General rule:
I stop buying when the equity of my account get to 80%. Note, this dosn't mean I've had a loss, remember it takes $200 dollars to hold a 10K possition.
Here's the rule I live by. When the signal are right, in a account that has $10K in it. I'll by 10K block of a pair at a time.
I check the markets twice a day. Once in the morning, once in the evening. I spend about 30 min in all tradding everytday. And I avoid trading on Sunday.
Taken when the previous post, one can figure out my whole strategy. It's pretty boring, but over time it seems to work for me.
As far as stop losses. I don't use them. I did in the beginning.
I've found out that with lost of small possitions, and intrest on my side, I can hold out for the next rally. Even if that rally only get me to a break even point.
Therefore, my trades have gone as long as 1 week to 3 months. Though, with my leverage, I can go as long as year mentally with a lossing possition. But that dosn't mean that I'm not trading within that pair.
Also, I trade all 17 pairs that FXCM offers. I like to spread out my money as much as I can. Though, I"ve found at the most, I'v only held about 6 differrent pairs at one time.
One thing to note with this strategy. At the end of the year when you print out your account statement for taxes, you'll probally chew through a ream or two of paper.