Stop losses depend on the pair and the timeframe you are trading, in general they should be 1:2 or 1:3 risk to reward, that is risk 10 pips to make 20 or one pip to make 2 or 3.
Trading the GBP/JPY on a one hour or above tf you would have to give it at least 50-60 pips of room so your profit target should be at least 100-150 pips. With the Euro on the same tf you might only need to give it 15-20 pips stoploss so profit target should be 30-60 pips.
It is also subjective and depends on your account size, skill level and risk tolerance. There is no single answer, but in general try to determine if the pair you are following on the timeframe you are following could easily move X pips in your favor, then set a stop loss 1/2 to 1/3 of X and check again to see if that looks reasonable according to the chart setup.
Practice with very small positions until you start getting a feel for it...
|