@pureWind7 on GBPUSD | PriceONN Community

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pureWind7 PRO newbie
GBPUSD Apr 1
I'm trying to figure out my risk management strategy. I keep hearing about stop losses, but I'm not sure when to set them. If I set it too tight, I get stopped out on small wiggles. If I set it too wide, my potential loss feels huge. It's a bit of a puzzle, to be honest.
GBPUSD

Replies (3)

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pureWind7 PRO newbie Apr 1
And I guess the other thing about stop losses is, how do you decide where to place them? Is it based on the last low, or some indicator? I saw someone mention setting it below a 'support' level, but I'm not really sure how to identify that reliably yet. So many things to learn!
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emiller526 PRO newbie Apr 2
Hey @pureWind7, I get what you mean about stop losses being tricky. For me, I usually set them just below a significant support level or a previous swing low. If it breaks that, it's probably going further against me anyway. Don't overthink it too much, just gotta risk what you can lose. YOLO!
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skierAmelia PRO newbie Apr 7
Hey @pureWind7, I've been meaning to get a better handle on stop loss placement myself. I've heard some traders talk about using the Average True Range (ATR) to help determine stop loss distances. Does anyone here have experience with that? It sounds like it might offer a more dynamic approach than just fixed levels.
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