what is a trailing stop-loss?

Thanks Beyonder...

I suppose that I should continue to paper trade for a while longer until I determine what feels right. I think what I am finding is (like you mentioned) it depends on what you are trading.

I was under the impression that many traders had one method that applies to all their trades, but after speaking to other traders, I now understand that isnt the case, and that I will most likely have to be flexible depending on the type of trade..

...still learning! thanks for the input

When you line up to trade, you have a reason. ie you're maybe looking for 30points. You have have decided why you want to enter. Has it broken a trend line, is it running into resistance, have your MAs crossed, or whatever your analysis has shown you. You MUST have also worked out at what point you're wrong. So when does the market say your analysis is wrong? If it's more £$ than you're comfortable with, then it's not your trade.
You must know your "out", your loss, before you enter!

Good luck