How does one figure the appropriate lot size for 3% risked over x pips on USD/CHF & EUR/JPY? Assume fractional mini lots.
For USD based pairs I can Just take the risk % divided by my stop. And then I will get an appropriate lot size.
The problem is the above two mentioned pairs per pip value changes as the currency rate changes.
My borker IBFX has a per pip calculater. But, that is for 1 standard lot at the current price. And does not help me figure what lot size I should have for x risk of account over x pips.
I've worked out my own calculation for USD/CHF. Please check it out and see if it works or if there is something better I could be doing.
UC lot calculation:
3% risk/ 50pips = standard mini lot size over 50 pips / UC current pip mini value = UC lot size.
I have no idea what to do for EJ, any help with that would be appreciated.
Just to be clear I'm NOT trying to figure per pip value for one (mini) lot.
What I'm trying to do is find what would be the appropiate fractional lot size to trade that would be 3% risk of my account over x pips on both UC, EJ.
For USD based pairs I can Just take the risk % divided by my stop. And then I will get an appropriate lot size.
The problem is the above two mentioned pairs per pip value changes as the currency rate changes.
My borker IBFX has a per pip calculater. But, that is for 1 standard lot at the current price. And does not help me figure what lot size I should have for x risk of account over x pips.
I've worked out my own calculation for USD/CHF. Please check it out and see if it works or if there is something better I could be doing.
UC lot calculation:
3% risk/ 50pips = standard mini lot size over 50 pips / UC current pip mini value = UC lot size.
I have no idea what to do for EJ, any help with that would be appreciated.
Just to be clear I'm NOT trying to figure per pip value for one (mini) lot.
What I'm trying to do is find what would be the appropiate fractional lot size to trade that would be 3% risk of my account over x pips on both UC, EJ.