How much pips away do you set stop loss?

Discussion in 'Forex' started by Waylen, Aug 6, 2024.

  1. Waylen

    Waylen

    Stop loss plays a vital role for saving a trade. How much pips away do you set stop loss?
     
  2. maxinger

    maxinger

    12 pips
     
    VPhantom and faet like this.
  3. Cam12

    Cam12

    An arbitrary number of pips or ticks wont help you.

    Your stop distance and location depends on a few things: which market, the time frame, the current volatility, how good your entry point is and if going short you also need to account for the spread.

    The basic idea is:
    Put your stop in a location where if it is hit your idea was clearly wrong!!

    Eg: Mkt is in a bull trend = Put your stop below the previous major low (on your timeframe) so that it will only be hit if the trend breaks.

    I know this can seem a bit vague but it will hopefully help you understand what you trying to aim for.
     
  4. Alexis_0

    Alexis_0

    It differs from trade to trade because in some trades I use 50 pips SL and this pips amount varies ranging from 10 to 50.
     
  5. expiated

    expiated

    I no longer go by a certain number of pips. I use identified support or resistance levels (as applicable) instead, or if the closest level is too far away, the maximum amount of loss I'm willing to suffer on a given trade.

    Screenshot_11.png
     
  6. oshjdf

    oshjdf

    Dynamic.
     
    VPhantom likes this.
  7. kevinCook

    kevinCook

    Around 16 or 17
     
  8. Best is as tight as possible,

    Because then you (tried to) hit the best entry point.

    SL is calculated at either last lowest price,
    or other TA reasons.
     
  9. SunTrader

    SunTrader

    cam12 & oshjdf

    Thumbs up. Others including OP smh :)
     
    Cam12 likes this.
  10. Good Morning Waylen,

    You can use whatever stop loss you want to use. It does not matter. Just make your best guess.
     
    #10     Aug 6, 2024
    Peter8519 likes this.