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Is there a time limit within which I need to place my Stop Loss?

There’s no countdown or fixed window forcing you to set your Stop Loss the moment you open a trade. You’re free to manage your risk in the way that fits your strategy, whether that means setting your SL immediately or adjusting your approach as the trade develops. All you need to do is have your Stop Loss placed before you close the trade as a trade without stop loss will by default will be considered as infinite risk.