I can help you with the second question:

(LotVolume * StandardLotsize * (SellPrice-BuyPrice)) / ExchangeRate

LotVolume is the size of your position in lots, StandardLotsize is the standard contract size, which is usually 100.000 in the currency markets (other examples: 100 for gold, 5000 for silver). ExchangeRate means the conversion from profit currency to account currency. If e.g. your account is in USD and you're trading the GBPJPY then you need to divide by the USDJPY exchange rate. If profit currency and account currency are the same, e.g. your account is USD and you trade AUDUSD then you don't need to correct for the exchange rate (because the exchange rate for "USDUSD" is 1.0).

I wrote SellPrice and BuyPrice instead of entry/exit price because this makes it correct for both long and short trades.

For the first question: sorry, entire books have been written about how to get out of a trade; please read some basic trading literature and find your own technique.

Chris.

Dears,

Good day to you all)

considering EURUSD for all the below.

I need to know the formula for calculating the SL and TP for Sell and Buy Trades, like what inputs to get the SL and TP levels ? (edit: i am not asking about how to choose the SL and TP levels, i want to know how to calculate the level knowing the price and amount of pips i want to win and risk)

Also, how to calculate the profit and loss if an SL or TP to be hit ? and if i would close a trade at any point ?

Thanks in advance ♥