Updating stops to lock in profits

Assuming minimal slippage on the stop, is it general practice to update stops when you notice profits you don't want to see wash away. For the past hour I have been playing with a demo account to observe my emotions and analyse the way I react to greed and fear. What I found was that I 'expected' to risk up to 2% of my capital so I wasn't overly concerned about fluctuations in this zone on the 10 second chart, however when I found that I had moved more that 2% above my opening position I was constantly inclined to update the stops.

Before I opened the demo account I would have expected that I would look for signals indicating reversal. When the trade is moving however I'm want to erect walls around my position by covering myself with stops.

Is this at all useful at relatively arbitrary values? Should I go back to study and look for local support \ resistance levels?

I have very strict rules on moving my stops, just as strict as entering in the first place. It is in my opinion quite important so that you know if your strategy is working.

I'm new to Forex also, but moving stops is pretty common when the price moves in your favor.

"Trailing Stops" is what they're called.

With Forex being so much more "volatile" than stocks, seems like it'd be easier to get burned on a quick spike downward, hitting your stop.

Just in my opinion, I'd definitely move stops if the price broke through "resistance". I've been reading that as a common thing to do.

Use trailing stops. best method.