For the last 8 years, we have taken a lot of heat by fellow forums and indiscriminate traders for our practice of teaching NOT to use hard stop loss orders in our systems. To this day, this still occurs. We hold steadfast to our practice of NOT placing stop loss orders in the market (in our trading platform). We further believe that for any one to promote to traders the use of a stop loss order is reckless endangerment to the trader and their account.
We are not alone is our practice and belief. On Nov 16, 2015, it was announced that the NYSE is joining the NASDAQ in eliminating stop orders, specifically stop loss orders.
We were finally vindicated in our belief and practice.
STOP Loss orders hurt traders in multiple ways.
The non use of a Stop Loss order does not mean that a Risk Limit is not used. We firmly believe in trading your business plan, ie: for each trade, Identify your Entry, TakeProfit Level, Trade Management practice(s) and Risk Limit (% or $$$ amount you are willing to risk on each trade).
We believe (as affirmed and in agreement with the NYSE and NASDAQ) that while you are in a position, and sitting in front of your computer, you should be actively managing your position and thus managing your trading plan.
Furthermore, that if price moves to your Risk Limit level, that you should close your position manually. If you can not watch your position or if you have to leave the computer and can not manage your position, we highly recommend to close out the position.
Professional Practices: Professionals don't use stop orders.
"... They have the time to sit around and watch. ... The long term solution is for retail investors not top put in stop orders and to pay more attention to what they have and when they might want to sell what they have (or buy more of what they have."