Do most people use a stop on the last price? I have been trading with bid and ask stops for over a year and I think I like them more. Is it really just personal preference? It seems like a trade off, you lose more if it hits the last but maybe you won't get kicked out as quickly just to have something reverse? Is it bad that I mainly look at the bid and the ask and almost never look at the last?
A standard stop loss could be for example equal to the amount you expect to make for your standard target to achieve equal risk vs reward. For me I have a set amount that through back testing the market will normally travel before retracing and I use the same for my stop.