How do you place stop loss and take profit
I use ATR to determine SL and TP, ATR based SL is explained here
i don’t stop loss ,that will solve all ur problem
Have you done any research on your own to find out? To be honest, a simple web search would have answered this for you.
Be proactive! You can do it!
You’re right, because he won’t have an account to worry about at all.
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There are two approaches to determining SL and TP size. You either choose how much money you can risk in a trade (say 20 USD) and then for your particular lot size using pip value determine pip size of SL and TP. However if you take into consideration levels upon reaching which you can admit that you was wrong in your trade (like if price goes 30 pips against you) then it is better to set SL at 30 pips. Knowing how much you want to risk per trade you can then determine using pip value the size of positions in lots. I prefer to go with the second approach.
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The starting point for setting a stop-loss order is the chart. The set-up of your chart is dictated by your strategy. Use the chart to identify a level at which your trade is now more likely to lose money than to gain profit: that cross-over point can be seen according to the entry signal you used to get into the trade in the first place. The cross-over point is not necessarily a signal to enter in the opposite direction, simply price action which shows a deterioration in the chart.
Once you have your SL position, you can check that it is far enough away from the entry price so that “normal” price volatility will not prematurely close your position. Then adjust position size according to the level of loss in % of your account capital you are prepared to risk.
Why do you think there should be a TP?
It is important to place stop loss and take profit correctly, for your trade to be the most fruitful. First determine your risk appetite. How much are you willing to risk, and how much do you expect to profit from the trade.
Since we know that 70-80% of private retail traders are making a loss on their accounts, its hard not to assume that 70-80% of replies might be wrong.
Well, you can use nearest support & resistant levels as your take profit & stop loss; but it depends on your trading style & strategy!
You can use supply & Demand level; but in that case try to use higher time frames level!
It’s quintessential for a trader to use stop loss and take profit in their trades because it safeguarads their trades from losses.
Use stop loss and take profit in your trading carefully so the possibility of losing in trading becomes narrower.
Make the habit of using stop loss and take profit in your trading because they work as security. Many traders mistakenly don’t use them properly.