Yes, that’s true. Most times when I am trading, how much I am willing to lose is an important factor that I consider when setting the stop loss on turnkey forex. I know it's pure guesswork but that also depends on the historical movements of the asset. I try to place it far enough that it doesn’t trigger too early but not too far that I get to lose a significant amount of capital. I keep trying to set different stops with low amounts with icm to see what impact they can have on my trades so as to prepare myself for whatever the results are.
While buying, I place stop loss order below a swing low and while selling, I place stop loss order above a swing high.
For most of the time I trade on charts with 5 min time frame over the 1 month. So, I decide my SL by finding proper support and resistance level with MAs,