Is this a good risk management place for a 5k FX account?

My suggestion would be as follows:
1) Reduce your initial acct to 1K
2) Reduce your risk to .005% (1/2%) The trick is to last long enough to learn how to trade. Do this for 1000 trades and then consider raising the risk. Even 2% is to high for a new trader, but many think that this is the lowest they should trade.
3: What does your system require (If u cannot answer this then see Note #2)
4: Do not limit your winners. See # 3 and then refer again to 2)
5: What does your money management rules say (See #4, #3, and again #2)
Good Trading to you.

Was just cruising past this, you should Google "risk of ruin".

Risking 5% is likely to blow out the account.

Of course this is contingent upon risk:reward ratio and percentage of successful trades.

Most of the experienced traders on the forum (i.e not me) would advocate maximum risk of about 2% per trade. Personally I think this is too high, and am currently looking at about 1% per trade.

Also I reckon setting a max stoploss is a losing game, because the amount of movement in the markets varies wildly depending on the pairs you're looking at. For example a 200pip swings in the GBP/JPY are commonplace, but EUR/GBP has much, much less volatility. Therefore the stop level should be made to suit the currency you are trading, and the position size altered accordingly.

In the top of the begginers sectionis a sticky caled "Information for Begginners. All the questions you have concerning position sizing etc. are in tha tlink.
Sorry if the tone of my prev reply seemed terse. I'm on my 4th day of stop smoking and even my dogs are staying out of the office.
[Hint - I am not myself so at the moment I have no open trades.]

Anything over 1/2 a lot for a position is getting excessive.

Sorry for this post- I'm gonna stop coming to the forum for a few days - my nerves can't handle it

For what its worth here is a euro trade I have taken.

1.The blue line of the previous high is broken.
2. We are above 21EMA which suggests an uptrend (although the market is rangy)
3. The stop is placed below the entry candle.
4. Target is at 1.4800 -1.48055 as this is close to the top of the wider range, and the 800 round number.

The reason the stop is here is because I believe that at this level the market has nullified my reasons for taking the trade.
This allows a bit more flexibilty than simply stipulating a fixed stop loss for each and every trade.