how to apply stop loss and take profit on open positions?

[bangash4u]

hello everyone,
i want to apply stop loss and take profit on my open positions...but i do not know that how to calculate that how much money i will loose if i apply at a certain level...so please help me with an example...because i do not want to loose more than a dollar on every positions...so i want to apply stop loss, which will make my position close at minus 1....

[moknick]

hai....
for me, i'm always maintain take profit 10 to 20 pips.
and stop loss 40 to 50 pips.
hope it will help you.

[alipb2]

that would depend on your order size if you open 0.01 lot size where 1 pip = 1 cent then you can make your stop loss 100 pips

try on demo ... till you can know how to set sl and tp and how to calculate your loss and profit before you go on real account

[mizo969]

i ask u a question why u enter at that position .. is it near a support level so u make a buy order so your sl will be below that level or is it a resistance level so u make a sell order so sl will above that level

[indera69]

I would to know whether is there any penalty or charges if apply the stop loss. I get some information from my friend saying that the broker will charge a percentage or any numbers when apply the stop loss

[pimo]

According to this strategic approach if you are sure of the technical analysis and identify the path of the currency trading, set a stop loss at point 40 if possible and put the profit taking at the point 30 so as not to be greedy and lose everything

[Baguwah]

It is easy if you trade using harmonic chart patterns. If you enter accurately on the crab harmonic pattern you can set your stop loss at 1 pip. On any other mode of entry, I think it is unrealistic.

[standgunz]

Now, I've reduced my risk and increase the number of stop loss carry forward cycle is a new position to 200pips. With this, I do not have to worry about the loss I will incur. But, worried about the gold, why have not retrace to the price of 1660.00

[realfun07]

You can always check your trade as it shows how much profit or loss are you in and you can apply Stop Loss and take profit by calculating the pips with lot size.Always try and put Stop Loss before trading and if position is open just put a Stop Loss of 10 - 20 pips depending on your strategy.

[nsawork]

It is easy if you trade using harmonic chart patterns. If you enter accurately on the crab harmonic pattern you can set your stop loss at 1 pip. On any other mode of entry, I think it is unrealistic.

It would be better to place a Stop loss of 30 pips from the current market prices and then make a take Profit from 100 pips from the current market levels.

This is to make sure that in the event the market goes to the specific desired levels and then retraces back we would still get the results and will be able to make profits from the markets.