as for the number of consecutive losses; five will be the alarming figure to make me take a pause.
Five? That must be a dangerous approach as it may risk most of your capital.
If you set stoploss at 5% then for five losing trades you may lose more than 30% (not just 25%) which must be a high risk one in my experiences. I know people who are setting different stoploss levels for different trades still waiting until five trades is not looking as a good approach to me.