Stop-Loss and other things

I have been trading currencies - mainly EUR/USD, USD/CHF and EUR/GBP - with a good amount of success (11%). My account is rather small (for now) until I fully grasp the vast amount of information.

I typically scalp off of economic news and use indicators for support. I do not use them heavily, but since they tend to lag I use as contrarian indicators.

Now, I am curious on other traders use of stop-losses. I have use tight and lose SLs because I know it can get risky if they are not in place. For instance, I was short EUR/USD and had a lose SL, maybe 50 pips, in place. It literally bounced up touched it, stumped me out of the trade, and retraced within 90 mins.

I would like to know any ideas to avoid this or how to place a better SL. Also, are there any simple systems I could utilize? I trade about 3-4 days a week but have a full time job. I can hold a trade for an hour or a day.

Any advice would be much appreciated.

Thanks!

pip_trader: Good day to you, I think stop loss are there to avoid a disaster just as you have stated, some traders believe they will be hit no matter where you place them but I think the problem can be solved with a little timing calibration of your entries, if price tend to go the way you think it will, it means you have the overall trend correct, nevertheless suffering that kind of circumstances you describe could mean just a little timing issue, I am a fully technical analyst so I would suggest implementing a simple price action technique to trigger your entries (breakout candles, pinbars, inside bars, etc) and placing the stop loss behind it, but even then the decision is yours, hope it helps.

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