, all?
      I am going to share my own experience of trading today. The ultimate benefits of using the stop loss. A simple mistake can destroy your account in Forex trading. It doesnít matter that how much capital you have. You just need a strong and effective trading plan. Both TP and SL are very important to ensure a good profit or calculated loss. Forex market is a very risky market so we shouldnít open any trade without putting SL point.

      I have 537$ capital. I have opened 2$ lot size trading without using any stop loss. I actually tried to close these trades with a small profit. Another mistake is that I opened too much trade in the same pair. I should havenít done it. We should not open multi-trade in the same pair without putting the stop loss. Because itís a market not a pendulum. When a high impact news publish it remains in the same trends for a week.

      My faults are too many in these trades. Multiple trades, high lot size and most importantly not using stop loss. Itís really painful. I suggest everyone, please try to avoid facing such horrible situation.

      It seems like driving without break. An accident is just a matter of time. Stop loss in trading is as like as break in the car.

      Thanks to all of my respected moderators and forum members.
      Please keep me in your prayer. Stay safe.
      Regards.
      If its 2 instaforex lot it's fine cuz you can handle the situation with a stop loss, but If it's 2 standard lots which means you risked your entire account for only 25 pips, that's not acceptable at all and in this situation no stop loss can save your account.
      Anyway, don't give up, try to learn from you mistakes and never repeat them.


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