Well, it’s a complicated topic with no clear-cut answer. You have to adapt to the market; what worked in the past doesn’t necessarily work today, especially when it comes to risk management. You need to find something that works for you, your account size, and how you handle emotions.At the beginning I was definitely risking too much, but somehow I managed to grow the account—whether it was luck or skill, probably a bit of both.These days I do it this way: I deposit a “small” amount and try to build a larger account from it. Once I double the value, I withdraw the initial deposit and then I’m “risk-free,” which gives me peace of mind.Building from a smaller deposit also makes you more responsible—you can’t hold positions for too long, and that alone makes you trade better.I don’t use stop losses; too often it happened that price would take out my stop loss and then move in my direction. It’s not an ideal solution—I’d prefer to be precise enough to use a fixed stop loss, but I’m not, so you have to deal with what you have.Take profit these days is around 100 pips; then I leave one or two runners and move the SL to BE+1. Sometimes those runners can really surprise you.

When it comes to closing positions, after years of experience I’m relatively rarely wrong, and when it does happen, it’s usually obvious enough that I know that’s the moment to close the trade. Lately that’s usually around 200 pips.The biggest problem can be days like today—price dropped very quickly, and if you didn’t close the position in time, you could lose a lot. In situations like this, withdrawing the initial deposit earlier really helps; in the worst case, you can always start from zero again.The biggest mistake is adding to a losing position in the hope that it will bounce back. In moments like that, you have to man up, admit the mistake, close the trade, and keep trading. If needed, you can take a short break and come back with a clear head.

I don’t think my advice will really help you in any way, because we’re in completely different situations, and risk management is a very personal thing. You can’t copy it from someone else—you have to develop something that will work for you. I wish you good luck.