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Showing results for tags 'Set stop loss & save life'.
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We all know that stop loss is a life saver. Without it, we will get our entire account wipe out. We need to set it so we don't get it wipe out so we can make some money without fearing for the loss of our account. Its good to use in short term as well as long term trades. However, we must set it wide enough to allow the price to bounce back since it fluctuates so much a narrow range will kick you out of the trade very soon so you won't have a chance to make profit. If the trend is going upward very strong, you can use a narrow margin like 10-30 pips and if its weak then use a wider margin to allow bounce back like 20-50 pips. If its a long trade, then use wide margin to allow bounce back.
