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What is a stop loss order and how do I use one in forex trading?
https://preview.redd.it/sv9hwmt7na1a1.png?width=800&format=png&auto=webp&s=540d90d47dc71eccebbb90d34b903b8bdbd85b50 A stop loss is an order placed with a broker to close a trade once the currency pair reaches a certain price. This is done to limit losses in case the market moves against the trader. There are a few things to consider when placing a stop-loss order. First, you need to decide where to place your stop loss. A good rule of thumb is to place your stop loss at a level that is below a recent low if you are long a currency pair, or above a recent high if you are short a currency pair. Second, you need to decide how much risk you are willing to take. Your stop loss should be placed at a level that you are comfortable with, but remember that the larger the stop loss, the greater the chance that your position will be closed out prematurely. Third, you need to decide what your profit target is. Once your position hits your profit target, you can close out your position and take your profits. Stop loss orders can be a useful tool in forex trading. https://supermarketfx.com/what-is-a-stop-loss-order-and-how-do-i-use-one-in-forex-trading
What are some tips on how to choose your stop loss amount or percentage of your account when trading forex?
This will depend on a couple of different things.
Type of strategy?
What timeframe are you trading? If you are a scalper your stop-loss will be closer than if you were trading on a higher timeframe. You also need to thoroughly backtest your strategy before knowing what works best for you. Not all pairs are created equal so you need to test this on your specific pair first.
High or low risk?
Are you trying to multiply your account fast or consistently make small gains long-term? If you want to grow your account fast you can be risking a large percentage of your account, but you may want to risk less than 1% if your not looking for any significant drawdown on your account. There is no clear answer here. It depends on you. However, I do share a video showing a strategy on the 1-minute timeframe with stop-loss, take-profit and percentage risked per trade. The market is always changing so these numbers may need to be adjusted. You can check out the video here. (Video)
Are there any strategy that requires no Stop Loss in Forex Market?
any profitable strategy which require some sort of hedging/ pyramiding/ averaging where we don't put SL, but can we can minimize our loss through hedging.
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