Totally unqualified answers around here.
Consider it as a business and you will have all your answers: your equity is the working capital, orders are the inventory. Trading companies aim for good deals (buy relatively cheap - sell relatively high; relative means to your average) and are supposed to have positive margins at the close of the month, and ideally a profit after carrying out all cost. How much should the profit be? 2%? 10%? 20%? If you've got your mindset right , here it already begins. Can you do a business, where you earn 2% margin (assuming you don't draw funds) at the end of the month? I wouldn't. So, assuming you target for 10% profit (i.e. you do draw funds) at the close of the reporting interval, always, you add back the cost (i.e. your pulled funds) and end up at the target margin. If you don't achieve this, you shrink. How much are you ready to shrink, presuming you do believe in developing going? And that defines your order closure management. Assuming you've reached your max negative float, you begin liquidating your worst order (=foul stock), one by one. Assuming you've got one directional orders (e.g. only Buy on a particular pair) you can always set a hard stop-loss for security reasons, but it ought to be in accord with your global (!) Draw-down target - i.e. countless pips away. Should you blend Buy and Sell orders - from this stock/position management standpoint it is totally irrelevant, if you call it hedging and if it is purposeful - you can't place a stop loss.
I hope this provides you a marginally differentiated perspective.