Hi, I’m a newbie and I had been trying to learn forex for months now. I’m trying to create a trading plan and I want to ask some questions. Say for example, I have $10,000 in my account and planning to risk 3% per trade so that would be $300 per trade. Now metatrader shows the SL in points. How do I know or how can I calculate how many points I can set my SL at for $300 with different currencies? Thanks in advance for your help.
The standard pip value is 10.
if you trade mini-lots, the pip value is 1, meaning that you need to loose about 300 pips before your SL is hit.
But hang on the pip value is also dependent on your account’s currency.
For a standard lot, …nope, the account size may not be huge enough to open std lots.
Hello.
If your trying to identify SL size the way you described, that SL would have no analytical merit.
Try using some kind of analysis to identify an SL. Then divide your dollar risk by the # of pips between your entry and sl to arrive at a position size.
Good luck
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