I like to have a stop loss placed a few points behind my purchase price, usually the margin maint' helps me determine the stop loss price, so I'm willing to lose a pre-set amount, then I'll trail the stop as the market rallies in my favour, if it swings against me /against the trend 2 or 3 points then I exit with whatever profits I have, and move onto the next market.... atleast that's how I have been paper trading. Seem to be successful at it too, especially with coffee.