For myself, stops are based on swing pivots in price and how far away my entry is from them. I try to keep them with 5-7 pips on the E/U.
Its good you've got a emergency stop (20 pips) in mind and get out earlier. I would recommend using support/resistence to time entries on lower fractals. That way, you waste less and get a much better feel where the market is headed before taking a 50%+ loss on your emergency stop. remember, that price patterns work on all time frames. my 2cents
Why risk it? A good trader can easily get back in during chop around a key level. How do u manage risk, then? HedgE?
Why risk what What 'chop'? I manage risk using stops. I don't really get the point of the poll because there isn't a standard one-size-fits-all answer, it depends on numerous things.
Now you've got me confused what did u mean by the one hand clapping remark? I thought u had referred to stops = none.
'What is the sound of one hand clapping?' It's a Zen koan which are supposed to promote intense meditation and eventually enlightenment. In this context I guess it means think about the 'How many pips for stops' question, enlightenment will come......or perhaps not! I think that's what stevegee58 meant, he's the one who said it, I just agreed http://www.lifepositive.com/spirit/world-religions/buddhism/zen/koan.asp