@110719 (110719) posted a new topic, subject "Stop Loss on opening a trade". It read:

   I am new. What are stop losses. When you open a trade you can put something in stop loss right? So what amount do i need to put in? When does it kick in and does it cost anything?

@thetradinggod (Thetradinggod) replied

    A stop loss is an offsetting order which exits your trade if a certain price level is reached.
    
    Do you have a demo account with a broker?

After which, @110719 (110719) added

    No, well what happened he opened my acc live straight away put some trades on for me a few times interactively then couple weeks down the line he let me choose after that i put a few on myself then he said his boss said my acc wasnt making enough profit and said i had got to put these other trades on one of which cost me dearly ie 4k gbp i expressed my annoyance things went down hill for various reasons now he is not  
    Communicating with me. I started 5 weeks ago! Ive made profits but made more losses😓 the company  
    Is making excuses about me having some money eg  
    The account has open trades etc still waiting to hear back from them on this. Meanwhile i want to try and recover my losses. How do i know what amount to put in the stop loss or is it a percentage? I asked my trader/account manager but he didnt tell me or put one on when he first opened the trades

To which @tommor (tommor) replied

    I think you need another account with another company, one which does not run trades for you.

So @110719 (110719) replied

    Yes but they have all my money!

@Falstaff (Falstaff) replied

    I really don't know what you want us to say here.
    
    You absolutely have to stop giving away your money. Get what you have left (If any) back from these people.
    
    STart reading the Babypips school and do not do anything with real money, until you at least know what the basic principles are.

To which @Wara_arif (Wara arif) replied

    i am agree with tomor, you need to open another account with another company.

So @tommor (tommor) replied

    I meant you need one account, but not with this company. Withdraw your money out of there and open another account with another company which does not run trades for you. Look for a company which is well regulated - please post the regulator over the company that has lost money for you.

To which @110719 (110719) replied

    I know. I would but he has my money and i'm kinda not getting very far with getting my money from them!  
    Thanks for reading🙂

Then @Peter_Siddle (Peter Siddle) said

    Hello 110; just spend your time on BabyPips School; there you'll get all of the answers on SL even on TP, Pending orders etc!

To which @cigarmanstan (Stan) replied

    Simply put, the stop loss is the place on the chart where your analysis was wrong.

Then @110719 (110719) said

    Yes i will

@KonradOP (Konrad Op) replied

    cigarmanstan:
    
    > Simply put, the stop loss is the place on the chart where your analysis was wrong.
    
    In this case; support/resistant levels play a very important role as SL/TP! Besides; previous high & low levels are also countable!

Then @QuadPip (QuadPip) said

    Figure out who regulates the industry in your country and lodge a complaint against this company. Close all open trades so you don't lose any more money.
    
    Do a google search for complaints against this company and figure out what steps others may have taken to retrieve their funds.
    
    The chances of you retrieving your funds are probably small but you should try your best to do so. Don't just sit back and let them rob you. Give them hell!
    
    Makes me so mad that these rogue companies are allowed to operate with impunity.

So @cigarmanstan (Stan) replied

    You HAVE to open a paper-trade account until you understand how things work.

To which @110719 (110719) replied

    Thank you i can do that🤔

To which @110719 (110719) replied

    Yes i will do this now… though my account manager never told me this!

Then @cigarmanstan (Stan) said

    He does not make any money when you paper-trade.

So @Trueman23 (Trueman23) replied

    iam fu…g shocked!! how can you let others trade your money without having the smallest idea about the topic of trading!!! forcing you to trade sounds highly ilegal to me …wtf  
    get your money back and take a lawyer …  
    and before you think " i wanna trade again" make yourself familiar with the topic please!  
    wish you all the best and that karma will take care of this so called company !!

To which @110719 (110719) replied

    Thank you mate i was only gonna do the 200.00 but he sold me a ‘strategy' where i could make 3k> plus each month with 10k. I cant call the man/company as the numbers they call from are weird and sort of connected to a computer automated msge and i cant leave a voice msg. Only hope is via email which takes 3 days for a reply. Ive contacted our fraud people but it'll take an age as theyre so busy. I'll continue with trades in the meantime to raise my balance in the hope theyll refund me only then can i go with a reputable company and trade properly.

To which @Dogrel331 (Dogrel331) replied

    You should assume what is it just by judging with it's name and that's really it. So please do work with that. It's the point where you stop losing actually and you should set it. Like some people already suggest you really need to play with demo account first.

So @borosso (Borosso) replied

    I read such info:
    
    A Trailing Stop Loss is a Stop order that can be set at a defined percentage away from a pair's current market price.  
    It is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the user's favor but to close the trade if the price changes direction by a specified percentage deviation. That function allows users to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain.

Then @cigarmanstan (Stan) said

    I would argue with the "defined percentage. Too me, it's pips. Then I adjust trade size to equal no more then a 1-2 percent loss of my TOTAL account. Think there is a difference?

Then @110719 (110719) said

    Ok so a trailing stop loss is the same as a stop loss?  
    Basically what we're doing is setting the lowest level we're prepared out trade to go BUT it doesnt close the trade nor does it stop the profits unless we have a Take profit amount built in. Have i got it right?

To which @cigarmanstan (Stan) replied

    Not exactly…  
    A stop loss is set when the order is placed(by most). When/if the price goes in your direction you can move the stop loss higher/lower or decide to “trail” a stop up/down, like a 10 pip trailing stop. Many platforms allow you to set a trailing stop.  
    Setting the stop loss does not close the trade unless price goes up/down and meets it. It has nothing to do  
    with whether you have a take profit built in or not.

@Simeonquant (Simeon Quant) replied

    Placing a stop loss is like creating a robot that will take an action once a price hits a certain level. Your “robot” will be awake 24/6
    
    Say you buy one stock of AAPL at 100 dollars and place a stop-loss at 90 dollars.
    
    If price ever falls below 90 the “robot” will automatically sell you order ensuring that you only loose 10 dollars.
    
    **If they is high volume trading e.g following a scandal, it might take a while for the broker to execute the order so your loss might be 15 instead of 10. Also it is recommended to choose a reputable broker as they have the most robust IT infrastructure so can execute orders quicker and most consistently than smaller or less known companies.
    
    Stop losses are free of charge. However some brokers give the option of a guaranteed stop loss orders for a fee.

So @110719 (110719) replied

    Thank you for your response it all helps

After which, @110719 (110719) added

    Ok thanks. So if i place a trade and i want to reduce loss i can put my lowest value in stop loss box so that if the trade doesnt go to profit then at least i can control my loss. Eg i can set it just a few pips below the purchase price thus it will keep options open for when it hopefully changes to profit.

To which @Falstaff (Falstaff) replied

    110719:
    
    > So if i place a trade and i want to reduce loss i can put my lowest value in stop loss box so that if the trade doesnt go to profit then at least i can control my loss. Eg i can set it just a few pips below the purchase price thus it will keep options open for when it hopefully changes to profit.
    
    Go Here
    
    https://www.babypips.com/learn
    
    Click “Start Course” !
    
    Come back and ask about “stuff” when you have gone through the course

To which @Peter_Siddle (Peter Siddle) replied

    That would be really great; I am sure you'll get tons of solutions in there! All the best!

To which @BobbyAxxe (Bobby Axxe) replied

    Once you get more comfortable with stop losses and want to look at expert advisors, you might want to take a look at an EA for MT4 that will automatically manage your stop loss and move it into profit based on levels you set up. The way it works is you set up your initial take profit and initial stop loss. Then you set up to 4 take profit levels (based on percentage). When the price hits one of those take profit levels, the stop loss will automatically move to the last level. And so on until your 100% take profit is hit (then a trailing stop will enable).
    
    For example, using round numbers. Say you have a final take profit of 100 pips. You can set up 4 take profit levels of 25%, 50%, 75%, and say 80%. When the price hits 25%, then the Stop Loss can move to 12.5% (whatever you set). When price hits 50%, the stop loss will move to 25%. When price goes to 75%, stop loss will go to 50%. And so on. Then if your 100% take profit is hit, the EA will do a trailing stop indefinitely.
    
    This will lock in your profits. I use the EA and it works great so far. I had been looking for one like this because I wanted to simplify and maximize my stop losses while maintaining profit. So I thought I'd pass it on.
    
    mql5.com
    
    ### Trading Utility Auto Trailing Stop By TP Percent with Profit Lock
    
    Automatic Trailing Stop Based on Take Profit Percentage with Profit Lock EA MT4 Lock in your profits and "let your winners run" past your 100% take - English


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