Excel risk management calculator
Here is a very simple excel spreadsheet which calculates your risk.
You can enter your stop/loss size in pips and the percetage of capital you're willing to risk to get how many lots you should be trading.
Alternatively, you can put in your lot size and risk% to get what stop you can use (not really recommended).
As a guide, for daily charts I like to keep risk in a range 1.5-3%. For news trading, 5-8%.
I calculate my stop size first and that determines my lot size, not the other way round.
Hope this helps some newbies. I learnt the hard way how high exposure on a few trades is all it takes to wipe you out or set you back so far you're always playing catch-up.
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