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You have most likely identified a time frame that you are interested in trading and one or two currency pairs that you are committed to studying. Now it is time to identify what you want to make and what you are willing to lose per trade. Don’t hold on to any illusions here, you will lose and you will lose regularly. The key is to lose well.
There are a number of theories surrounding take profits and stop losses. I believe that knowing when to exit a trade is nearly as important as know when to enter a trade, yet so much less attention is paid to it.
I think this stems from the fact that it is a little subjective. It really depends on your time frame, your currency pair and what happens to your pair during your chosen time frame.
The market does change over time so don’t get caught using old data in your analysis.
Another method for identifying stop losses is to use common indicators as exit strategies.