Numeric SL vs. indicator exit signal
Concerning exits I advise to read this http://www.traderclub.com/discus/messages/107/124.html
In this bulletin you can find all answers on your questions.
Thank you Igorad.
Please tell me what do you think about using a protective SL at the entry price (for not losing anything once you have 10-20 pips floating profit).
For me combined.
In your system you must use BreakEven Stop. It will increase your win/loss ratio considerably and in some cases will keep from whipsaws.
On D1 timeframe i suggest setting numeric SL at 100 pips, for Gbp pairs it could be even 110 pips, and that's on entry
Closing on exit signal.
Bigger risk, bigger gains
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I would like to hear your opinions regarding the use of stop loss on manual trading systems.
Do you prefer to set a numeric value for the stop loss? Do you prefer using only the exit signal given by your trading system?
What do you think about protecting yourself from losses by setting a SL at the open price (after you have a floating profit of x pips)? The answer to this question is very important to me. If I set this SL at the 0 level, there are many times when the prices hit my SL closing my position with 0 pips, but after that, the prices continue to go in the good direction. So, I don't lose much, but I can't win much either. Are you using this type of protective SL?
Please tell me what do you think.