"I dont plan on trading intraday, unless there is some huge movement or something."
What differemce does that make? If your 5% stop is hit today or in 3 weeks, it's still a 5% loss.
"You reckon then that I loosen up my stop losses then? How does one base the stop loss - solely on total risk per trade?"
You place your stops where the discomfort of the accruing loss exceeds your tolerance for the pain. And that applies to profits as well - run a trailing stop whether it be real or mental.
What differemce does that make? If your 5% stop is hit today or in 3 weeks, it's still a 5% loss.
"You reckon then that I loosen up my stop losses then? How does one base the stop loss - solely on total risk per trade?"
You place your stops where the discomfort of the accruing loss exceeds your tolerance for the pain. And that applies to profits as well - run a trailing stop whether it be real or mental.