Not every trade you place is going to be a winner. I probably don't have to tell you that, though. In some cases, it's possible to reduce your losses. Here's a perfect example of that. John Paul from DayTradeToWin is going for a three tick profit. Not much, but this is a scalp trade from the Trade Scalper, a trading system. The stop loss is around six ticks. Obviously, it's better to make profit as quickly as possible. It would then make sense to have a rule in place that limits one's time in the market. The time-based stop is just that. If a specific amount of time passes, you get out at the current price - whatever that may be. In this case, John Paul slides his profit target up to the entry price. Since price is at that level, he exits the trade at breakeven.

With broker fees included, this would be a small loss. Most brokers charge per contract, per trade. That means you would multiple your round-turn cost by the amount of contracts to determine your total cost for placing the trade. NinjaTrader Brokerage is who Day Trade to Win recommends. They offer lower rates if you've purchased a lifetime or lease a NinjaTrader license. A NinjaTrader license is required for placing live trades, so this is why they have an advantage in the broker industry. There's been some talk that they may be looking to now support Canadian clients, so it's worth checking them out. Remember that you can get a free, live data feed for NinjaTrader for practicing. Most traders go through a period of weeks or months of practice before trading live. This is advisable because it's easy to assume you know what the market is doing, when in fact, you're guessing and just happen to be correct. Day Trade to Win can provide you with a full setup for paper trading.