Wrong = More P&L

​Precision Trading Labs believes in always using use stops. Why? Because we always have a concrete reason to get into a trade. If that trade foundation is violated, then the reason for the trade is gone. At that point we've lost control of the trade and don't know what price will do. We're then left with hoping that price will reverse & start to go our way, meanwhile our loss grows and violates our trade plan. What leads to big losses is the inability to admit when we're wrong. Being able to accept taking a small loss is the start of becoming a trader & a sign of strength.

If there's something in the chart that might reverse a trade's course after it initially goes bad after your initial setup, then that should generally have been part of the plan to begin with. For you football fans, you want to avoid yelling "Omaha" and calling audibles like Peyton Manning used to do when you're trading. 

Our attitude is "HOPE IS NOT A TACTIC." Some people say fixed stops are for suckers. We respectfully submit traders who trade without a net are looking to hope when things go awry and can't admit when they're wrong. That's the the enemy of trading for a living. YMMV. Safe trading.