Stop loss

[BuckHouse]

Hi - I've been avidly watching the videos, etc, and started trading using Bet Angel a couple of weeks ago. I am hitting a good strike rate of positive events (nearly 80%) but losing overall. Losses are disproportionately large compared to wins and my finger just won't click on the button to stop the loss once it heads in that direction as I expect/hope it will turn (hope is not a strategy I know!). From the vids this is a common issue and I think I will overcome it as I am very aware of it. Psychology of not wanting to take the loss I guess, and grabbing the profit too quickly also in case I lose it.
I wondered if setting an automatic stop loss on each trade, say five ticks, would help me for now? Or am I better off just practising getting into the discipline of closing out the loss myself manually?
Anyone got any advice?

[Dallas]

If your struggling to accept the losses at the moment then yes using a stop loss should certainly help take the emotion out of it for you.

Ideally, in time, you want to be setting stops (exiting) based on a trade breaking down rather than a monetary or tick number but one thing at a time for now

[BuckHouse]

Thanks Dallas. Will try that for a few days and post how I do.

[Derek27]

You're showing your age Buck House. Wasn't it the 1983 Supreme Novices' Hurdle that you won?

[ShaunWhite]

Ideally, in time, you want to be setting stops (exiting) based on a trade breaking down rather than a monetary or tick number but one thing at a time for now

To accelerate that process, instead of using an automated stop loss that's unlikely to suit all situations, try using the right-click stop loss feature. Be mindful though that if the price gets close, small spikes or general noise might trigger it.

[BuckHouse]

Thanks for the hints there. Yes, want to set the loss just outside the general noise, I’ll play around with some tests at different points and see if I can get something that helps my numbers a bit.

[BuckHouse]

Lol @ showing my age. I read about Buck House in a history book... lol

[Halliday]

You're showing your age Buck House. Wasn't it the 1983 Supreme Novices' Hurdle that you won?

He did indeed

https://youtu.be/TB17lQbXjzI

And had a memorable tussle with Dawn Run at Punchestown a few years later

https://youtu.be/Dhai8xzEi0k

[CallumPerry]

Lol @ showing my age. I read about Buck House in a history book... lol

A book? Is that the word processor thing made out of paper?

[Derek27]

Lol @ showing my age. I read about Buck House in a history book... lol

In that case, I'm showing my age!

I bunked off school to watch that, and I'll never forget that saddle and cloth getting chucked 30-feet in the air, presumably by an exited stable lad as Buck House stormed up the hill!

I hope they got the health & safety police onto him - I wouldn't have liked it landing on my head!

[BuckHouse]

Can’t get the offset and trailing stop to place the bets. Have selected the drop down, set some numbers but it is not activating the stops on completion of my initial bet. Do I need to do something in settings? (Using free trial version trader v4.1)

[Dallas]

Can’t get the offset and trailing stop to place the bets. Have selected the drop down, set some numbers but it is not activating the stops on completion of my initial bet. Do I need to do something in settings? (Using free trial version trader v4.1)

Ensure you have enabled 'Global settings' by having the blue cog icon uncrossed

[BuckHouse]

Thanks, that did it

[rjwills]

Could anyone tell me how to place a non-hedged stop loss, so that if the odds went against me, a level stake bet is placed rather than greening. TIA for any help.