I understand people trading smaller time frames, when trading full lots ,mini lots, or micro lots.(ie. fixed lots)
A stop loss on a 240 chart, maybe on the last swing before entering, could be some 40 pips, and that could be a big $ risk for most of us.
That is the reason why I use OANDA, the only broker with no fixed lot´s.
So no mattter what time frame, I will set my stop where I want, and then adjust my lot size to the cent,meaning, if I want to risk 12, 50 EUROS, I can adjust my lot size exactly.
Having said that: OANDA IS A BUCKET SHOP, they have very high spreads, they spike massively on news, they spike massively on rollover, and if you want to trade the Assian Session, the spread is close to double the London N. York session.
Can you imagine scalping the Aussie dollar with an 8 pip spread? Well that´s OANDA.
So I only trade during the beautifull german daylight….and sleep at night.
Btw: adjusting your R (Risk per stop), to the same exact amount for every bet, gives you a clear picture, of your “R performance”, and you can calculate also you “expectancy”, or expected gain (or loss), per dollar risked for the system you are trading.
Just my 2 cents worth.