SL always should be used
and SL/TP <1/3
then you can have positive profit in monthly
Money Management and ATR explained
Risk & Money Management are very important, if not the most important issues that must always be addressed by anyone seriously considering trading the Markets. They cater for the preservation of both your Initial & Accumulated Trading Capital. You may already have a great system or set of rules to determine what to buy but if your method of Money Management is clumsy, you will lose money, unnecessarily! Once buying that share your role is no longer as a Trader or investor but a Risk Manager. At some point in time your trading system will meet a draw down period (losing streak) and if you don't know what to do, you will lose your feeling of control and try to desperately trade your way out of this crisis. Many people feel despondent and abandon a perfectly good trading system, or give up trading altogether with large profits still to be made.
Technical Analysis Course: Money Management and Computers
This is the most important skill you can learn for successful trading. How you view your trading account and how you determine how much to use on each trade is crucial to making a profit at trading. If you run out of money, then you won't be trading anymore, and anything else you know or learn about trading will be wasted.