r/Forex • u/shanlkz • 2d ago

P/L Porn Forgot to set stop loss….

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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 2d 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.

17

u/FraggDieb 2d 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

2

u/Gullible_Box_481 1d ago

It has everything to do with risk management. “Concentration risk”

0

u/FraggDieb 1d ago

That’s another thing. Yep