Would you still use stop loss

[internetional]

The best stop-loss is organized like this. You have 1M SAT, but you are not willing to lose more than 200K SAT. Then you simply deposit 200K SAT on the exchange, and that becomes your stop-loss. The rest you will not lose under any circumstances whatsoever: even if the exchange disappears.

[Nrcewker]

Would you still be using stop loss?

I think that, irrespective of the strategy or technique you use in trading, it is essential to use a stop-loss. As we know, the market is uncertain, and we are only human at the end of the day. There is a high probability that we may make mistakes.

We have also seen how drastically the market can change for certain commodities or cryptocurrencies. In such situations, especially during worst-case scenarios, a stop-loss acts as a boon.

If you trade regularly and allocate a certain percentage of your total bankroll to a particular trade, failing to set a stop-loss can be very risky. If the market suddenly crashes, you could lose a significant part of your bankroll, or even all of it to 0. To prevent such situations, I strongly recommend using a stop-loss.

If you want to keep a trade open for a longer period, you can simply adjust the stop-loss level accordingly. However, using a stop-loss should be a mandatory part of risk management and money safety.

[Localhostspeed]

Stop loss is important, and it is also good for all crypto traders to get used to doing this so that we can avoid the large amount of funds that we can lose at any moment due to the wrong decision we will make through the analysis that we will apply.

Because I have read that some people only put TP but do not put SL in which is for me it seems risky when done like this and we can get used to it as a trader

You can't enjoy trading without stop loss, it's very essential in trading but there are some trades you don't have to use stop loss for, I mean the typical trades that has volatility, if you stop loss on such kind of trades, you will hit the stop loss multiple times and such occurrence will make you lose money continuesly, it's better you let it be that's if you are certain that the market is going to follow your direction, if you are not sure or not certain don't do it.

Another thing to consider about stop loss is use it if you are going to sleep. This might looks or sound funny but it's the reality of trading. I will choose to ignore stop loss on volatile coin if I'm going to be awake and be looking at the market all the time. If I'm going to be away and far from gambling. I will not want to be doing trading without stop loss. Some people total money made from gambling were lost because of this small mistake that could have been avoided.

[fighter2627]

Stop loss is important, and it is also good for all crypto traders to get used to doing this so that we can avoid the large amount of funds that we can lose at any moment due to the wrong decision we will make through the analysis that we will apply.

Because I have read that some people only put TP but do not put SL in which is for me it seems risky when done like this and we can get used to it as a trader

You can't enjoy trading without stop loss, it's very essential in trading but there are some trades you don't have to use stop loss for, I mean the typical trades that has volatility, if you stop loss on such kind of trades, you will hit the stop loss multiple times and such occurrence will make you lose money continuesly, it's better you let it be that's if you are certain that the market is going to follow your direction, if you are not sure or not certain don't do it.

Another thing to consider about stop loss is use it if you are going to sleep. This might looks or sound funny but it's the reality of trading. I will choose to ignore stop loss on volatile coin if I'm going to be awake and be looking at the market all the time. If I'm going to be away and far from gambling. I will not want to be doing trading without stop loss. Some people total money made from gambling were lost because of this small mistake that could have been avoided.

I get what you mean sir, maybe to others it seems difficult to do because it may be that often those who place stop losses always place their positions incorrectly, so what happens to them is always liquidated until their asset balance is depleted.

That's why maybe others don't place stop losses because they want to somehow recover their losses if the direction of the price they placed suddenly reverses, which is contrary to the position they made, right?

[nara1892]

I will never ignore stop loss when trading, this is something I cannot miss regardless of the strategy I use, stop is one of the most useful features to help minimize risk and prevent traders from bankruptcy especially when they cannot fully monitor the market until their execution is complete, for me stop loss is more than just a strategy, it minimizes risk and take profit helps minimize greed.

[Floczy]

I would like to know under this thread..

For those who actively trade (Day traders)
Between stop loss and missed entry which one messes with your emotions the most.

I feel it's stop loss, but the missed entry I encountered today made me rethink lol..

Missed entry, your bias is right which means it support your strategy
But stop loss totally disrespects you  and you start questioning your strategy which can be very exausting

But regardless one gets emotions more so I will like to know from the few traders who come across my post

[dwyane36]

I would like to know under this thread..

For those who actively trade (Day traders)
Between stop loss and missed entry which one messes with your emotions the most.

I feel it's stop loss, but the missed entry I encountered today made me rethink lol..

Missed entry, your bias is right which means it support your strategy
But stop loss totally disrespects you  and you start questioning your strategy which can be very exausting

But regardless one gets emotions more so I will like to know from the few traders who come across my post

I think I’m stating the obvious here, but in trading, it’s always important to control your emotions, strictly follow your strategy, and adhere to risk management principles.
That said, emotionally speaking, there are still times when things can get a bit rough, especially when it comes to stop-losses and entry points. For example, you might first conduct technical analysis and identify what you consider the optimal entry point. Then you open a position with a stop-loss order, but whales trigger your stop-loss with a sharp price move, and immediately afterward, the asset begins moving in the direction you originally anticipated.

[Mpamaegbu]

Would you still be using stop loss?

I know you're a strong advocate of, "Don't trade with SL." You should also know that the way you see its use as adverse to profitable trading is also the way a lot of traders see not using SL as inauspicious in their strategy. The instance you gave with the $1k trading capital and that low leverage without using SL will expectedly be leaving a trader using that strategy with drawdowns and they waiting for it to go to profit even with it running into days to achieve that. I'm not sure anyone who trades for a living will adopt that strategy. There won't be any level of consistency, and once there's no direction of consistency; adequate planning based on profit making can't be achieved.

Anyway, to each what works for them best.

[wozzek23]

I think I’m stating the obvious here, but in trading, it’s always important to control your emotions, strictly follow your strategy, and adhere to risk management principles.
That said, emotionally speaking, there are still times when things can get a bit rough, especially when it comes to stop-losses and entry points. For example, you might first conduct technical analysis and identify what you consider the optimal entry point. Then you open a position with a stop-loss order, but whales trigger your stop-loss with a sharp price move, and immediately afterward, the asset begins moving in the direction you originally anticipated.

This has happened to me n number of times. I don't even remember how many times my stop loss was hit just minutes before hitting the target. This used to make me anxious and only because of this, I stopped using stop loss in the meanwhile. It was only later when I realised how big mistake I made when my entire account was liquidated. That was the biggest mistake I ever made in my trading journal but I don't regret it because it taught me never to trade without a stop loss in future no matter how many times the stop loss is hit.

After more detailed study, I got to know that my stop loss was usually hit just within a few minutes of opening the trade because I never properly analyzed the markets. The stop loss I set was usually the support/resistance level and there usually was a confirmation candle which used to hit my stop loss. I learnt to open trade only after seeing these confirmation candles now.

[Queen uloma]

Patient trading you mean long term hold/investment or something? If that's the case, you really don't need to put stop loss but if you are referring to normal trades it's actually advisable to put stop loss but then again it really depends on the trader itself but personally for me, it's one of my requirement that I need to have stop loss on my positions as it shows my risk and reward ration, which also will tell me if that position is worth it or not because if the R:R is not even 1:2 then for me it's not a good setup. So for me, they all are part of my strategy and if one is missing, then the strategy is not complete. So it really depends on the trader's strategy.

Same goes for me stop loss is surely an important part of my set up and it does save me from alot of losses that ain’t meant to be.  Stop loss at times does depends on the trader, some traders doesn’t not like applying stop loss to their set up but some trader takes it so important so they should avoid some high risk and loses. 

When trading if I don’t apply stop loss to my set up I do use to feel uncomfortable and I feel my set up isn’t complete yet. With stop loss I have that total peace of mind knowing that my entry would later end up at take profits or stop loss which I’m totally save with either both cause I’m ready to risk what I can afford to lose.

You’re very correct, stop loss is one of the most essential tools to manage risk when it comes to trading. It doesn’t guarantee that you won’t lose money but it will help to limit your losses and protect your capital from big drawdowns. Different traders have different styles. Some traders don’t like using stop loss because they feel that market will eventually turn to their favour as always. But that kind of approach can be very risky. Using stop loss gives peace of mind  because you have already known the maximum risk before going into any trade. Once I set my stop loss, I don’t need to panic because I have already accepted the amount that I can afford to lose. In trading protecting your capital is important as making profit.

[Johnlomape]

Patient trading you mean long term hold/investment or something? If that's the case, you really don't need to put stop loss but if you are referring to normal trades it's actually advisable to put stop loss but then again it really depends on the trader itself but personally for me, it's one of my requirement that I need to have stop loss on my positions as it shows my risk and reward ration, which also will tell me if that position is worth it or not because if the R:R is not even 1:2 then for me it's not a good setup. So for me, they all are part of my strategy and if one is missing, then the strategy is not complete. So it really depends on the trader's strategy.

Same goes for me stop loss is surely an important part of my set up and it does save me from alot of losses that ain’t meant to be.  Stop loss at times does depends on the trader, some traders doesn’t not like applying stop loss to their set up but some trader takes it so important so they should avoid some high risk and loses. 

When trading if I don’t apply stop loss to my set up I do use to feel uncomfortable and I feel my set up isn’t complete yet. With stop loss I have that total peace of mind knowing that my entry would later end up at take profits or stop loss which I’m totally save with either both cause I’m ready to risk what I can afford to lose.

You’re very correct, stop loss is one of the most essential tools to manage risk when it comes to trading. It doesn’t guarantee that you won’t lose money but it will help to limit your losses and protect your capital from big drawdowns. Different traders have different styles. Some traders don’t like using stop loss because they feel that market will eventually turn to their favour as always. But that kind of approach can be very risky. Using stop loss gives peace of mind  because you have already known the maximum risk before going into any trade. Once I set my stop loss, I don’t need to panic because I have already accepted the amount that I can afford to lose. In trading protecting your capital is important as making profit.

I don't know how those that don't use a stop loss prevent themselves from losing more money from the market due to sudden movement in the price of Bitcoin affecting the altcoins market to either depreciate or appreciate, depending on the direction of the price of Bitcoin. Not using a stop loss should not be seen as a mistake when the option is always there for traders to use and protect themselves from sudden market liquidity. Thise that are not using a stop loss may have other techniques available to prevent them from losing unreasonable amounts from trading due to absent use of stop loss.

[knuckey]

Read this before you choose either yes or no.

I saw someone posted this and I think I find a good patient trader that may not be using stop loss, unlike many people that are not trading, but posting that people should use stop loss regardless of the trading plan that the person is having, or people that may be part of the 85% of traders that are losing, using high leverage and advising people to use stop loss. I always say not all trading strategies require stop loss. Patient trading strategies which is the best does not require stop loss, but the profit can be slow but probably gradual.

Here is it
If you have $1000 on your derivatives trading account on an exchange, you use $200 (max) which is 0.2x leverage to trade daily. Trading just bitcoin or less volatile asset like oil, natural gas or gold. Would you still be using stop loss?

While this pattern may seem safe, there's no harm in using a stop-loss because risk never comes, often when we're careless about our assets. For example, we can't monitor our assets because we're busy working or working on a real-world project, so we don't have time to monitor the market. Or, we might encounter unexpected incidents like losing our phone or something else. It's best to keep this feature in place even if we're confident in our analysis.

[Doll2233]

This has happened to me n number of times. I don't even remember how many times my stop loss was hit just minutes before hitting the target. This used to make me anxious and only because of this, I stopped using stop loss in the meanwhile. It was only later when I realised how big mistake I made when my entire account was liquidated. That was the biggest mistake I ever made in my trading journal but I don't regret it because it taught me never to trade without a stop loss in future no matter how many times the stop loss is hit.

After more detailed study, I got to know that my stop loss was usually hit just within a few minutes of opening the trade because I never properly analyzed the markets. The stop loss I set was usually the support/resistance level and there usually was a confirmation candle which used to hit my stop loss. I learnt to open trade only after seeing these confirmation candles now.

If you are a genuine trader then that is not possible that you will not face lose in life . If you will face loss then you will get motivation to get profit. Profit booking is possible if you are Doing trading on daily basis . Many people are trading on daily basis and they are earning without doing anything but they are emotionally very strong and that is reason they are not going to an area to do work and they are getting profit from their Investment. That   is not possible to gain without loss and you have to take responsibility of you and always work for the money and safe investment is cryptocurrency but you have to be patient and if you are impatient then cryptocurrency is not made for you and you will face big loss in life .

[cyberninja2]

While this pattern may seem safe, there's no harm in using a stop-loss because risk never comes, often when we're careless about our assets. For example, we can't monitor our assets because we're busy working or working on a real-world project, so we don't have time to monitor the market. Or, we might encounter unexpected incidents like losing our phone or something else. It's best to keep this feature in place even if we're confident in our analysis.

But it's also because it's not what makes it strong when it happens as you said which ultimately only results in analysis of what happens to us unless we're busy working and can monitor market conditions. So there are other options we should use. The question is besides this feature is there anything else that can help us when we're working without being able to monitor what we're doing with our future assets so that they can be well protected?

Because it is very clear that when we are busy with other activities, it is certainly difficult for us to monitor, meaning that it is very unlikely that we will have time for the monitor, especially since we sometimes work with many employees in the same position as us, of course a feeling of anxiety will definitely occur, whether intentionally or not, what is clear is that our time to monitor is difficult unless there are other options that are available to us.

[OsaiEmma]

Read this before you choose either yes or no.

I saw someone posted this and I think I find a good patient trader that may not be using stop loss, unlike many people that are not trading, but posting that people should use stop loss regardless of the trading plan that the person is having, or people that may be part of the 85% of traders that are losing, using high leverage and advising people to use stop loss. I always say not all trading strategies require stop loss. Patient trading strategies which is the best does not require stop loss, but the profit can be slow but probably gradual.

Here is it
If you have $1000 on your derivatives trading account on an exchange, you use $200 (max) which is 0.2x leverage to trade daily. Trading just bitcoin or less volatile asset like oil, natural gas or gold. Would you still be using stop loss?

100% yes. I don't even have to read the OP to make that choice. Here are my reasons: Without a stop loss, you're essentially saying, "I'm using all my capital in this trade". This is a very dangerous mindset in trading and it looks so much like gambling.

Another reason is that, a stop loss can make you take a pause and re-evaluate the market; the market might have changed trends and you probably thought it's  just a retracement. A stop loss will help you understand that, "okay, this is a failed trade; let's re-evaluate and go again".

[Powerjumboo]

Read this before you choose either yes or no.

I saw someone posted this and I think I find a good patient trader that may not be using stop loss, unlike many people that are not trading, but posting that people should use stop loss regardless of the trading plan that the person is having, or people that may be part of the 85% of traders that are losing, using high leverage and advising people to use stop loss. I always say not all trading strategies require stop loss. Patient trading strategies which is the best does not require stop loss, but the profit can be slow but probably gradual.

Here is it
If you have $1000 on your derivatives trading account on an exchange, you use $200 (max) which is 0.2x leverage to trade daily. Trading just bitcoin or less volatile asset like oil, natural gas or gold. Would you still be using stop loss?

Trading is a very risky platform, it is not easy to make money from here, even if I have $1000 and from there I trade with $200, I will not use stop loss in this case because I can reduce the risk of liquidation with my remaining $800 because I can add liquidation step by step for which I will never use stop loss. Moreover, here (0.2x) leverage will not bring risk, in this case I think there is no need to use stop loss, moreover I do not like using stop loss at all.

[Oshosondy]

Trading is a very risky platform, it is not easy to make money from here, even if I have $1000 and from there I trade with $200, I will not use stop loss in this case because I can reduce the risk of liquidation with my remaining $800 because I can add liquidation step by step for which I will never use stop loss. Moreover, here (0.2x) leverage will not bring risk, in this case I think there is no need to use stop loss, moreover I do not like using stop loss at all.

But also no trading of shit coins with that amount of money for me. I am trading shit coins sometimes but not often, and I do not use more than $20 to $25 to trade them and I am very careful of them as they can increase 5x to 10x within short period of time. For bitcoin, yes I do not use stop loss at all with that approach.

[SquallLeonhart]

I will never ignore stop loss when trading, this is something I cannot miss regardless of the strategy I use, stop is one of the most useful features to help minimize risk and prevent traders from bankruptcy especially when they cannot fully monitor the market until their execution is complete, for me stop loss is more than just a strategy, it minimizes risk and take profit helps minimize greed.

Stop loss will be a must for long term trades especially when we are not in front of the screen. We can't always keep speculating the charts as we need to sleep or have other chores to take care of. In those situations, even I never trade without using stop loss but usually for scalping, I do not use stop loss due to the highly volatile nature of cryptocurrencies. I tried in the past but usually my stop loss gets hit pretty soon. I realized, I can make decent profits if I keep monitoring the charts without setting stop loss.

I will always know when to close the position so setting a stop loss here is not required but I would not recommend others to do the same. Sometimes, there might be fakeouts or even a single wick can liquidate your account if you are not really careful.