FX Poll: How many pips for stops

How wide are your day trade stops during current market volatility?

  • 5 pips

    Votes: 3 8.8%

  • 10 pips

    Votes: 7 20.6%

  • 20 pips

    Votes: 9 26.5%

  • 40 pips

    Votes: 4 11.8%

  • 80 pips

    Votes: 2 5.9%

  • 100+ pips

    Votes: 9 26.5%
  • Total voters
    34
  • Poll closed .
For myself, stops are based on swing pivots in price and how far away my entry is from them. I try to keep them with 5-7 pips on the E/U.
 
Quote from Gringinho:

achilles28,

on EURUSD and EURJPY I have at least a -20pip stop loss, even for short timeframe trades. I quickly adjust this when I get the trade set though, since I don't want the potential setup to fade away and some other movement coming along.

If the setup goes into a delayed move, I might kill a trade much quicker than a stop though - and preferably at a small profit. I frequently bail out of trades when no longer trusting the setup conditions, and I prefer this to letting a stop being hit.
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Its good you've got a emergency stop (20 pips) in mind and get out earlier.

I would recommend using support/resistence to time entries on lower fractals. That way, you waste less and get a much better feel where the market is headed before taking a 50%+ loss on your emergency stop.

remember, that price patterns work on all time frames.

my 2cents
 
Quote from achilles28:
Why risk it?
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Why risk what :confused:
Quote from achilles28:
A good trader can easily get back in during chop around a key level.
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What 'chop'?
Quote from achilles28:
How do u manage risk, then? HedgE?
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I manage risk using stops.


I don't really get the point of the poll because there isn't a standard one-size-fits-all answer, it depends on numerous things.
 
Quote from cabletrader:

Why risk what :confused:

What 'chop'?

I manage risk using stops.


I don't really get the point of the poll because there isn't a standard one-size-fits-all answer, it depends on numerous things.
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Now you've got me confused :)

what did u mean by the one hand clapping remark? I thought u had referred to stops = none.
 
Quote from achilles28:

Now you've got me confused :)

what did u mean by the one hand clapping remark? I thought u had referred to stops = none.
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'What is the sound of one hand clapping?'

It's a Zen koan which are supposed to promote intense meditation and eventually enlightenment. In this context I guess it means think about the 'How many pips for stops' question, enlightenment will come......or perhaps not!

I think that's what stevegee58 meant, he's the one who said it, I just agreed :)

http://www.lifepositive.com/spirit/world-religions/buddhism/zen/koan.asp
 
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