12-23-2013, 06:54 AM
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Risk and Stop Loss Orders
You should always use some kind of hard stop loss order that is entered into your trading platform. When your stop losses are hit, it can feel like a slap in the face. If the price then comes back in the direction that you originally wanted it to go, the anguish increases even more. You will need to ignore these feelings and instead be grateful that your stop loss order limited the maximum amount you could possibly lose. Sooner or later you will be grateful that you had the stop in place.
Experts sometimes trade without hard stop loss orders (also sometimes referred to as stop limit orders). They can get away with this because they are experts and because they are probably using little or no leverage. Ignore these methods, for your own safety, and be sure to always use a stop loss or stop limit order.