This simple stock calculator will determine your risk (“R”) for any position alongside exit targets to maximize profit. I highly recommend bookmarking it for future reference. (Using “R” stems from the book Trade Your Way to Financial Freedom by Van Tharp).
Remember, for every 1R winner, you can only lose 1R to break even. 1st Trade = +1R, 2nd trade = -1R. Thus split. If you want to be profitable and are currently batting 50% (ie winning half the time), then you should look to lock in atleast +2R on each trade, the higher the better, to maximize your return.
For more information on “R”, read my post on why defining risk as “R” is critical to successful investing.