Decide how much to risk first, then let the stop loss set your position size. Works for major pairs, crosses and gold with a USD account.
Position sizing is one piece. Get the free beginner guide, or go through the full risk management and psychology course.
Lot size = amount at risk ÷ (stop loss in pips × pip value per lot). The result is rounded down to 0.01 lots so your real risk never goes above what you chose.
Pip = 0.0001 on most pairs, 0.01 on JPY pairs, and 0.10 on gold (XAUUSD, 1 lot = 100 oz). Brokers can differ, so check your platform's contract specs before trading.
Educational tool only. Trading forex involves substantial risk and no outcome is guaranteed. This is not financial advice.