Stop loss considered, how large of a trade can I make to only risk a specific amount?

Beginner Questions
1

Hello friends,

The question is simple to most. I would like to set stop losses at a dollar figure. For example, I would like to risk only $100 on all my trades at any given time. But, the tricky part is that I will be playing with different lot sizes, etc. Any advice on how I can quickly calculate position size (how much currency I can buy/short) when I have a decided stop loss point in mind that would only risk $100? And I only trade the majors currently and have an account based in USD. Thanks!!!

2

Position Size Calculator: Free Online Forex Position Sizing Calculator

3

Trade a half lot at a time (50,000) and use a 200 pip stop loss. OR

Trade a full lot (10,000) and use 100 pip SL.

4

Thanks friends! I have been looking at websites and have actually attempted to use the tool posted above, without any luck. For some reason, it finally clicked!!! Thanks for your posts! Currency market, here I come!!

5

Just out of curiosity: What’s your risk profile?

7

If I’m understanding the question correctly, I am risking approximately 2% each trade.

8

Fair enough 'though if you’re brand new to the market you may want to start off with 1% and move it up to 2 later on, after some experience and profits…