HARD STOPS Hard stops on a strategy with low sharpe & low win rate only drains the account.
RISK A FIXED % PER TRADE.
Every trade has it own unique exposure to risk. Risking a certain % means K is constant. This might not work most of the time.
NO STOPS Averaging down,up/Martingale for profit with no exit plan. The strategy mostly relies on estimating the risk then factoring it on position sizing. Truth its pretty hard to get the exact risk even on a high win rate. How far does it go before calling it quits or must you it end in profit & keep the high win rate?
These are just my opinions and maybe flawed from another persons point of view.