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You first need to know these two different measures to get into your Forex trade!
Measure #1: What a “lot” I got!
The first way to calculate how much you should put into any one Forex trade is by knowing how many lots you’ll buy or sell…
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It takes a match to start a forest fire.
It takes a little seed to create an entire human being.
And it takes this tiny book to make you a Forex income to last a life time!
is an example of a broker who deals with lot sizes.
A lot is a standard contract size when trading currency.
You get three different lot sizes you can choose from.
Lot size #1:
A standard lot
is equal to 100,000 units of the base (first part of the currency pair) currency which is $100,000 worth of currency.
Lot size #2:
A Mini lot
is only 1/10th of the size of a standard lot. So it is 10,000 units of the base currency which is $10,000 worth of currency.
Lot size #3:
A Micro lot
is 1,000 units of the base currency.
Forex brokers play an important role in breaking these large deals into smaller lots and deal sizes.
The smaller your lot size is, the more flexibility you’ll have when it comes to managing your risk per Forex trade.
The majority of Forex traders who’ve just started out, prefer testing the waters and trading in micro-lots.
This is when you’ll buy 1,000 of the base currency.
So in our above example, if you buy one micro-lot and go long the GBP/USD at 1.6330, you’ll essentially buy 1,000GBP (Great British Pound).
At the same time, you’ll sell 1633 US Dollars, which is known as the term currency (second part of the currency pair).
So how do you know how many lot sizes you should buy or sell to limit your risks in any one Forex position?
Well read on because, I have something special for you…
Measure #2: Rands risked per pip
Some brokers don’t deal in lot sizes, but instead use rands risked per pip in any one Forex trade.
So if the rands risked per pip is R5, then with every pip that goes against you, you’ll risk R5.
And if 10 pips of the currency pair goes against you, you’ll risk R50 (10 pips X R5).
is an example where you’ll work with rands risked per pip, instead of dealing in lot sizes.
Now that you understand the two measures of buying or selling, I now have something really special for your Forex trading.
I’ve made your life super easy and I’ve created a Forex tool for you!
This tool will do all of these calculations for you, which can get you buying and selling currency trades in less time than you previously needed to calculate how many micro lots you needed to buy and sell.
All you have to do is fill in the few Blue Cells, and all of the other calculations will formulate for you in a blink of an eye.
So simply click here for your Free Forex Risk calculator tool now!
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