How effective is using stop loss?

[tyntynfx]

How effective is using stop loss?

[vitadlmundo]

Not sure who in their right mind would tell you to not use a SL (Stop loss), if you don’t use one the only way to ensure your account doesn’t blow is by sticking your eyes to the screen. Always use a stop loss, it is there for a reason.

[alkeanAnidem]

A few brokers guarantee a S/L, but IMO, their other costs, including increased spread cover their guarantee.

[syvellevy]

Stop loss is very effective for new traders. I suggest using it if you are new in this market

[Trader_Rob]

This is very important so we can minimize the losses. This way, we are able to set a reasonable price to close an order that is dropping. We are able to avoid scenarios where we are hesitant to sell the position hoping that the price will get back up. Especially if you are a short-term trader.

[Tija]

Everyone should start using stop loss. This will minimize the risk and will give you a reasonable amount of loss if things don't go well.

[Sendo12]

Very effective. You should always set a stop loss so that you will incur a reasonable amount of loss if things went unexpected in the market. This is very important to lessen risks.

[Aya]

Back when I was only a novice, I ignored the advice of other traders about using Stop loss. I thought to myself that I would not be needing that because I will be monitoring my trades all the time. But various circumstances occurred and I lost time to spend on trading. When I came back, I lost too much already which could have been lessened if I only set a Stop Loss.