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.
Maximum two consecutive losing trades should be a limit if you really do not want to top up your capital more frequently. Just imagine if you make 4 consecutive losing trade and then making one profitful trade and then facing 5 more losing trade; do you think you will still have remaining capital for next day trading?
I think 4-5 consecutive losses will already be unacceptable if you are a trader. Even 2-3 losses are alarming already and you should be thinking already to take a break or to quit from trading for good. But before that, try another strategy first which you think will fit for you. If it works, then use it. If not, then maybe there's something wrong with you and not with your strategy. Take a break first while gaining more knowledge in trading.