Hi everybody here,
Anybody can point me to the right direction on how to set my stop loss appropriately?
Quite many of the time when i place a larger stop loss, the price hit my large stop loss and end up heavy losses.
But when i place a small stop loss, the price seem like tend to hitting the stop loss line very frequently and i have to repeatedly place multiple orders with the same small amount of stop loss and toward the same trend for a currency pair. With small stop loss, even i catch the right trend for a certain pair and earn significant amount of pips but overall i still having negative profit because i have lost quite many pips from many small stop loss trades during the starting of the trend.
Can you give me some guideline on how to set a appropriate stop loss?
Thanks and have a nice day!