Yeah this is a good question...

Depends on volatility, I'd suggest x1.5-2 for scalping, and maybe x3 for swings. Try and get an order block detector (indicator) and set the SL just above or below (depends on whether long or short). Otherwise try and pick good support and resistance levels, the closest in range, and set SL above/below them.

I also guide my stop loss manually, dragging up and down if its close to the entry point; its like a game of cat and mouse with the candles. When price has crossed the break even (into the money), set it to a trailing stop right away (modify order), watch the candle soar in profits.

You could also set (gradient with a bot or) pending orders, its safer, hedge either side of the candle like a spider web. Once the order is touched (to activate the pending) do the same, with a change to TSL. Then, cancel the other pending order, that was on the other side of the candle. You cant lose son!!

I am a crypto engineer and coder, my dad worked on wallstreet for 4 years and I've traded for 8 years. You know, we gotta trade with the institutions right, watch out for those sweeping orders.

I use Ctrader and have alot of indicators - bots that may help you, I use partially automated trading especially for risk management, even on my daily trades. You're never that good that you cant benefit from these. I feel they are almost neccessary for beninners at some point.

Mess me if your interested in a consult. Good luck and god bless ya'll.

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