Hi guys im still a beginner trading in a demo account, im beginning to be able to identify good trade set ups etc. but the main thing i struggle with is how to effectively set TP and SL. I never know when to close a trade out if its a winning one and either my profits dwindle or i close out too early, any help would be appreciated thanks 
Deciding when to exit a winning position is the hardest part of trading. I prefer to take profits early on price weakness - risk is immediately zeroed and the price weakness hopefully gives me another opportunity to get back in soon in the same direction. Dramatic price movement in my direction is equally going to cause me to exit.
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I tend to set my initial TP based on Fib levels and then if the trade is going the right way will look for key market structure to form along the way as a sign to raise my SL and start reducing risk and get risk free. Then I look at starting to take partial profit and leave some to see if my final TP gets hit.
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Setting Stop Loss and Take Profit This means that you’re able to set your Stop Loss level below the current market price and Take Profit level above current market price. It’s important to remember that a Stop Loss (SL) or a Take Profit (TP) is always connected to an open position or a pending order.
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Thanks @tommor just another quick question, why would a dramatic price movement in your direction cause you to close your trade?
Thanks @Butter_Kiss i was just referring to having difficulty on where to actually place my TP and SL.
So many times a dramatic price rise is followed by a pull-back due to profit-taking. Its nice to get out at / near the top, then you have the choice of whether to buy back in when the profit-takers have finished selling and the uptrend is resuming.