Yup, avoid trading during news may help.
About stop placing orders when loose too much, look here
Code:
extern bool AllowRecovery = true; //enable/disable loss management
extern double MaxLossPercent = 1; //maximum loss in balance procents 1=1% max loss
extern bool ExitAllTrades = false; //Close all open orders
extern bool StopTrading = false; //stop trading if loss management was triggered
extern bool PlaceRecoveryOrders = false; //Use counter orders to get in profit
if AllowRecovery = true will stop placing orders if loss is more than MaxLossPercent.
StopTrading = true will try to finish current cycle and stop after that
ExitAllTrades= true will act as stop loss at MaxLossPercent specified.
PlaceRecoveryOrders better let it to false, is enough one that go lose and you're screwed...