How Can I Place Stop Loss And Take Profit

PLEASE HOUSE I AM NEW IN THIS STUFF.
THE MAJOR CHALLENGE IS ON HOW TO PLACE STOP LOSS AND TAKE PROFITS.
SECONDLY, I WOULD WANT TO KNOW THE BEST PERIOD TO SET MY PLATFORM WINDOW. i.e M30, M15, M5, M1.
THANKS FOR ANY USEFUL INFO.

The best I can advice you is to spend time on this site and read, read, read...

Then drop any timeframe below H4, and then do your homework.
As soon as you are able to make consistent profit then look at lower TF.

I hope you realise that the question you are asking will take about 2-3 years to answer on your own.

If anyone answers it for you - be prepared to loose all your money.

No pun intended - but thats a reality.

For starters pick up any half decent book on amazon on forex trading - understand - learn and then practice for 2 years and the answers + profits will come in.

First of all, I assume you have opened a demo account. It is not wise to start trading with real money when you are new to the forex.

Secondly, trade in multiple time frames. What I mean here is on your trading station have the 15 minute, 30 minute and 1 hour charts side by side. The overall trend is captured by the 1 hour chart, you enter the market on the 15 minute chart and you manage your trade on the 30 minute chart.

Thirdly, I place my stop on the last swing high when I am going short and on the last swing low when going long. A swing high is a candle with a lower candle on either side. A swing low is the opposite.

Taking profit for me is based on support and resistance levels and I scale out of a trade. Say my stop is 20 pips away from my entry, when price action is 20 pips from my entry I close 1/2 of my position. When price reaches 30 pips from my entry I close 1/2 of my remaining position and let the rest run.

Remember, do your homework and get an edge (a set of rules that guide your trading) otherwise you will not last long.

right...i've been practicing a lot the whole year, even though it has been a hard journey to develop a solid technique. My statement, supported on my little knowledge would let me affirm that it depends on the TF you use, or at least i do that. If i'm trading on short TFs i will try to have a stop loss and take profit for about 60 pips. could sound amateur or an action taken under pressure of fear, but i preffer to be safe. And if a decide to open a long order, i could use wider ranges, from 70 to 90...waiting for the market to act.

Hi friend,

Successful traders know when to trade: they trade when their system tells them to. That might seem like an obvious point, but people too often forget it during the excitement of actually having money on the line.

A trader should be governed by his or her system, not by the circumstances of the moment, the market, or the outcome of a few trades. Keep a long-term perspective which focuses on developing a consistent, repeatable strategy. You won't know what is successful or what fails if you constantly change your reasons for trading.

It is hardest to keep this kind of control when you're experiencing losses. But this is also the most crucial time to be consistent. Otherwise, you won't know how to avoid downturns in the future, or how to prevent them from becoming too damaging.

Losses can cause you to do one of the most destructive things a trader can do: rush into trades. Successful traders take their time while selecting trades, and they are picky about which trades to jump on. They don't place orders in a moment of crisis to try to compensate for a loss, not do they trade just for the sake of having a position in the market every second. They act only according to their plan, even if it seems to be failing. There will be plenty of time to revise their plan when they reach their evaluation point.

At the same time, successful traders do not stay in a losing trade. They honor the stop losses that they set, and they do not hold their position in the hopes that the market will eventually "go their way." Too often, people make bad decisions based on hope rather than on a predetermined set of acceptable losses. Know what you're willing to lose, and then lose it if you have to. The individual trade is not what matters: it is your overall strategy. In fact, think of this loss as a gain: what can you learn from this that will prevent you from getting into the same position in the future?

If you can integrate these insights into your own psychological mindset, you'll gain a significant edge in the market. I can't stress this enough: the right mindset is one of the keys to investment success, and most traders fail to understand this.

Regards