My experiences

[manchestertran]

I traded for 1 year got some experiences that i think will be very useful for traders.Those are:
1)Many time you will see price just penetrate your SL few pips many times price just nearly touch your PL turn back.
2)Brokers know your SL PLso at the resistance & support levels they will dump you outbut how?
Well at those levelat some moment you will see price suddenly move strongly in fews seconds.2 reasons for that are:
-They know novice traders have bad experience will think price has penetrate or bounce at those level will make wrong decision.
-They want to wipe out SL of traders.Traders often put SL fews pips lower than support or fews pips higher than resistance.They know that at those level they try to buy or sell currency to wipe out those SL.
They will find the most common SL decide what to do.Because the chart data feed is free themhow can we know if this chart is true price or just some operators manipulating it?

So my recommendation is that at those important support resistance leveldon't hurry make decision but wait for at least 2 clesticks.
If at the supportyou see price bounce backwait for next clestick to confirm bullish vice versa for resistance.
Try to be patient or otherwise brokers will dump you out.
Hope this help.

[pipmarshal]

Stop hunting is the fuel on which the market runs but to imply that brokers are hunting my stop or your stop alone is a bit extreme. Brokers hunting their clients' stops might be possible only during news time when the tick by tick data of most brokers would not sync with the actual rate. During normal trading times I have seen that most of the feeds are in sync might be out by a pip or two at the most.

Fixing the stop is a tricky aff especially for the newbie until you get that right atleast 7-8 times out of 10 you are better off trading a demo.

Have a nice 100 pips day.

PM

[aigo]

Just do not use stops.
I personally put a red horizontal bar on my chart to remind me when I should stop the trade. I never use SL because it's really like showing your cards in a poker game... a stop loss is another name for selling at a very bad price. When I started doing that I suddenly never seen a trade of mine rebounding on my red line... it was just the wrong or right direction.

[SoundFX]

Or what I do which usually is effective is set your stop price then add a few pips. Obviously if you place your stop RIGHT at recent S/R you're going to get violently screwed. So add at least 10-15 pips. What's 10 pips anyway?? I think we can all afford that. This has saved me many times in the past. But of course no stops at all is preferable IMHO as long as you have a clue what you're doing don't mind watching the charts....ALL THE TIME!!!!!

[ezekiel]

Not using stops is risky but can be done. I personally prefer to use them. Too many times Ive seen myself stall when the market moves violently against me. With no stop who knows how much I would have loss. It takes discpline to trade without them.

Stops are my last resort though Im learning to get out when the market starts to talk it wants to go the other way