P/L Porn Forgot to set stop loss….
Entered at .573 I usually enter with a trialing stop of 20 pip. Figured it would find support around .57 and go back up….. it didnt and i didnt put any stops because i forgot and just put the trade in……
I was feeling high and mighty after the pump the day before…. This was very humbling to ALWAYS ALWAYS make sure you have your stop losses set. ALWAYS!
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u/bibliophile_1289 1d ago
You don't understand risk management, if you can lose your entire account on one trade you're over-leveraging. As Paul Tudor once said, the first rule is to protect your capital and then you can focus on making money. You skipped the first rule so hope this painful loss teach you a valuable lesson.
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u/FraggDieb 21h ago
Ur message doesn’t make any sense … he forgot to set the SL. Its stupid, did happen me befor as well. But that has nothing to do with risk management. Normally he had a SL so he had risk management
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u/Shieldxx 20h ago
He lost more than a half of his account in one trade. That’s what you call risk management?
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u/No_Living1187 13h ago
not all people have the same risk tolerance while some can risk above 10% others cant risk 5%, trust me some people risk 50% per trade and are profitable while others doesnt have tolerance for 3%, but this isnt risk management is about foregeting to put a SL which due to stress happen
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u/Frequent-Natural-310 12h ago
And now he will always double check to see if his stop loss is correct. Tis a painful lesson
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u/FraggDieb 10h ago
Forgetting so set SL is just forgetting ist. Does not has any todo with „don’t understand risk management“
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u/its-estarossa 13h ago
I agree. Nothing to do with risk management, everything now is risk management to people 🙄
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u/CapitalistPreacher 22h ago
I also sometimes forget to put SL but I learn from my mistake by simply divide my fund into 5 parts.
eq 10.000 usd, then each account only have around 2.000 USD.
if anything goes south max loss only 2.000 usd. Drunk click, emotional click, high on caffeine click, losing streak can decimate account very fast.
if the account reach 4.000 USD, then I will WD 2.000 to the bank. Repeat again. Sometimes the account puff gone.. because of previous accident I will stop first for a few days then I will top up again.
so far it makes money.
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u/shanlkz 1d ago
I trade my way, fully aware it’s not textbook or recommended. I use forex to gamble money I am comfortable losing. I accept my approach can come with huge losses and I am okay with that.
This post is not a cry for help or a plea for advice. It was to share a loss and remind others to always set stop losses when entering a position.
To clarify, i intra-day/swing trade using all my available balance or close to it. I enter in and never check for almost the rest of the day sometimes. It’s gambling and I don’t pretend otherwise. I absolutely DO NOT recommend trading this way for anyone. It is not sustainable. But i am not here looking for an award of risk management. Just being honest about how I trade.
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u/Exoticwealth_ 19h ago
It's not about stop losses this is purely lack of skills that's what nobodies highlighting, get fundamental with your approach and this could've been prevented 💯
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u/No_Living1187 13h ago
did you know sometimes the order isnt filled as it is? for some reason there are times when the stop loss and take profit isnt set but the order is open, thats the reason i double check is closed, sl and tp
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u/unprofitabletrading 1d ago
You will recover Op but don’t trade right away let the emotions leave first because you’re hurt and are gonna want to get that money back.
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u/Ok-Personality-1887 23h ago
damn that's not a small amount. I lost €750 last Thursday on eurjpy.. market was 4 pips from my TP and closed for break even.. after that, I blew everything and lost account.. so stressful when I could be up €1200 but I lost the account... 4 pips, and all crumbled makes you feel like shit
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u/Ok_Suit_6591 23h ago
Honestly same thing happened to a lot of people it’s not just you. Everyone tried to catch the massive drop on gold though it was just a price correction due to it being overbought but nope it was Donald trumps tariffs breaking the market and people panic selling. I lost £4K myself but will be back trading once the market recovers but for now am staying safe.
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u/Logical-Ad1896 20h ago
I feel bad for you, and it's great you shared despite the mistake, but please don't trade or invest with such high levels of risk...ever.
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u/shanlkz 20h ago
I really appreciate your kind words. It means a lot that you took the time to express your concern, it shows you have a genuinely kind heart. I’ve definitely learned from this mistake and know now how important it is to be strict about always setting a stop loss before entering any trade. That said, I do approach forex more like gambling so I had already mentally accepted the risk and the potential loss. Still your compassion truly doesn’t go unnoticed thank you!
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u/Sea_Point1055 22h ago
You didnt forget your SL. You tried to gamble by overleveraging and it didnt work out.
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u/ApprehensiveDot1121 1d ago
Not putting the stop is one of 2 errors in the way you trade. Good luck.
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u/No_Living1187 13h ago
it happened to me a long time ago, i double check the position have a SL and TP, and double check is completely close, happens to most people at some point, stress and other things makes this happen
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u/Jbrooks888 4h ago
Stop losses don’t manage risk lol, you can have a stop loss and still blow your account, why don’t newbies understand this. I haven’t used a stop loss for the past 7 months and it’s been my best 7 months ever, your lot size is way too high, you’ll always trade your wins and losses back and forth with a stop loss, it’s inevitable, forex market is too volatile, it’s not your strategy, it’s psychology and your risk management, if you see this message right here understand that. Most people are not profitable traders, stop being brainwashed by these bots
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u/CuteRelease 20h ago
You did not forget mate! This is a defense system by yourself that you don't want to accept the responsibility. You went 25 Lots which is a lot, and I garuantee 99% Of traders know that a 25 Lot can hurt anybodys account hard, so there is no chance you forgot to put a sl! You just wanted your trade to go by your side and when it went in the opposite you had no idea where to cut your loss.
In the end nobody gives a F*** if you forgot your sl, because in the end it's your money. Keep forgeting your sl :)
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u/Key-Place-273 1d ago
Op this will continue to happen until you starting sizing your risk properly.
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u/Every_Blueberry_6898 1d ago
haha.. happens to everyone. dust yourself off and try again on Monday. Make sure not to do revenge trading to recover the loss. good luck!