So I've been thinking... how many of you using stop loss actually got liquidated this year? I mean if you start with $200 and keep hitting stop loss instead of making profits, your emotions might take over. Then you might just start trading recklessly and boom, liquidation.
Just don't use use, problem solved. Seriously, if you're struggling with spot trading, don't even think about leveraging. It usually just ends up hurting your account.
Exactly! You nailed the mental game. Hitting that stop loss repeatedly can drain your balance and make you lose focus. Then, the moment you decide to turn it off to avoid a minor loss, wham, the exchange wipes you out. Gotta treat that stop-loss like your armor, not just a tool.
Lol, I feel this. I didn't even have a stop loss on my last Bitcoin trade and got liquidated within a day. That's my one and only trade this year, and it was a disaster. I've had success with stop loss before, but when I got frustrated, I ditched it and my account didn't survive long after that. Yeah, I totally agree, risk management is key.