But of course, we know 50 pips is a crappy SL-level that has a very high probability of getting hit because it falls within virtually every hourly, daily and monthly ranges.
Reduce the $10/pip to something lower, giving you a larger SL value and thus making the probability of hitting that SL lower, while maintaining the same risk amount of $500.
So, if it was like $1/pip, 500/1 = 500 pips. Now we're talking. You need some big ass thing to happen (like Ireland, Greece) to fall that much. If you really want to play it safe, go for 0.75 cent/pip, 500/0.75 = 666 pips and you can say to yourself "I can survive Greece, I can survive Ireland."
Personally! I wouldn't even start with the 1% per trade on the 50,000. I would start even lower for each trade amount, this way I got the flexibility of entering multiple trades, because you know me I'm impatient and I want to see robot doing some damn work. I didn't spend days coding her so she can just sit around.
I know what you're thinking, profit is going to be smaller at 0.75/pip. Yup, unfortunately that is the kind of size you can afford! Only way around that is growing your balance so you earn/deserve the right
to trade larger.
Just because you can trade LOTS doesn't mean you should!!!!