THE POWER OF STOP LOSS
Hello again! Here I prepared for you what I consider the most important tool when it comes to risk management and developing a discipline, which helped me a lot in my trading journey: stop loss!
At first, I have to admit that I found it truly frustrating to see how 2 pips can trigger the stop loss and right after that my position reaches my target, but in time, I realised that in order to stick to my trading strategy and become profitable, I have to also accept the losses, even when I consider them
"unfair". Using the stop loss order not only that it helps cutting the losses, but can also help you lock in the profits. What helped my account the most was, after a while when the price goes in the desired direction, to move the stop loss at the entry point (so whatever happens, there will be no loss), and it honestly eliminates a lot of stress, especially during night.
Hopefully you will find this information as useful as I did, and feel free to ask anything in the comments section!
At first, I have to admit that I found it truly frustrating to see how 2 pips can trigger the stop loss and right after that my position reaches my target, but in time, I realised that in order to stick to my trading strategy and become profitable, I have to also accept the losses, even when I consider them
"unfair". Using the stop loss order not only that it helps cutting the losses, but can also help you lock in the profits. What helped my account the most was, after a while when the price goes in the desired direction, to move the stop loss at the entry point (so whatever happens, there will be no loss), and it honestly eliminates a lot of stress, especially during night.
Hopefully you will find this information as useful as I did, and feel free to ask anything in the comments section!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.