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Originally Posted by CuongVC
Hi All,
I see there are different ways in using SL & TP:
(1) SL can be used in a winning trade to protect profit.
(2) TP can be used in a lossing trade to reduce loss.
(3) TP in a winning trade can be called "stop profit" since the market is most likely not change it direction and you've stop the equity increase .
(4) SL in a lossing trade, in my opinion, should not be used since it is the worst thing we can get (compare to the other 3 cases)
Regardless the use of SL, it can be hunted. I seldom use SL.
Happy trade to All!
CuongVC
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as long as you are aware of the amount you could potentialy lose by not cutting your losses, either with a stop or not.
just manage your risk, trade an amount that if the market did move against you x amount of pips you are comfortable realising a loss of this amount, if you had to.
trading with a no stop loss and being in a losing trade not comfortable with the amount of money that is diminishing from your account equity and hoping that the market will come back is an utter disaster.