Well, I’m always in trouble in knowing how much pip I should use to set my stop loss! But my stop loss according to my analyzing is too high than i can afford money to loss! So, please tell me can I put stop loss how much i can afford to loss, or it may be too risky?
Others say, it depends on your target profit. For example, if you trade GBP/USD with Daily chart, and your target is 100 pips profit, maybe you can set your SL for 50 pips. But if you do scalping with 15M or 1H chart, and your target is 30 pips profit, maybe you can set your SL for 15 pips or 20 pips. There are no certain rules of how many pips to set in our trading. I guess it's better if we practice it for ourselves, because each trader has their own trading style.
Any views on this?
Others say, it depends on your target profit. For example, if you trade GBP/USD with Daily chart, and your target is 100 pips profit, maybe you can set your SL for 50 pips. But if you do scalping with 15M or 1H chart, and your target is 30 pips profit, maybe you can set your SL for 15 pips or 20 pips. There are no certain rules of how many pips to set in our trading. I guess it's better if we practice it for ourselves, because each trader has their own trading style.
Any views on this?