Stop losses

Hi all, I'm new to the factory so I apologise if me question has already been dealt with in the past.

I'm relatively new to FX trading, after 2 months of practising on a demo account I have opened a mini and been doing ok for the past month (although obviously demo accounts are very different from live ones).

I'm interested in knowing how the experienced traders are place their stop losses. And if you change the stops in relation to your $profits/losses for the day.

For example- you start the with long S/L then as your profits grow during the day do you shorten your S/Ls?

Thanks

Hi
Stop loss position should be your 1st concern when planning a trade. You need to know what you're prepared to risk on each trade.
Once you know this you can then work out how many lots you can trade and still stay at 1% or less of your account.
Move your stop loss to Break Even (BE) + 2pips as soon as you feel it's right, as a rule you could try moving to BE when you're 20 - 30 pips up.
I normally judge the volatilty of the day's trading to plan the move to BE.
The golden rule is 'never let a winner turn into a loser'. You may get stopped out at BE+1 every now and then, but it's all to do with protecting your account balance, and there's always another trade around the corner.
Peter

I do not move stops and will close a position before reaching a stop if for some reason the market says I'm wrong. In the attached chart is a trade I am in at the moment. My stop is at .7714, but will exit if the daily close is above the Doji close ( Doji closed at .7706). My projected TP is the .7560's - the bottom of the range. I recently started to use rectangles instead of horizontal trendlines as it makes the current price action stand out better for me.