How important are SL and TP for you?

As a trader, how much do you value using stop-loss (SL) and take-profit (TP) orders? Have they made a difference in your trading? Do you think the benefits of using SL and TP outweigh any downsides?

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.

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.

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.

Stop losses and take profits have a function in trading, and while some traders may argue that it is something that you can do away with, I believe it is not, specifically at the level where you just started to trade. A trader who has been in the market longer can maneuver the market without a stop loss, but usually that should require the trader to have a lot of trading capital that their account is able to handle pullbacks or retracements in any depth. For new traders, I believe SL and TP are very important, and it's use should be prioritized.

After my last experience, referencing my old thread on this trading discussion board, seems I didn't learn from my mistake at all. It turned out that I still burnt my account this morning, not that I was absent from the trade but was just watching till I got liquidated, oops 🤦‍♂. I thought to myself that if one can not learn how to apply the SL, it's possible that the trade can even burn an account with huge capital believing that their will be a retracement.

SL (Stop Loss) and TP (Take Profit), these things are very important to use in trading. Personally, I think that by using SL and TP in trading, trading can be done in a more controlled and disciplined manner. However, you have to learn to use these things well, because if SL and TP are not used correctly, it will not be of any use, but if not used correctly, it can be more risky for you. Therefore, every trader should be disciplined, refrain from making emotional decisions, and use SL and TP in a correct way, only then will you benefit from SL and TP.

I cant see any disadvantage in SL and TP and here I'm not talking about leverage trade it's all about spot trading as it's a common precaution in both leverage and spot market called risk management. Honestly, I do use TP and SL frequently with my trades, and now In a current market situation where Bitcoin is making AT to ATH and Altcoins are also surging on crazy levels to control the greed and fear SL and TP are critical, one step ahead to that statement I would say buddy in current market try to take short term trades with the strategy called the Stop loss trading and it can be a master in your hand to secure profits and avoid FOMO and potential losses. STOP LOSS Trailing is working great for me these days and #recomedation_of_the_day is book profits we are in the extreme zone a decent correction is waiting ahead or you call that a bull market manipulation as well.

Not really when I am live on trade and won't go away for that day. But if I have some errands to make, I make sure that I set SL and TP. And yes, that's been so helpful to me at all times. I think so. If you're a regular user of it, you'll appreciate it always. But if you don't use it then, you're not going to see how useful it is when you have other things to do and just leave your trades there as-is.

One thing I will say is make it an habit to set stop loss and when you are not going to be looking at the trade always also add take profit to it. One thing about setting stop loss that one needs to understand is, having a stop loss will clearly show you how much you might loss should the trade be against you and this gives you freedom to hold your trade for as long as you. Many will tell you that the Market can go against a bit and then reverse back after taking your profits and then goes to your direction. I say this is just a little advantage of not setting stop loss, liquidation is definitely more sever than missing out on a trade just as you have experienced. My advice is still same set stop loss to avoid liquidation.

I'm a trader, not an expert though, but I use SL and TP A LOT, and when I say a lot, I mean A LOT. Both of these are beneficial for me, but there are times that it had some bad effects on me as well. As for the beneficial part, whenever I open a position, I immediately make a TP target and SL target. Most of the time, my risk-reward ratio is around 1:1.5 so if my TP is around 15%, my SL should be at 10%. Of course, this is still a case-to-case basis especially if you made your TA and you believe that the coin will go up or down (futures), but that's my average TP and SL. When I sleep at the night, I put a TP and SL immediately, but when it's morning or afternoon and I'm awake, I'm not putting anything because I can just look at it anytime. As for the "bad effects" that I shared, while it's beneficial for me, there are also times where I miss potential profits. I mean when I put a 15% TP and to my surprise, the coin went up more than 15% or let's say around 30-40%. That's a 25% potential profit for me, but since I put a TP at 15%, I missed those profits which is a bit unfortunate but hey, profit is profit. SL and TP are the ones that we need to prioritize when we are trading, but we still need to learn even the basic TA so we can make profitable trades along the way.

I always trade with SL and TP, never I trade especially on future without it because the market volatility can drain my entire margin account. just see the recent dip with bitcoin, had people longed at $100k and they didn't set SL, they'd have gotten liquidated of their entire margin account even if they only use 10x leverage at around $90k. however if i trade spot, I only use TP/SL if i got shitty entry or anticipate invalidation that can reverse the sentiment to bearish. but overall, I always recommend TP/SL.

I traded two coins yesterday, if I set stop loss, I will lost my trading money, but the market reversed. When I made little profit, the market reversed back but I have close my position. I always tell people that are trading with small amount of money and people that are averaging not to just set stop loss until the amount they are trading with is huge. I do not leave more than $250 on my trading account and I am expecting loss there and the money should remain $0 is my stop loss. Traders have different trading strategies. But stop loss can be good for beginner traders to know the pros and cons.

I clearly do not see this strategy of yours different with anyone that is setting stop loss. Stop loss to me is clearly for someone to be able to control the amount of money they can afford to lose as such you leaving little amount of money you can afford to lose on your trading account is simply setting a stop to your loss but for some who cannot afford to lose the amount in his trading account then they should simply look for a very good position to set their stop loss, yes there is trades that will hit your stop loss most probably if they are very close to an order block or support/resistance and then go your way again but to me you can’t win everyday and the best of traders are those who control their loss before even considering the profit to come so as such anyone who cannot afford to get liquidated should stick to stop loss

I use stop loss myself and I can recommend setting a limit buy order below the stop loss by 5-10%. Thus, after the stop loss is triggered, purchases at a lower price are triggered and thus I have a better average purchase price.

Taken into count.. As expected most of the traders use stop loss, as it is a tool that plays a minor but critical role in your portfolio management and risk management, Levrage trade is not recommended as I consider leverage as gambling with my funds and there are some other reasons but the point here is that in leverage trading TP and SL both are compulsory precautions where in spot trading haha you have multiple options. Like on any trade if your analysis is going against the market you can simply increase the timeframe for the trade and if its getting worse you can simply change the trade mode to holding mode haha (this part was just for fun don't take it into kidney ).

Application of SL and TP in reality not really something I do use most of the time. I have my phone and my laptop around me and I don't go out like that, I'm an indoor person so my trade is always free. This might not be the professional way of trading but my rules works for me and that makes me happy. In bull run, the market is always volatile, setting stop loss will just be chopping off your money because if the trend remain bullish, I'm not going to set stop loss even if I will be not be around near my device unless the trend changes. If you do futures, you will undersgand what I'm saying, for instance Bitcoin market slide down to $92k yesterday liquidating a lot of people and now it's back to trading above $100k again, if you have used stop-loss in the beginning, you will be out of the market by now and the market is back to where it went nuke. The only thing I do in this situation is I try to make sure that my liquidation is very low risk and use low leverage as possible so I don't get caught with the market manipulation.

If you are trading a small account, I still see reason to set stop lose, the reason is because when your capital is small, liquidation will hit you fast because the liquidation price of that pair will be very short. If you can remember this topic. For example I have $20 in my trading account and let's say you have $2k in your own account and we decided to take a long  position for XRPUSDT and our entry price is $2.3, assuming I entered the trade with $10 and 20x leverage and you also entered the trade with $10 and same leverage, your liquidation price could be when XRP price drops to $0.9  while my liquidation price might be $1.99. So, if I don't set stop lose on my small account, I can easily get liquited  but you will not be liquidated because XRP can not drop to $0.9 and you also have enough capital in your balance. If I had enough capital in my account, I would not have been liquidated last  night but I got wicked out and the market pulled back after 3 hours. There's one thing I said to myself one night after bursting my $38 balance and what I said was that, "if I can actually allow liquidation to hit me and took all my $38  balance, it simply means that I could also alow a $2k or $5k and above balance to get liquidated." Then I said to myself that even if a trader must not use or apply SL and TP all the time in their trade, it's important to learn how to use it because one day it could save you from being forcefully liquidated. From the image of @shinratensei_, go see how Bitcoin dipped to $90k and it wicked down all the way from $94k+ to $90, 800, I bet that a lot of traders didn't see it coming and I wonder how many traders got liquidated in that trade, for those that actually applied SL on that trade, they were only cut short of small lose but those that liquidation hit lost all their asset. Even if you look at your monitor all day while trading, if you are trading with a small balance without setting SL, you could be watching, believing that the market is going to reverse and right before your eyes  liquidation will hit you   It dropped to $90,800k. As for today's price surge, I will have to think that this news actually made the price to jump, because 2 hours after the news was released, price moved up above $100k.

Very good question and I want to start by saying Stop loss and Take profits are very good tools to use while trading in minimizing your losses or taking full advantage of your profits. The advantage are bigger than the disadvantage without much thoughts because the only disadvantage I see with stop loss is when the market has a fake dip mostly caused by manipulation from whales and the order you already have takes you out of the market. You still would not be affected that much but when you did not have the stop order function in place, it means all the dips that that particular coins gets, you also get affected and lose more money. Stop loss are very effective and when we do not use them as traders, we stand the risk of losing all our trading capital.

I don’t make use of SL when trading, but that doesn’t mean I am against it. I see it as a choice, if you think you can manage your trade yourself, then you don’t have to make use of SL, but if you are always busy and can’t manage your trade yourself, then make use of stop loss, it’s going to help you reduce your loss whenever you are trading, and the market goes against you, even when you are not close to your mobile device or laptop.   I don’t make use of stop loss, but I do recommend newbies make use of it, it’s really going to be of great help to them, because they don’t really have much knowledge about the market yet. In case things don’t go as planned, it  will be able to cut their losses even when they are not online. It’s better to lose some  percentage of their money than lose everything.