%% I USE mental stops , but some times writing them down in a private place. Actually dont have to have a female @ a bank to figure out some support + resist stops\ not that we are mind reader/predictors, Exit stops are good , KGTrender/not all of them get hit\ so sometimes have to use market orders on the one daytrades , Trader1974.today NO sir/ its not a crapshoot or not really luck\ luck = small sample. '' Lord it sounds so easy, shouldnt take long/ back in the money in no time @ all-Alan Jackson ''Gone Country'' video set against the sign Silver Slipper[1st gambling place to be shut down for cheating customer with flat dice/LOL]>7.77 millions Views. EVEN If we want to use Websters definition of luck; its used ''the loser muttered something about bad luck''
I've had the market completely jump over a limit sell-side trade and not fill the order. Since stop-hunting is prevalent you need a piece of constantly monitoring software, or some king of now email-alert that you can force out your position.
I think it's still important to set up stop loss in case the market goes again and you may not always look at the price chart, it may not protect you again gap opening or slippage but i believe some form of protection for your trade is still better than nothing.
Unless you can handle drawdown and have done a lot of research to enter the position you did (basically anticipating it might crash, what might be the next steps and the patience to go through with it) stop-loss to me is the best rational decision against a catastrophic down-turn.
sometimes trading gap can happen and jump over your stop loss so you still have to monitor your trade from time to time and can't completely rely on SL.