RBLX trade | Stop loss too wide | My loss and lessons | A big loss trade again

RBLX trade - 

$7000 Canadian dollars - Stop loss, cut loss on $1200 US dollars, 

Stop loss 40.04, purchase price 42.97, leveraged trade, the loss is set too big up to 30% 

This is too dangerous. That is the reason I was in panic mode, and I saw DCC candlestick pattern on 5 min chart, but I did not stop loss manually and then waited and hoped next day, and then cut down loss $1250 US dollars. 

How to Ensure Small, Consistent Losses

1. Use Stop-Loss Orders: Know your exit point before you enter.
2. Risk Percentage: Never risk more than 1% to 2% of your total account on a single trade.
3. Position Sizing: If you have a wide stop-loss, you must have a small position size. 

Bottom line: In the long run, your ability to cut losses, not your ability to pick winners, determines your survival. 

I can make risk percentage to 4% to 5% instead of 1% to 2%, and only thing I can control is to place a stop loss

when I place the order, and also make sure the leveraged trade does not induce a big loss order than 4 to 5%.

Checklist:

1. Put down the stop loss order on bracket order - must do it
2. Do not set wide stop loss order, only allow 4 to 5%
3. If it is leveraged trade, then make sure that next trade position size will be cut at least half
4. Set daily maximum loss is $200 US dollars
5. Set one trade maximum loss is $200 US dollars
6. Do not get afraid to myself. Psychology is too hard to play. Plan small order if needed. 
7. Wait best case to start a long trade.