So, far he has only manully stopped one whole basket out at -50 pips. In the room he will tell you if he thinks a trade is going bad and to get out. Honestly, if you follow the method and make sure at least 4 pairs are in a trend together, it is kind of hard to lose unless you stop out on a little bit of drawdown. I've found if you can go with the trend, it will often look after you.
Just watch the free videos, they tell the method. The one that tells the actual entry mothod is the, "basic," movie. Go to his twitter page, twitter.com/FourSquared I believe they are linked from there. As far as sl for the non jpy pairs it's 50 for the jpy it's 75. He gives away free scrips for opeing with SL's already set and an all close, for when you hit TP.
It does go into draw down but not bad, not any worse than any other method.
I'm new to it too and just learning, so I'm not going to try and teach anyone. scalpist is a good teacher and will answer questions via e-mail. He'll also e-mail you with the free stuff you need if you ask him.