There are several ways traders can manage risk, with stop losses, trailing stops, or some use hedging.
Most traders use stop loss because the calculation is simpler, we can place maximum risk with a fixed stop loss.
Trailing stop, this is semi-automatic risk management, where if the price has reached a certain pip distance according to the trailing stop setting, the stop loss will automatically move to protect profits, this feature is in MT4 and must be connected to the broker's server, if the platform shuts down, trailing stop can't work.
The hedging, this method is used to protect positions that are considered wrong by placing opposing orders. In simple terms, hedging is creating buy and sell positions on the same pair or what is called direct hedging. There is also hedging that takes advantage of the correlation between currencies, for example, EURUSD and EURJPY which often have a positive correlation.
At FXOpen, I prefer to use a fixed stop loss because it is easier to manage risk.