How much pips away do you set stop loss?

An arbitrary number of pips or ticks wont help you.

Your stop distance and location depends on a few things: which market, the time frame, the current volatility, how good your entry point is and if going short you also need to account for the spread.

The basic idea is:
Put your stop in a location where if it is hit your idea was clearly wrong!!

Eg: Mkt is in a bull trend = Put your stop below the previous major low (on your timeframe) so that it will only be hit if the trend breaks.

I know this can seem a bit vague but it will hopefully help you understand what you trying to aim for.
 
Waylen said:
Stop loss plays a vital role for saving a trade. How much pips away do you set stop loss?
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It differs from trade to trade because in some trades I use 50 pips SL and this pips amount varies ranging from 10 to 50.
 
I no longer go by a certain number of pips. I use identified support or resistance levels (as applicable) instead, or if the closest level is too far away, the maximum amount of loss I'm willing to suffer on a given trade.

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Best is as tight as possible,

Because then you (tried to) hit the best entry point.

SL is calculated at either last lowest price,
or other TA reasons.
 
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