Wow, I'm glad I found this forum. I'm a brand newbie, have been doing lots of reading and pretty much EVERYTHING I've read says to set stops at 10% of your equity as soon as you enter a trade. With my measly account, I'd never get anywhere setting immediate 10% stops. Thanks all.
Stop losses is a misnomer. a better term is stop order. buy stop or sell stop. Depending on markets/brokers, stop order could be used to open new position or to close old position. Stop order is the key of of the old phrase 'cut loss, let profit run'. Losses are unavoidable. We must allow small @ strategic losses in order to catch big profit. Without the small losses@baits, you cant catch the big fish...but small losses, without control, could turn to big losses ie disaster. Stop order is 'the' control.
Yes we all use negative words and I'd like to just say 'im flat now' or something of that sort to keep my mind thinking in a green fashion. Geoff / Cajun