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Originally Posted by 4xStar
Basically you do not want to risk more than 3% of account size on any one trade .. some say no more than 1%. With $5k, 1% is $50 or about 50 pips, so that is a generous stop loss.
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Maybe. Maybe not. Depends on your timeframe and the pair you trade. (By the way, a pip is only a fixed value for a handful of pairs).
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If you are doing multiple mini-lots (and as a newbie with $5k you should only be doing mini lots) then you could risk 25 pips per position & hold 2 positions.
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DO NOT think this way. This will lead to putting your stops too close. Figure out what your need to risk in pips for the trade, then figure out the contracts. Do not do it the other way around.
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3 good reasons to enter .. only one to exit.
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This seems backwards to me. I only have 1 reason to enter a trade - the set up matches my criteria. That's it. Quite a few things can get me out of a trade, though.
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And one of the keys to forex success imho is trading multiple lots. If you think a trade is a valid one, put on 2 or even 3 positions, not just one. Then you can take profits quickly from your first position, move your stop to break-even (your entry price) on the remaining one or two positions . .. and now you are trading with free money 
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Why would you take any trade that isn't a valid one?
Only put on multiple contracts if it fits your risk strategy. And test out whether it makes sense to take partial profits along the way. For some strategies it will work well. For some it would actually decrease performance.
For that matter, test out whether you're best off putting on a full position or a partial one and adding to it.