How to protect my account from huge losses? - page 7
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Hi Melle,
Lots of good pointers already given....
First thing I'd like to ask is what are you doing now to create the loss? Is it your trading style/method? Lack of or improper use of stop losses? Trading during very volatile times and not prepared for the price moves? Lots of answers have already come in. If you decide to trade the news and use large stops, chances are they'll be hit...unless they're more than 200 pips! Not recommended and especially if you are new to trading. Need a little more clarity to help with your particular issue.
All the best
If you did not mention the last part I would complain. But without the trading plan, stop loss and take profit are useless. It is the system (any system that a trader tested ) that protects a trader from huge losses. Without a system all is useless
Good for you Techmac. I like what you said about the system being tested.Many traders don't even know if the system they are trading is even credible. So much goes into getting ready to trade well. It takes a lot of planning and preparation on many levels.
So you will avoid also trading during news right ?
I like this Kolar. If you run into platform issues during all that volatility...one can only imagine the outcome.
Demo is a great option for every trader even the experienced ones i think as they can test any new strategy, news trading also has a lot of danger of huge loss so maybe a wider stop loss would be good idea
Liked the first half of your post. Wider stop means more risk exposure and during increased volatility...yikes! Not sure I like the sound of that.
Take care.
e.
Liked the first half of your post. Wider stop means more risk exposure and during increased volatility...yikes! Not sure I like the sound of that.
Take care.
e.Of course it means more risk exposure but if you chose to trade during news time then you need to have wider s/l if you believe that the market will not go against you and will turn towards you. Also a trailing stop can be used to avoid too much exposure.
I like this Kolar. If you run into platform issues during all that volatility...one can only imagine the outcome.
Exactly and i dont think that any broker can guarantee anything regarding slippage. You should be aware of the risks you enter when you trade during news time.
Stop loss is one way to help protect your account from loss. With stoploss you can cut your loss when the market trade against you thereby limiting loss. It also important to have a trading plan.
hii guys .....
thanks for the information .it we really helpful..