If you want to be a serious trader you will have a money management plan and set up risk parameters. When you have a reasonable risk plan, you increase your chances of making money as a trader. Also consider if you can afford to trade what you want and if you can handle a losing streak. You will need to determine what you are willing to lose before you start to trade and find out what the risks are.
There is one good way to enable you to be around for another day of trading and that is to only trade one half or your trading capital and save the rest in reserve. You should also figure out that you will not trade any more than say 2-5% on any one trade. You will also want to figure out which currency pairs you are going to trade and take into account the spread and how much the currency moves in any given day.
One way to figure this is to measure the daily candlesticks. Also, by looking at a one hour chart and placing period separators you can see what the market did in a single day in one hour increments. Once you know which currency pairs you will trade then delete the rest from your market watch window. Don't figure the total amount you will have exposed to the market at any one time. We don’t recommend that you trade any more than 10% or your account at any one time when you first start trading. Once you are making money and not losing then you may consider using more, maybe up to 20%. This is where you will have to make some management decisions. Only 2 lots may be a lot for some trades while other trades will merit the full amount you have planned to trade.
In making your Money Management plan be sure to include any rules that could help you hold on to your money. Make plans to add on to a trade and when and how you will get out of a trade. Make sure that your winners are bigger than your losers and the risk/reward ratio makes the trade worthwhile. You can put many different things into a money management plan but the most important is that you make a plan. The second most important thing is that you stick to it. Once you reach the limit that you say you will lose on any one trade then you need to exit the trade or the plan is useless. Without discipline, no trader will succeed, so always focus on staying disciplined and follow your plan.