Originally Posted by
;
Hey ,
That is my very first post in this forum. I wish I knew enough about what I was doing this that my very first post wasn't in the shape of a quesiton, but it's what it is.
I'm new to Forex in that I haven't gone yet. I have taken one FX online course which I believe now to have been a complete waste of cash. I have read Forex Made Easy by Dicks and'm in the process of reading Trend Following.
All this, and I haven't discovered a formula to these:
I want to risk X percent (1,3,5,10) on a position. If every pip is worth Y (8-10, 1 on a mini) dollars, my risk reward is 1:2, but my trading range is a stop in -10 pips plus a limitation at 20 for example, what leverage needs to be used and how many lots?
It looks like there should be an easy equation for this, but it seems evident I just don't have the comprehension of the workings of lots and leverage.
All help are extremely well appreciated.