Do you prioritize using SL and TP? - page 2.

tvplus006

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Quote from: Dr.Bitcoin_Strange on December 05, 2024, 03:28:52 AM

Is the advantage of SL and TP more dominant that the disadvantage?

If you have not set a stop loss, then if the price moves contrary to your expectations, your position may eventually be liquidated. This is enough to understand the need to set a stop loss. As for the take profit, there can be no definite answer. You may not get the maximum profit if you install TP, but you can definitely say that your deposit will not suffer from this.

bettercrypto

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Quote from: Dr.Bitcoin_Strange on December 05, 2024, 03:28:52 AM

As a trader, do you prioritize making use of SL and TP and has it been helpful to you?
Is the advantage of SL and TP more dominant that the disadvantage?

All I can say is that when I do trading activity, let's say I spend 3 hours on trading, I don't use TP and SL because I'm facing the monitor, and the timeframe I only use is 5mins.
Now, when I know I can't focus on it anymore, I'll put it in the set-up analysis of 4hrs and 1day as my basis.

And once I've finalized the technical analysis I did, this is where I'll put the set-up where I'll put TP and SL either Long/Short position.
Then, I'll leave it and come back to it the next day, that's all I do.

Oshosondy

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These are my practical experiences while trading:

For a short position, I have set TP while trading a coin at $0.0329 recently. The coin got to exactly $0.0329 and stated increasing back and got to $0.48. But my TP order got filled.

Two days ago, I set TP for a coin, the TP order filled but the coin fall more. If I did not set TP, I would have gained more than double of the money that I supposed to gain.

There are times I used SL, the price of the coin will make the SL order filled but the market price of the coin will reverse. If I had not set SL, I would later have made profit instead of losses.

Also there are times you will not set SL, the market will not reverse but the loss will be more.

As TP/SL have advantages, they also have disadvantages. Trade first and experience them to know your choice.

Dr.Bitcoin_Strange

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As a trader, do you prioritize making use of SL and TP and has it been helpful to you?
Is the advantage of SL and TP more dominant that the disadvantage?

Topic: Do you prioritize using SL and TP? - page 2. (Read 336 times)