Don’t place a trade without the stop order. No matter, how good your discipline is, you should be using stop orders. You will never meet a successful trader, who dint use stop orders. It will definitely help you to act in your own best interest more often than not.
In order to protect yourself, make sure that you have a stop order. The more you trade, the more you realize that emotional discipline plays an important role in your Intraday trading. Therefore using the stop orders becomes very important to yourIntraday trading.
Stop orders are the traders best friend. Protecting yourself is the only way to be profitable. When you use stop orders to protect your trades, it allows you to be a little less emotionally involved in your trades. The more you let your emotions get the best of you, the less likely you are to make money.
Some people hate to use stop orders while trading. They get caught up in thinking that the Stock marketwill hit their stop order and then immediately start moving in their direction after they are stopped out. This will happen sometimes. But it’s a rarity.
When the traders don’t use stop orders, it usually costs them a lot of money. They let a losing trade turn into a huge losing trade. They just don’t act in their own best interest. The biggest reason why people don’t want to use stop orders is because they cant admit that they were wrong about the Stock market direction.
Its all about the worst trait you can have. If your losing trade is manageable, then that is absolutely fine. The difficulty comes in when your losing trades are unmanageable. This can easily happen because you are taking too much risk by not using stop order.
These people will always be under the impression that if they don’t get out of the market, they cant take a loss because the Stock market can always come back. This idea is attractive. But let me tell you that, you are asking for a disastrous situation. Hoping and praying for the market to come back is definitely not a good idea.
So, to be a successful trader, have your stop order in place and let the broker to get you out of the Stock market if you are wrong. Small manageable losing trades are fine. They are part of every successful traders day. If you think you can avoid them by not using stop orders, then its better to just save your money and not even trade.
Intraday trading becomes difficult without the stop orders. The chances of gaining the money from the stock market also will deteriorate if you don’t use stop loss. Even the stock advisory company which provides Intraday tips will give you the stop order before giving the call.
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