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Online Forex Trading Course製作的Online Forex Trading Course

Online Forex Trading Course製作的Online Forex Trading Course

Online Forex Trading Course

By The Forex Trading Coach

听听最后一集:

I Don’t Know Where to Place my Stop Loss

Podcast:

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#545: I Don’t Know Where to Place my Stop Loss
In this video:
00:27 – Where should I place my stop loss?
01:18 – This is what most people do – and it’s wrong.
02:44 – Use support and resistance levels.
03:20 – Always look at round numbers.
04:22 – How big is your stop loss?
06:14 – Attend my Masterclass, Prop Firm webinar and book a call with us.
06:37 – Trade through Blueberry Markets.

Andrew. I don't know where to put my stop loss. Can you please help me? If that sounds like you. Listen up. I've got some great information for you. Let's get into it right now.

Hey there, traders! This is Andrew Mitchem here with video and podcast number 545.

Where should I place my stop loss?

Now, I don't know where to place my stop loss. It's a question and a comment that I get all of the time. And it must be something that frustrates so many people because they just don't know where to put their stop loss. Why to put it at a certain level? And so it creates confusion, frustration, and inevitably leads to losing trades and therefore overall a losing trading performance.

Now, unfortunately, most people out there just don't know where to put their stop loss because they don't understand the market or they don't understand what is happening at that time. They don't realize there's a difference between different currency pairs in terms of the amount of movement or different time frame charts or different times of the day, volatility at the time. All these things make a big difference and it's something that you need to consider when placing a stop loss.

This is what most people do – and it’s wrong.

Now, unfortunately, most people out there who learned to trade through, let's say, watching some YouTube videos or a few forum sites, they unfortunately make the common mistake of putting their stop loss X number of pips away from the entry price.

Why they do that? Well, that's what most people tell you you should do. It makes it easier, I suppose. You go, I'm putting this stop loss at 20 pips away. Well, what on earth this 20 pips mean? It's completely and utterly irrelevant. You know, 20 pips if you're trading the EUR/CHF is massively different to 20 pips if you're trading the EUR/NZD as an example.

You know, one doesn't move hardly anything. Daily range of maybe, you know, 40 pips, the other one moves a lot. Average daily range of 100, 150 200 pips is vastly different. It also depends on what time frame you're trading, what time frame chart you are trading,