Using the "Simple System", I have not been using any stops, so that is why if you are considering trading this entry method, you need to do back testing to find what works for you are a protective stops, same with targets.
Today was one of those days where system just didn't have many signals even though I stayed longer. And being a Scalper, I simple don't have patience past three minutes, my back testing STATS shows me winners take off in direction I desire is 3 minutes or less and staying in a trade and not be able to have plus one tick stop will get losses greater than 10%. Plus, when you average down as I do, I am going to be profitable on plus one tick profits of original signals. And I do not recommend anyone to average down unless you have been able to sim where you don't lose very often, you have to be able to read price well. If you don't have patience to sit on your hands waiting, you will lose in day trading. Look at Jas_in_hbca, he has come a long way with much help from Redneck, Jas going to have weeks of doing dumb, but he is getting better and eventually he will have profitable weeks all the time, it is not so much trading is hard to do as it is to being relaxed, more you are relaxed, more the brain allows you to be able to think and remember, but when you stressed, brain lucky to remember one or two things. Ever try to add simple numbers when you in a trade? Need a calculator sometimes and yet when out of a trade, you can add in your head. So when designing systems, less rules are better and more rules on when not to take the trade, like is the "Swing" over extended, is price showing S/R or Head and Shoulders, two counter-trend signals that do rather well so I certainly don't do trend trades against them or my time rule is quicker.
Starbuck time.
