So trailing stops would be a beneficial tool then? That way I wouldn't have to watch my trades quite as much after they show a profit.
also depends on the dynamics of the market in forex, trailing stops are set a lot differently than equities for instance stops are kinda weird with options, too. especially if they are thin if trading options, u can set alerts at various price points for the underying vs. the option to get around this
l"ike you guys are either for or against one or the other " no. i am for both. depending on the market, the timeframe, etc. i may be mostly fundamental, mostly technical, 100% Ta, 100% FA, or any combo thereof. iow, it depends. one thing i am sure of. despite the religious proclamations of some TA people, EVERYTHING is not priced into the chart. THAT is why Fundies can be useful however, a heck of lot is priced into the chart, and can be gleaned from it. THAT is why TA is also useful on an intraday time frame, fundies less important, but still can be important for example, if u see a stock selling off and thinking about shorting it, if u know it has a fat dividend, it is not gonna tank as far as if it is a noearnings hype stock, in general. because when the stock tanks to the point where the div becomes really attractive, that's gonna be an obvious reversal point. that's a way to use fundies to help understand the daily technicals, and vice versa.
i dont trail becuse that particular stop (say 5%, 8% whatever) may not be the most logical place to have it. I normally program my stops around support or resistance...with a little wiggle room. but the other point you made has worked very well for me..."dont have to watch your trades as much". this automatically limits your emotional enemy, and helped me lots. After my trades have proven their direction i program both the stops....and the points where i will add to the position. Depending on price, i will double my exposure every 5% to 10%. If they hit those levels...i get an/email notification, and i reset the stops around support or resistance. nothing fancy.