While it is not mandatory to have a stop loss on your trades, we strongly recommend implementing one as a crucial component of effective risk management in the simulated environment. A stop loss serves as a safeguard against potential losses by automatically closing a position when it reaches a specified price level.
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By using a stop loss, you can protect your virtual capital and limit potential downside risks. It provides you with a predefined exit point, helping to prevent substantial losses and allowing you to maintain control over your risk exposure.
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While it ultimately remains your decision whether to utilise a stop loss or not, we highly encourage its use as a responsible risk management practice. Incorporating a stop loss can contribute to a more disciplined and structured approach to trading, promoting long-term success in the financial markets, it will also be a major factor within our risk management protocols to ensure we are working in the best interests of the partnership between the company and the trader.