Best place to set Stop Loss

[Rajesh]

I have a great idea about take profit and atop loss that I have been applied from last two years. I use near able support and resistant area for my stop loss and take profit. In addition, I get daily support and resistant points even pivot point from daily market analysis of TradingBanks broker. I always try to open my trade according to the market trend.

 

[gabanda]

trading with putting SL is very important because the SL then we will be able to minimize the risks of forex properly, therefore we should always use SL when trading. To put SL when trading, I prefer to put Sl 5% of the capital. So that the losses incurred are not getting bigger

 

[sininfinity]

When asked, I advise other to find it on their own. But here the topic is different. Set it somewhere your analysis says price won't reach after applying proper money management.

 

[kupz]

usually i put the stop lose little under the support line when buying, and a little over the resistance line when selling, but keep in mind the mnumber of pips you risk when setting your SL and TP, dont be too greedy. play it safe, i trade lmfx and thats how i usually trade mostly swings.

 

[sininfinity]

I set my stop loss where I think price won't reach. After determining the number of pips I calculate pip value. But always keep risks under control.

 

[BillyNow]

below the previous low / high . I think that is where most people put the stop loss

 

[Max Trade]

For avoid loss greatly we the traders always have to use stop loss. Without using stop loss in Fx trading our condition can be as like a ship in ocean devoid of a rudder.

 

[Tom Latham]

Set your stop loss position above 5-8 pips resistant level and below 508 pips support level! I am sure, this is the most secure way of using SL and TP tool for live trading! Yes, I follow this way and right now I am making regular money here! I don’t open my trade without proper analyzing on currency market!

 

[Lee Mark]

That’s way, I use my personal trading strategy! Yes, my strategy shows me reliable SL and TP position so smartly and I get here 70% accuracy! In other words, I use 2-3 pip more for my SL because of slippage issue! And of course, trading without stop loss trading tool is really impossible for me!

 

[Tauf]

Each price move will always towards the highest price or the lowest price ever, and for the range of price movements on a daily basis we set the highest and lowest price of the day yesterday, and then compare the prices of the moment. And if with the help of a 24-period moving average on time frame H1 to look in accumulation of the direction of current price, if the current price is above the middle MA then the stop loss is placed at the lowest price of the day yesterday, and likewise vice-versa

 

[lioneld]

It is no doubt that the Stop Loss is a veritable risk management tool to minimize losses. It is however not compulsory on any trader but a necessity. That is the dream of all traders to have their degree of losses minimized to a great extent but in a long run, it becomes the most difficult thing for most new traders to do-setting it right.

To the traders in the house, where do you usually set your stop loss so as not to have it hit severally?

Before I only used fibo to determine my TP and SL levels; but I wasn’t quite satisfied on it! Then I changed my strategy and now I draw the support and resistance levels manually and my set my SL and TP according to their positions.

 

[Oscar Shumack]

I think nearest support/resistant level is the best area to set SL/TP! Basically support & Resistant level plays very important role to set Stop loss position! By the way, don’t try to set your SL by any random number like 20 pips, 30 pips etc!

 

[Karley Walker]

I see a number if traders are doing their live trading with a fixed SL; I don’t know how they are surviving with a fixed game setup! Because Forex market is so volatile, so there is no fixed rule here! In my trading I always use dynamic SL & TP position!

 

[FXOpen Trader]

I see a number if traders are doing their live trading with a fixed SL; I don’t know how they are surviving with a fixed game setup! Because Forex market is so volatile, so there is no fixed rule here! In my trading I always use dynamic SL & TP position!

If we are making use of the Stop loss settings then the risks in doing our trades will also start to come down for us.

 

[SaadBinToha]

Selecting a broker has become a major concern for traders. A reliable trading broker is free of such issues and traders feel easy trading with those brokers. Scam brokers always try to loot a trader in every possible ways. A good broker takes your stress away by offering you all good facilities.

 

[Alexander Hudson]

There is no alternative to risk management policy to become successful in trading. It’s sad to let you know that the practice of following risk management policy is rare among traders. Try to find ways through which you can minimize your trading risk.

 

[Eduardo Lucchese]

No business is possible without loss, so does Forex. Forex is a flourished business that can make you rich if you can control your losing amount.

 

[maxlvg]

Trading with a stop loss is crucial because, with an SL, we can effectively reduce the risks associated with forex. For this reason, we should constantly use SL. When trading, I like to set my stop loss at 2-3% of the capital. so that the losses incurred don't increase.

 

[Eduardo Lucchese]

Many traders avoid using stop loss which is simply a major mistake committed by traders. A trader should set a stop loss at least 20 pips away from the buying position.

 

[Oscar Shumack]

For setting stop loss, you should have a good knowledge on support and resistance level. Without knowing this, setting SL is difficult for traders.