Stop price and stop limit to risk N%

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This might be a silly question but, in an environment where stop loss is not available but instead i can stop price/stop limit, how should i proceed?

Let's say i have $100 and i want to risk 1%, the stop loss would be $1, but doing stop price/stop limit:

1) Should my stop price be the stop loss and my stop limit a bit more?

2) Or my stop limit = stop loss and my stop price a bit less?

I think the second option is more logical because when the stop price gets triggered i indeed lose the 1%, but i would like to see other opinions.

Thank you.

 
Alver Lopez: This might be a silly question but, in an environment where stop loss is not available

  1. If you can buy, you can also sell. A stop loss is a stop order opposite your position. Why is it not always available?

  2. Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk. Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

    1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

    2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP but it takes account of the exchange rates of the pair vs. your account currency.)

    3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
                MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
                Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
                Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

    4. You must normalize lots properly and check against min and max.

    5. You must also check FreeMargin to avoid stop out

    6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

    Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.

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