Metal stops pro and cons

[oildaytrader]

http://www.forex4noobs.com/blog/trading-lessons/using-mental-stop-losses/

I believe mental stops are dangerous if price breaks out in a spike.How do you use your mental stop strategy,and do you find it profitable?What is the best way of using mental stops?

Anybody have a good strategy for using metal stops?

 

[arabianights]

I use mental stops when I can understand the reason that the market is moving in one direction and can be sure that that reason is going to disappate and I can be patient for it to come back...

 

[Windowsill]

Mental stops are just that.

 

[Braintree86]

I always gave my mental stops more room - I kept adjusting them away from where I originally had them. After bigger losses than I wanted, I started using hard stops. These work better for me.

I did try setting a 'disaster stop' farther away, and then used a mental stop closer in. But then I had a lot of disasters, so that didn't work for me either. I try to take the thinking out of my trading as much as I can. The less I have to think about, the better it seems to be for me - again, just my experience.

 

[oildaytrader]

Traders have the wrong perception about small stops and mental stops.It is a fallacy that having close mental stops ,may work better than distant stops.The closer the stop ,the more likely trader will get taken out of good trades.Wide stops allow trades to become profitable , rather than chopping out good trades.

When mental stops are approached,traders are caught in confused state of mind, resulting in failure of mental stops.