It's based on the type of the setup. 1min setups have a lower risk than 5 min ones.
The size is also adjusted at the end of the month based on the account size.
I am using fixed stop and targets only. Normally it's at least 1:2 risk to reward depending on the setup
I have tried to use targets based on the market behaviour and most of the time mismanaged the trade.
I don't think that 5 min is more volatile than 1hour timeframe.I would just adjust my stop and target appropriately. Unfortunately trading the bigger timeframe would produce much less opportunities during the day.
P/L: -96$
Made a really bad mistake and didn't take a trade when a proper setup was present. There was a chance to short 2985 at about 8:15GMT. I have hesitated and missed the opportunity.