Do you use stop-loss orders at all?

[WmWaster]

Hi.
Do you use stop-loss orders at all?

Feel free to cast your vote!
(Explain you choice in the post if you see the need)

Thank you very much for your participation!

PS: A similar poll is created too, named What stop-loss strategies do you use?

 

[Steve Tvardek]

I use mental stops only, never physical ones (for intraday trading only).

 

[gaj]

always, always, always.

but my stop loss depends on different things for different stocks. it could be a straight price point; it could be an intraday moving avg being broken...could be a time frame (ie. has to move in the next hour or i'm out), could be a level 2 participant (if X gets taken out, i'm out).

but i always, always, always - as a daytrader - have a point where i say "trade didn't work, take the loss, on to the next trade"

 

[WmWaster]

Quote from Steve Tvardek:

I use mental stops only, never physical ones (for intraday trading only).

Why do you use mental stops, as opposed to physical stops?

Thank you.

 

[Steve Tvardek]

Because physical stops are too easily triggered by the specialist/other traders. Plus I trust my own judgement as to what I should do on a discretionary basis rather than to let a trade "fulfill its own prophecy" when it's not going to work and I know it!

Basically I just prefer to enter and exit under my own power.

Quote from WmWaster:

Why do you use mental stops, as opposed to physical stops?

Thank you.

 

[WmWaster]

Quote from Steve Tvardek:

Because physical stops are too easily triggered by the specialist/other traders. Plus I trust my own judgement as to what I should do on a discretionary basis rather than to let a trade "fulfill its own prophecy" when it's not going to work and I know it!

Basically I just prefer to enter and exit under my own power.

If you have discipline to follow your discretion and time to watch the price second by second, it's a good strategy.

 

[Steve Tvardek]

I do, I trade full time so its easy for me to not have to use physical stops.

Quote from WmWaster:

If you have discipline to follow your discretion and time to watch the price second by second, it's a good strategy.

 

[indahook]

I set price alert brackets. Never use actual stop orders....once an alert is triggered off to market I go...

 

[DonDinero]

I only use trailing stops...

 

[WmWaster]

Quite many people don't use stop-loss at all, be it physical or mental.

I'm interested to know why.