I know that one lot on EURUSD is roughly 10$ but what about the other major currencies like USDJPY, GBPUSD, USDCAD, AUDUSD and USDCHF?
I would like to use lot size instead of risk percentage but cannot figure it out. Could anyone help?
And could anyone advice what "pays off" more in the long run? I want to use i.e. 1 lot on a 1000$ account per trade and when I reach 2000$ I increase to 2 lots and so on. Instead, if I would have risked say 1% per trade instead of a static lot size, what pays more in the long run? Obviously the lot size approach has increased risk when I reach a new level of account but risk decreases the more it grows (1 lot at 1000$ or 1 lot at 1500$ is a risk difference).
Thank you!
I would like to use lot size instead of risk percentage but cannot figure it out. Could anyone help?
And could anyone advice what "pays off" more in the long run? I want to use i.e. 1 lot on a 1000$ account per trade and when I reach 2000$ I increase to 2 lots and so on. Instead, if I would have risked say 1% per trade instead of a static lot size, what pays more in the long run? Obviously the lot size approach has increased risk when I reach a new level of account but risk decreases the more it grows (1 lot at 1000$ or 1 lot at 1500$ is a risk difference).
Thank you!