I think there is a little more to it than that, which currency pair are you trading? How much are you willing to risk on the trade?
I generally use the currency pair's ATR to assist in determining my TP or SL levels as some pairs are more volatile than others, therefore, may need a little more room to breath. That then affects the lot sizing etc.
Bsolo posted: Let's assume I have $100 in my account, @Teejy88 How will I calculate my sl and tp for buy/sell
What are the SL and TP requirements of YOUR specific strategy?
There are numerous factors which could be used to determine SL and TP price levels, however there is no 'one size fits all' solution that will work for all circumstances. What works well for one trader, may not work at all for another.
alexbernal posted: HOW DO YOU CALCULATE YOUR SL AND TP WHEN PLACING AN ORDER? I seen people count the pips and subtracting and multiplying, I have also hear people using trading system to tell them, what do you use?
The best way in my experience to use SL levels is to put them where you'd no longer like to be in the trade, I don't base it on percentages as this is silly and will lead to putting your SL at an arbitrary value. I use percentage risk for my lot size AFTER I determine where I'd like my SL to be.