It sounds so easy when you describe it but it is tough in a live market. Settings stop loss first is best way to limit losses but still hard when take 4x 30 pips loss in a day
But it IS as easy as I described it.
This is one of those areas when it is beneficial to use automation to manage the trade basket.
In regard to 4x 30 pips loss in a day, consider this...
If those tickets didn't have a 30 pip sl, and the market turned due a news event and it went 200 pips against you, that's 4x 200 = 800 pips negative.
Also, this is one of those occasions why I also use a smaller units size on my first ticket on the pair.
First ticket: 1000 units (0.01 lots), then when it's moved into profit a few pips I set a break even SL value and let that ticket run, then move up the SL as the profit increases. When I move the SL up, I also step another trade into the basket. Then I repeat this process over again until my basket indicates a profit that I am comfortable with, then I will close my basket down and collect the profits, or just let my set of tickets run knowing that the worst case scenario is that I close them all out at break even profit level.
This is how I personally trade and it's just my own opinion.
How you choose to trade your own account is up to you.
Also, i don't care about how many PIPS I am making a day, week, month, or whenever, the QUANTITY of pips is irrelevant to me. I am concerned only about account percentages and not individual pip counts. And even then, it's a very low priority.
Protection of the account (Risk Management) is the Number ONE rule for myself. Everything else is secondary.
If it looks too good to be true, it's probably a scam! Let the buyer beware.