I wish to consult how do you put a Stop-Loss.....

Example now the EUR/USD is at 1.3008 1.3011

Where shall the Stop-Loss be executed.

it is all about the trend of a given currency

and the forecast of its movement

I set stop loss for this pair around 25 pips

At 25 pips, how is the currency look like.....

4 pips above/below the next support/resistance level or fractal.

I use exit signals rather than stops, however i do mentally stop myself out sometimes. And 90% of the time the trade turns good and i end up smashing my keyboard on the wall.. But thats just me ^_^

Usually I set SL above resistance or below support level. However sometimes the trade will turn back,it makes me so frustrated...

long-term or intraday?

thanks for the lesson.

It depends as I set different SL for different pairs.

it all depends on the pair involved.. normally i set it at 30 pips, and use trailing stops.... so that as it moves how i expect it locks it in and if it goes against the stop level doesn't move,..

I try to stay away from stop/losses as they have burned me in the past too many times and like fx and phil said. it turns and ends up hitting our targets after being stopped out.

So now it will only be mental stops if neccessary. I use smaller lots and try to keep my margin balance around 70% to handle the drawbacks. I mark the top and bottom channels on a daily chart and as long as the price stays within those perimeters I will leave it opened. If it goes outside the perimeters in the negative of 20 pips or more I will stop it out and take the loss. If it goes in the direction of my trade I will ride it out , collect my profit and reset the channels for another possible trade sequence.

yeah true sometimes it does turn around... but normally not before it pretty near wipes out the margin...
i have seen clients lose Millions without stop/ losses . I myself lost a load in the first year of FX trading because of not having them.... also you can always re-enter positions at a better time if you are stopped out....

I agree. Stops are very important. It's better to take a loss and be able to trade another day rather than sit there dumbfounded as your account disappears into nothingness.

I understand this and didn't say I will use a stop, I just won't set one.

I will only set SL if I'm away or before news release. I use mental SL when sitting at the computer.

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