Its highly suggested to do this before placing any trade. For the stop loss in pips use the number I provide in the brackets behind the stop loss values. Knowing your risk before placing the trade is essential to avoid emotional trading mistakes. There is as well some apps for Android or Itunes one called Forex Calculators is pretty good too CHECK IT HERE
We always have 2 targets in the signals. Use major part of your calculated risk for first target. Its hit in more than 75% trades.
After first target is hit move stop loss to the break even (couple pips behind/below entry). Second part of position with minor position size will be risk free trade which can make us additional extra profit or can end up in the break even. Always both targets and let at least some small position run with break even, as we never know when we can catch big trend. With using only one target you will cut this opportunity.