Hi All,
Quick question regarding the use of the Stop Loss function (either the auto option or setting it manually), how many use it regularly (ie. most of the time) in their trading and if so, how many ticks do you place it?
Its not something I use at all, could be the reason I have so many bad days! If I use the 'Auto Offset' option, and the price is going against me - I tend to just close the deal from the 'Unmatched Bets' area. Alternatively, if I don't 'Auto Offset', I close using the 'Current Close' from the ladder screen.
I tried the 'Stop Loss' a couple of times but its not something I've ever got in the habit of using. On one occasion I used it was a fast market and the Stop Loss got pulled in (2 ticks) even though price was going my way. Probably couple of silly errors like this put me off practising more with it. This could be a fundamental error.
Thanks for any replies.
Graham
Using the Stop Loss function
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TraderGray
- Posts: 36
- Joined: Fri Mar 27, 2009 3:59 pm
Hi Graham
When I started trading I used it all the time, set at 2 ticks initially then set at 5 ticks after experiencing the problem you described.
I no longer use it, preferring to trade manually. I’m now out of a trade much quicker if it appears to be going against me and if it then appears to be going my way I just get back in again.
This, for me anyway, seems to save that inevitable 5 tick loss and releases your bank to trade immediately again.
Hope this helps.
Andy
When I started trading I used it all the time, set at 2 ticks initially then set at 5 ticks after experiencing the problem you described.
I no longer use it, preferring to trade manually. I’m now out of a trade much quicker if it appears to be going against me and if it then appears to be going my way I just get back in again.
This, for me anyway, seems to save that inevitable 5 tick loss and releases your bank to trade immediately again.
Hope this helps.
Andy