Forex

Education

The Basics

1. babypips.com School of Pipsology
   
   Basic education explaining all the basics of Forex trading.  Start here.  Recommended to focus on lessons XXX
    
2. nononsenseforex.com - provides an education on how to trade using
   • proper money management
   • trade psychology
   • technical analysis

Risk Management - Pip values and Lot Sizing

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Reference Links

• Google spreadsheet for calculating lot size based on SL pips
  
  One problem with many of the risk calculators is that it assumes you know want to know how many pips to set your on your trade.  However, if you're following signals, then the trader has already given you the SL and you want to want to work backwards to figure out what your lot sizes should be.
  
  Copy this spreadsheet to your own google drive account and fill in the entries.  Do not use it for Oil or Gold as forex.com/canada uses different contract sizes
  
  It's still a work in progress, but is useful for pure forex pairs
   
• 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 risk, the video way
  
  Forexed runs a free signals telegram channel.  He's actually been pretty good so far.  His video describes how he calculates risk.  Easy to follow.
   
• 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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