Here is exactly what you should do: Locate a pattern or anything you like to exchange. Subsequently ghetto-backtest it to determine where your average turning points are on a trade(i.e. at which the price would have begun reversing). For instance if you detect you become scared of a winning trade going bad and you also skip out after 20 pips, then mark (after some time has passed) how much more it could have gotten if you kept with it. You then repeat that for a few (hundred) of your patterns and write it down, then calculate an average.

And by ghetto backtest I suggest take a block of paper, quantify your pattern on the chart, write it down on a newspaper and replicate this for as far back as you desire. I am not using MT4 so I dont know how far it's possible to backtest by scrolling back (on fxtrade customer its 6 months on 1 hour charts). Then figure out the average. The important part is your ghetto, you have to become one with all the newspaper and chart at the same time you do it. It's dull as hell, but it should give you a good average about where to set your ceases and take-profits. By doing the boring hard measuring it yourself builds your confidence because you made that thought you have your own. Also helps with all the urge of closing a winning transaction too early because you know statistic is probably on your side.


Additionally about controlling losses. Stick with your stop-losses no matter what. Never-EVER adjust your stop loss deeper to the negative.