How do everyone set their stop-loss points?

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1. Based on my miserable experience, what matters in trading is not to have stop-losses. All day long, we talk about how important stop-losses are; don't even mention being a beginner, we don't even know where the door is. Sooner or later, we will bleed to death slowly.

2. Only hold the correct position*. When the price hits the so-called stop-loss point*, it's too late; everyone knows about it. Do you think you can just stop when you want? When the market's rhythm doesn't align with expectations after entering, and it's hard to make a profit, it's time to run. Otherwise, if you get trapped, it could collapse suddenly. You won't even be able to escape; lightly, it could mean breaking an arm or a leg, heavily, it could mean losing your life.

3. Only establish advantageous positions. You need to be sufficiently confident when entering; with a good entry, you fundamentally don't need a stop-loss. If you can't tell whether it's a rebound or a reversal, don't build a position. If you can't estimate how far the market might go, don't build a position. If you can't distinguish the market's current phase—whether it's brewing, slowly developing, about to explode, or already at the end—then don't build a position. Only holding the correct position while exiting is considered wise; after all, it has a lead over price stop-losses, acting one step ahead. But being ahead is still not enough; it can be advanced even more, and it must be.

Only enter when the market's major directional move has just begun; this way, during subsequent increases in volatility*, you can remain steady like an old dog, firmly holding your position, which will lead to significant profits. However, this time window is often fleeting; you either enter too early and easily become cannon fodder, or too late and easily become a bag holder. Focusing on setting losses in the wrong direction is misguided; the key is to think deeply about when the market's collective emotions will shift. Once it appears, just follow along; that's where the big gains are.