@charlotte5734 on GBPUSD | PriceONN Community

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charlotte5734
charlotte5734 PRO newbie
GBPUSD Mar 24
I'm really trying to understand how to manage risk properly. It feels like every time I make a trade, I'm just hoping for the best. My tutor mentioned setting stop losses, but I'm not entirely sure where to place them for GBPUSD. Should I always be looking to cut my losses immediately if it moves against me, or is there a strategy for letting trades breathe a bit?
GBPUSD

Replies (2)

charlotte5734
charlotte5734 PRO newbie Mar 24
I guess it's better to have a stop loss in place than to lose everything. I'll try to set one for my next trade, even if it means taking a small loss.
msharma469
msharma469 PRO newbie Mar 28
Hey @charlotte5734, I totally get what you mean about risk management. It's crucial! For GBPUSD, I usually set my stop loss just below the recent swing low. If it breaks that, I'm out. No point in holding on if the trend reverses.
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