A stop loss is necessary for our traders in level 1. Every position they open in the market must have a stop loss linked to it. The stop loss needs to be placed within 30 minutes after the opening of the position.
However, if you are at levels 2 through 6, a stop loss is not required.
Stop-loss orders are one of the best tools for traders to reduce the risk of large losses. We recommend that traders avoid taking on excessive risk and instead aim for consistent profits.