This losing streak usually ends up in disaster. How does one control and protect profits after they are made?
Easy, it's called greed. Why it's important to have "give back rules". So if you make $5k on the day, how much of that are you willing to risk to try to make more? Once you hit that threshold, you're done for the day.
Let’s say I want to risk $1.5k of my profits to make more. After all is said and done, I will have either $3.5k or more than $5k+.
Assume you made 3 trades on the day and won on all 3 trades. What are the odds you are going to win the next 3 more today?