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How To Set A Stop Loss Based on a Time Limit Part 2 🏳️
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Other times, you’re looking at the actual time taken by the trade, and comparing this to the cycles of the market to make sure that you’re not caught out by changing conditions. This might apply if you’re daytrading, and you want to avoid being in the trade during a quiet lunch period or perhaps during a busier time leading up to the closing bell.
It’s possible that for most trades you enter you should have a certain time-based stop loss in mind. You enter a trade assuming the price is going to move in one direction or another, and you really don’t want to wait around indefinitely for something to happen. If the price is exceptionally sluggish, then you may not be seeing the profit you hoped for but neither are you seeing the market come to your stop loss price. So you should quit the trade which is going nowhere, and put your money to better use elsewhere.
You’ll find differing opinions on whether you should place your stop loss in the market. Some traders say that you should never reveal your hand by setting a level with your broker, as unscrupulous dealers can make sure the price hits your stop loss before it goes in the required direction. But if you’re not daytrading and watching the market from second to second, or at least minute to minute, then you may miss a move that goes past your stop loss level and lose more than you anticipated when you finally close the trade.
When you’re deciding on how much you’re going to stake, it’s important to set your stop loss, no matter how you arrive at it, before you settle on an amount. You should be familiar with the concept that each trade shouldn’t risk losing more than a certain percentage of your funds. Some people set this percentage at 2%, and even experienced traders may claim that this is too much. Two percent may not sound like much, but bear in mind this is how much you’re going to lose if you exit at the stop loss, and not how much you’re actually staking.
So once you have decided on a stop loss level, however you are going to enforce it, you can then work backwards to figure out how large a stake to put into any particular trade, not to lose more than the amount you’re permitting yourself. It’s important that you don’t do this the other way around, deciding on your stake and then trying to figure out your stop loss position, as you could either risk losing more than you should, or be tempted to modify your stop loss against your better judgment, perhaps risking that the trade which should have worked gets ended prematurely.
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Other times, you’re looking at the actual time taken by the trade, and comparing this to the cycles of the market to make sure that you’re not caught out by changing conditions. This might apply if you’re daytrading, and you want to avoid being in the trade during a quiet lunch period or perhaps during a busier time leading up to the closing bell.
It’s possible that for most trades you enter you should have a certain time-based stop loss in mind. You enter a trade assuming the price is going to move in one direction or another, and you really don’t want to wait around indefinitely for something to happen. If the price is exceptionally sluggish, then you may not be seeing the profit you hoped for but neither are you seeing the market come to your stop loss price. So you should quit the trade which is going nowhere, and put your money to better use elsewhere.
You’ll find differing opinions on whether you should place your stop loss in the market. Some traders say that you should never reveal your hand by setting a level with your broker, as unscrupulous dealers can make sure the price hits your stop loss before it goes in the required direction. But if you’re not daytrading and watching the market from second to second, or at least minute to minute, then you may miss a move that goes past your stop loss level and lose more than you anticipated when you finally close the trade.
When you’re deciding on how much you’re going to stake, it’s important to set your stop loss, no matter how you arrive at it, before you settle on an amount. You should be familiar with the concept that each trade shouldn’t risk losing more than a certain percentage of your funds. Some people set this percentage at 2%, and even experienced traders may claim that this is too much. Two percent may not sound like much, but bear in mind this is how much you’re going to lose if you exit at the stop loss, and not how much you’re actually staking.
So once you have decided on a stop loss level, however you are going to enforce it, you can then work backwards to figure out how large a stake to put into any particular trade, not to lose more than the amount you’re permitting yourself. It’s important that you don’t do this the other way around, deciding on your stake and then trying to figure out your stop loss position, as you could either risk losing more than you should, or be tempted to modify your stop loss against your better judgment, perhaps risking that the trade which should have worked gets ended prematurely.
Related Videos
What are Trailing Stops and How to Trade with Them? ☝️
Forex Strategies: How To Use Trailing Stops 👍
How to Use Stops and Limit Orders to Exit or Get into Trades 👍
Great Tips on Where To Place Your Stop Loss!
Stop Loss Market Orders vs Stop Loss Limit Orders ☂️✋
How To Set A Stop Loss Based on Price Part 1 🏳️
How To Set A Stop Loss Based on a Time Limit Part 2 🏳️
How To Set A Stop Loss Based On Price Volatility Part 3 🏳️
Stop Losses: How to Use Trailing Stops Part 4 🏳️
3 Alternatives to Utilising Stop Loss Orders 👍
Using a Hard Stop in your Trading? ☂️✋
Stop Loss Trading Strategies: Using Moving Averages As a Stop Loss ☂️
How to Use the Average True Range to Set Stops ☂️✋
Using an Indicator as Stop Loss - RSI or Moving Average ☂️✋
How to Find the Optimum Profit Target per Trade 👊
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