Your First Stop Loss

[Chinocshyp]

My first stop loss took my entire account out. that's because I set no stop loss and saw an over 60% move south. Ever since then, I have learnt the hard way to always place a stop-loss, no matter how sure I am about the trade. It took a long time for me to realize the fact that to be a professional trader, you must learn to make the stop-loss your friend. why? because it's what will literally save your account. Learn to be sincere here, no one can say for sure what will happen to the markets. we can only make intelligent analyses and stick to the winning side. but for us to allow our greed to overtake us and not set a stop-loss will always keep our account in jeopardy. that is not the quality of a professional trader. My first stop loss, as i said, was horrible. Because of that, ever since then, I seldom set up a trade without my stop-loss. And, I'll be sincere, that style helped my account a lot.

[1714954963]

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[agatha90]

For about 4 years, I have never done a stop loss. I prefer to stick to that price until I wait for it to rise again. Because I am optimistic that the investment in crypto is for the long term, and of course the market will not always be down, it will definitely rise again. Believe it.

[maxreish]

You find yourself in the awkward position where you were right - price was about to go up!

I experienced this often times. When I set my stop loss and it accidentally hit it, my price prediction is happening. I find it so amusing that the market is so playful. But I am so grateful that there is stop loss. It helped me a lot in my trading. The way of the market is most of the times unpredictable. So, the stop loss is a good way  not to lose all your money or not being liquidated.

There is always a purpose of a stop loss. Especially when you are a margin trader.  It is designed directly to save up our fund and is designed to limit our order. It is a powerful tool for a trader to use it.

[beerlover]

Mine was when I was using one of those trading bots. It had an option for stop loss and it was at default %90 for people who didn't want to sell at profit loss. I was using that because I didn't want stop loss, I am one of those long term people who are willing to hold a coin as long as possible and not sell them until there is a reason to sell it.

Of course, the bot didn't realize that and during that 2018 bear run one of the coins I was trading was done more than 90% and it sold, of course I took it back and buy it even more this time around but that was the first time I have ever sold for a loss, it wasn't for that long since I rebought but I said I would never do that again and haven't used the bot ever since that day.

[Indrawan77]

Yeah stop loss is a very important tools to help you prevent more losses, and most of the beginners didn't know how bad the market could change and usually regret it after they witnessed their money go away, I learn to used stop loss in a hard way, I lost almost all of my portfolio in 2018 because I didn't pay attention to the market and didn't put any stop loss

[leowonderful]

Getting married to a position can be one of the worst decisions you can make as a trader, and this can easily happen if you don't set stops. It's always best to cut out a losing trade early and find a better entry later to ride out into profit, even though you might be emotionally attached to a losing trade. I also use stops pretty frequently, though I still infrequently do get stopped out on a trade because of a stop hunt or something of the sort. Always best to take a small loss over a liquidated position or a large loss.

[ricardobs]

I was already aware of that and I knew that when you are using stop loss you should be aware that when the stop loss happens that price might skyrocket at anytime. Before I started making use of stop loss in my trades I first read about what stop loss is all about and how it works and that's how I knew that there are different types of stop losses and you should always know which one to make use of. If you're using stop loss make sure that you set it up like for example to stop loss at 30% or something like that,, so that the price wouldn't drop below that and stop loss and the skyrocket.

[barbara44]

I do use stop loss too for my trades now and I didn’t learn to appreciate this tool until I learn the hard after losing my trading money completely to greed and when the market started working against me, I had several opportunities to stop my loss manually but you know the thing with human mind, I kept hoping and believing that the market will pick back till I lost my trade completely to leveraging, and since then, I don’t trade manually again, Once I place my order at a convincing value, I set my take profit automatically and set my stop loss automatically, then close my trading platform with the hope that there will be a good news when next I visit the platform.

[guoyu78]

For about 4 years, I have never done a stop loss. I prefer to stick to that price until I wait for it to rise again. Because I am optimistic that the investment in crypto is for the long term, and of course the market will not always be down, it will definitely rise again. Believe it.

It would have been better that you just keep your coin in the wallet and continue holding it until it grows, because if you are doing this in trading, then you will be practicing long term investment and not trading. A trader takes advantage of every rise and fall within a short period of time which is usually with a day or week to make profit.

More so, someone who is margin trading or leveraging can never do that because if the coin being traded suffers loss of value more than the money he can trade, he will automatically lose the trade which stop loss would have just guard against if he had used it.