There really is no one answer to this. Personally, for small account size I'm willing to take a bit more risk to get things going. 10% hard stop with actual loss being more around 5-7℅. As the account grows im not increasing the lot size so my risk is coming back down and I'll probably settle at a 5℅ hard stop with actual loss being more like 2-3℅. If my account gets larger still then in happy to bring that down. Please take note that I don't let a losing trade roll until it hits my hard stop. I often clip it quite early if it doesn't work out so I rarely hit the 10℅ hard stop unless something unexpected happens.
One problem I had with 1-2℅ risk on a small account was psychology. It wasn't enough money that I was afraid to lose and it wasn't enough money that a good trade was meaningful in terms of dollars. Given enough capital less risk is always better. However for the little guy with a small deposit I think it's OK to take some bigger risk early on to get things going IF you feel you have at least some skill. If you don't know what your doing at all maybe 1-2℅ is better so the account lasts a bit longer and provides more opportunity to learn.
Additionally, I'm a conservative trader. I trade 1 pair 1 open trade at a time and I only trade the london + new York session. I'm out early afternoon sometimes earlier. I avoid big news, in particular anything to do with central banks. If I can score a couple good winners a week I'm happy.
Good luck.
One problem I had with 1-2℅ risk on a small account was psychology. It wasn't enough money that I was afraid to lose and it wasn't enough money that a good trade was meaningful in terms of dollars. Given enough capital less risk is always better. However for the little guy with a small deposit I think it's OK to take some bigger risk early on to get things going IF you feel you have at least some skill. If you don't know what your doing at all maybe 1-2℅ is better so the account lasts a bit longer and provides more opportunity to learn.
Additionally, I'm a conservative trader. I trade 1 pair 1 open trade at a time and I only trade the london + new York session. I'm out early afternoon sometimes earlier. I avoid big news, in particular anything to do with central banks. If I can score a couple good winners a week I'm happy.
Good luck.