Hilal 1 Posted December 9, 2018 Agreed that a Stop Loss should be set at a technical level and should have a reason why that price point was chosen. BUT, what if the trade does go against you. Some veterans say that once it is obvious that your thesis was wrong, you should get out, no need to wait for stop loss to be triggered. Others however emphasize that stop loss being at technical levels have a reason to be there and we MUST give price the original room until the SL is actually triggered. What are your thoughts on this? Share this post Link to post Share on other sites
Robert H 453 Posted December 9, 2018 When first starting out or learning a new strategy, I would suggest respecting your original stop loss. This way you can get a feel for the signals that appear when the trade falls apart. As Mark Douglas recommends during the 20 trade exercise: make it mechanical and limit decision making. As you gain experience, you will start observing the above indicators that reduce the probability of your trade working out. This is where intuition allows you to get out of a trade early. Remember that you can always re-enter as commissions are cheap. The danger when doing this as a beginner is that it leads to getting chopped up and/or revenge trading. 2 Share this post Link to post Share on other sites
Hilal 1 Posted December 9, 2018 This seems like a reasonable thing to do. Thank you Robert. The challenge is that we are all stratified at different levels in our journeys and then we watch video recaps, it is easy to forget or difficult to know in the first place where the trader recapping is in terms of their trading career. And when their a conflicting thing two traders do (which could be because of difference in experience), it is easy for new trader testing waters to get confused. But thanks for your response, I see you point. 1 Share this post Link to post Share on other sites
