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Three things follow from it that are worth stating plainly.
The stop comes first. Place it where the chart says — below the base, below the 21 EMA, below the entry-day low — and then let the formula return a share count. Deciding the share count first and putting the stop wherever makes the risk acceptable leaves your stop at a price with no relationship to the chart.
Conviction does not belong in the size. It belongs in whether you take the trade at all. Sizing by how good a setup feels is how one position becomes 40% of an account.
A tighter stop asks for more shares. That is the formula working, not a bug — and it is why the position value matters as much as the risk figure. More on what tighter stops buy and cost.
1% is the common default. It is worth deriving instead: at a 40% win rate, losing runs of five and six are ordinary, so multiply your risk by six and ask whether you could sit through that without abandoning the strategy.
At 1% that is −6%. At 2% it is −12%, and it will arrive right after the good stretch that made you feel comfortable sizing up. The full reasoning is here.
It does not know whether the stock gaps. A stop protects you during the session and does nothing overnight, so a position sized on a tight stop takes a much larger loss when a gap jumps it. Check the next earnings date before sizing a swing position, and cap position size as a share of the account separately from risk per trade.
TradePiko does this on every trade you have actually taken — automatically, from your broker.