Where to set a stop loss?

So i've been out of the game for a while and set an account up a few weeks ago, i've made a few trades at profit and loss to get used to the broker software.

I waited for a trend to appear and set a few trend lines going.

I got in a bit late, but still made three trades at 120pips+ off one trend line break.

I didn't have a stop loss on this trade, but where do i determine where to put a stop loss?

Why don't you put SL behind the trendline or the nearest extremum ?

Placing correct stop losses is one of the most important aspect of trading. Placing wrong stops would (in most cases) increase your probability for being stopped out even though your trade was not unsuccessful in the term of where price went.

If you open a positions based on technical analyzes (TA), make sure you close it the same way. If not, it's very easy/tempting to allow feelings/believes/hope to ruin your plan.

Be careful using +1 after x amount of pips in plus. Too often you will find yourself stopped out before price turns back to your "original" track. Rather closing some part of the deal (i.e +20 pips) and let rest run on break-even or +1 is a better deal, IMO.

Let's say you trade price patterns. You find a pattern which gives you increased probability for a specific outcome;

One main thing you want to do is always have your TP greater than your SL. Placing a SL depends on what time frame you use. If you are trading off 15 minute TF, then a 25 or 30 SL would possible be the area. If you are trading off daily TF, then 150 SL is the area. In the long run, you will eventually get burnt. When I make a trade off the dailies with a 150 SL, I must have at least 200 pip TP or I won't take a trade. A good place to put a SL is if you are going with the trend, put your SL below the previous high for a short or previous low for a long.

The most important thing is to have a system and stick to it. So whatever the SL is for that system, apply it consistently.

Thanks for the advice

Some use the psar indicator which is included in your MT4 library of indicators.

Enter at a good Benefit to risk ratio... ask yourself...if i enter here will psar give me a 2:1 or 3:1 Benny to risk ratio? wait for your good entries based on your entry method.

For example if your projected psar stop is minus 30 pips at the time of your alert/entry...your TP method should be allowing for a min of 60 pips...if not simply wait for a better opportunity...

ES

1 hr - nothing under 50
daily - nothing under 150
just my 2cts.

Without looking at ANY charts I have Decided...

The Next Trade I Take, I'm setting my TP @ 80 and my SL @ 20.
4:1 Risk Reward. Cool. I'll be Rich in no time.

I wonder if I should look at the Chart to see if that would be a wise Trade?

I usually put the stop loss in a place where it probably won't get taken out by a minor market fluctuation but at the same time will let me know that I was wrong about the trade. Like people have mentioned above, you want to look for a favorable risk/reward, at least 1:1. The key is to test, test, test.