Placido was born at Ascoli Satriano, into a poor family from Rionero in Vulture, Basilicata; he is a descendant of the known brigand Carmine Crocco. Placido had a number of jobs since his youth. He studied acting at the Centro Sperimentale di Cinematografia in Rome, and with Silvio D'Amico at the Academy of Dramatic Arts. He made his debut as an actor in the play Midsummer's Night Dream in 1969. Two years later he started film work under Directors such as Luigi Comencini, Mario Monicelli, Salvatore Samperi, Damiano Damiani, Pasquale Squitieri, Francesco Rosi, Walerian Borowczyk, Marco Bellocchio, Paolo Cavara and Carlo Lizzani. His first success came with the role of soldier Paolo Passeri in Marcia trionfale (1976, directed by Bellocchio), for which he won a David di Donatello. Two years later he won the Silver Bear for Best Actor award at the 29th Berlin International Film Festival for his role of the homosexual worker in ironical melodrama Ernesto (1978, by Samperi).