It is very wise to use stops with your trading - at what ever level you may want to put them at - according to your trading strategy and style.
If you are not using any stops you should be hedging in some format - because believe me - every trader can be caught out - whether a scalper or a very long term investor. There are still live traders out there with buys on the EU at above 1.5100 waiting for it to go higher and sellers from 2003 at 1.1390 waiting for it to go lower.
In both cases they would have though I can live with say 700 pips the wrong way ( why - only God knows) and 3-6 months the wrong way? - my targets 1500-3000+ pips - no problem etc etc.
Three or ten years later they might be regretting it ;-) Their account might be down say 10 -50% - but they still keep thinking one day - it will go back my way . Yes very true - will they still be trading ? and will they still have an account ??
I think it is also important to be realistic about your technical analysis and your targets and stops.
For example - lets say your targets 45 pips. If your stop is under 20 pips - no problem
If your stop is 50 pips - are you wise to take the trade?
If your 45 pip target is a sell and your stop is say 100 pips - forget it - you should be buying if your stop size is twice your sell target - your technical analysis is not working- review and just think what you are doing.
I will agree - please don't try and fit your targets to be just twice or three times your stop size, Be realistic again - far better to have a profitable trade with a RR of say just under 2- than target 4 times risk and lose completely or walk away break even,
Its most important that you get use to having losses - because you will (100%) have them. Forget the myth of thinking i will give my trade "loads of space to breath" - fine if your target is 2 / 3 times + you stop - but its even better to have a tight stop lose - and then reenter if you think the trade is still on - you will still lose less money.
Finally - please don't believe another myth - that you cannot trade "noise" and that no stop should be under say 25 pips.
My manual stops for scalping ( not seen by broker and on one click - with other stops at wider prices) are normally 4-8 pips. This morning on the EU - I caught a nice scalp buy and achieved an RR of 5 in under 30 mins. ( chart shown elsewhere today)
I will admit you need to be experienced and its not for novices etc - but it can be done and if I had been caught out - I would have lost 4 pips which in this case was just under 1/2% stake of my account.
I would have then reviewed again to see if i needed to enter again - or to have taken the opposite trade,- or just waited until the next opportunity.
Trading does require a lot of skill - but more importantly - you also need be very competent with money management techniques and how to control risk and look after your capital.
Really good MM can compensate for average skill and trading performance - become proficient in both - and you will do well and make good profits from trading.
Start today ;-)