LBR in an interview said a trader could make money entering a trade anywhere if he applied proper money managment. I assume she means averaging down on trades, so I guess to bet small at first and doubling down your size when risk get smaller, and method playing with sizes. But I guess you need deep pocket and skills to do that because you could blow out an account really fast trading this way.
You start from risk per-trade (how much % of your capital you can afford to lose in a trade) then determine position size based on pip value, in lots, determine stop loss (according to cancellation scenario of your forecast, i.e. where you accept that you was wrong), set TP too, make sure that risk/reward is less than 1 but not too low to avoid making too many losing trades which can push you out of balanced emotional state.
I've found this insightful section on advanced money management strategies, you can check it out: https://insights.primecodex.com/advanced-money-management/
Totally agree with you, @trost_samantha! This blog is also a good read for getting the lowdown on forex risk management. https://www.zulutrade.com/blog/post/forex-risk-management Worth every scroll!
One thing I always advice people when it comes to money management in trading is not to be greedy. Adjust your trading lot size to the capital you invested, even when your profit increases don't be too quick to increase your trading capital, it keeps you on the safe side.
I trade using stop losses in my trades. At the same time, I always calculate the lot size according to the rules of money management so that possible activation of SL does not bring big losses.