The Forex position size calculator is a trader’s most valuable tool.
It allows you to calculate the exact position size for any trade so that you’re always in control.
Enter the values below and select “Calculate” to use the position size calculator.
The Forex calculator above works with all major currency pairs and crosses as well as eight different account currencies.
You can also toggle between a risk percentage or a fixed dollar amount.
How to Calculate the Forex Position Size Like a Pro
Today I’m going to show you how to calculate your position size like a pro in 30 seconds or less using the position size calculator above.
Here’s your step-by-step guide:
Select your account currency.
This is the currency you used to fund your trading account.
For instance, if you live in the United States you would select USD.
If you live in a eurozone country, you would choose EUR for your account currency.
Enter your account balance.
If your balance is $5,000, you would enter “5000” here without any symbols or comma separators.
It’s also good practice to exclude any profit from open positions.
So if your balance is $5,000 and you have an open position worth $100, you would enter “5000” here excluding the $100 in open profit.
Because that $100 in open profit is not yours until you close the position.
Enter your risk percentage.
This is the percentage of your account balance you’re willing to risk on this trade.
Be sure to remove the percentage symbol when you enter this number.
You can also toggle between risk percentage and money.
Using money instead of risk percentage allows you to enter the dollar amount you’d like to risk.
So if you know you’re comfortable risking $50, you can enter it here.
But again, be sure to strip the currency symbol.
Enter your stop loss in pips.
If the trade setup calls for a 30 pip stop loss, you would enter “30” here.
This is why defining a stop loss upfront is critical.
Not only does it tell you when to get out if the market moves against you, but it’s also required to calculate a position size correctly.
Select the currency pair you’re trading.
That should be pretty self explanatory.
Now, if a new field appears after selecting the currency pair, don’t worry because I’ve got you covered with step 6 below.
Step 6 (if applicable)
Enter the current price of the currency pair you’re trading.
In this case, I’ve selected USDCAD in step 5 so I would enter the current price for USDCAD here.
If your account currency is USD and you choose a pair such as EURUSD or NZDUSD, you will not need to enter the price for those pairs.
That’s because the quote currency (second currency in a pair) is the same as your account currency.
Once finished, I can click “Calculate” to get my results.
The results portion of the calculator shows five fields.
Depending on your Forex broker, you may need to enter the position size in units or lots.
My broker allows for units, so I would enter 44000 for my position size using this example.
However, if your broker only accepts various lot sizes, you will need to enter either 4 mini lots or 44 micro lots for this example.
If you aren’t sure what your broker uses, be sure to ask them.
Frequently Asked Questions
What does the position size calculator do?
This Forex calculator provides you with a position size in standard, mini, and micro-lots based on the variables you enter.
What do I enter for the account currency?
The account currency field pertains to the type of currency you use in your trading account. So if you are in the U.S., this will likely be USD. If you’re in the UK, you would choose GBP, etc.
What risk percentage should I use?
When in doubt, don’t go over 2% of your account balance. I prefer anywhere from 1% to 2% risk to make sure I can keep my emotions in check.