Placing the Stop Loss
Leave a CommentOne of the first things I was taught when I started trading was how to increase my trading by 100% in ten minutes. There were several parts to this formula but the one I want to talk about here is the stop loss. We all need to give the market a chance to breathe. The suggestion was to set the stop loss further away from the entry point than I was doing.
I started to move my stop losses further and further away from my entry point until I found something that works for me. It is not by a set number of pips, or at a pivot point, or a Fibonacci line. I set my stops where the market tells me to set it. Sometimes I am wrong but I am right far more often than not. The above video will show you where I place my stop more easily than with a bunch of words so take a look.
Topics: Money Management, Trading Tips
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