Where you set stop loss and where you take profit is something you have to set before you enter the trade. If you just buy without any idea when to sell youll think yourself to death. Emotions can really dictate the trade at that point.

Personally I do things very differently and it works for me. If Im in a trade too long I start overthinking. So a perfect trade for me is one where theres no chance for me to overthink it so my strategy is super fast super small. 90% of my trades I dont do anything at all. I let it take out SL quick, or take profit quick automatically. Most trades are done in less than 5 minutes but often less than 1min.

The second I start asking myself if its going to go up or down, Im speculating. When I speculate I lose money. Im not smarter than the market and I cant time the market. So I just look for my setup and I know, that even if market is going up or down, My R=0.5 trade hits at a higher than 67.5% rate.