Forex

Risk Management - Pip values and Lot Sizing

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Reference Links

• BabyPips Position Size Calculator
  
  Pros:
  It is simple to use.  If you wish to do the calculations for other trades, the information remains so you can change only what you need to change.  It also shows the results in the following standard sizes used by the brokers; units, lots, mini lots, micro lots.
  
  Con:
  You need to put in the exchange rate between your account currency and the base currency if the two are not the same.
   
• Investing.com Currency Converter 
  
  Often needed when you are calculating risk for Forex pairs not in your base currency.  Near real time rates.  Also includes the various digital currencies.
   
• Investing.com Forex Pip Calculator
  
  Contains data for many, but not all, currency pairs.  Shows the results in a table so you can quickly see the relationship between the Forex pair and the pip value in your account currency.
  
  I recommend that you put in 100,000 for the units as that is a standard "lot" size and then scale it from there.
    
• Forextime.com Profit Calculator
  
  Quickly check the potential profit/loss of a trade.  Only supports 3 deposit currencies so if your deposit currency is different, you'll need to do an exchange rate calculation to your currency.
   
• Calculating pip values, the long wordy way
  
  It's correct, but I had to re-read it several times to understand what they were actually saying and turn it into an actual formula.
   
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