As many of you here, Im trying to learn and get better results and hopefully in the future I will be ready to go live. I guess risk management must be a part of the strategy, so, what kind of methodology you all use to set your stop loss orders?

The reason Im asking this is because I always seem to be using the incorrect orders, you know, get stopped out and then the market behaves as I expected and so on...

I appreciate your help

Hello Ronnie,

Well to tell you the truth I use different methodologies for each trade, but most of the time I just place it above or below key levels such as support and resistance. Maybe you are placing your stop loss levels to close to those levels? or you are trading shorter time frames which have more noise than larger time frames...

Maybe if you elaborate a little more I will be able to help you!

Berts

Berts is correct in his thinking. Placing stops above or below key support and resistance levels creates a great tactic for stop losses. If it does hit your stop loss after breaching the support or resistance levels, then you will know that your thoughts on the direction of the market were wrong. After this, you could even post a trade in the opposite direction and then make a gain from it.
I also use trendlines and a few different strategies from my system to place my stops and take profits.