You should do this on every trade you make, because right risk management will keep you trading - and not blowing your account.
If you remember 4 thing before entering any new trades:
1) Right Pair
2) Right Price
3) Right Session
4) Right Time
Yes, 4 out 4 is best above- but I will go with 3 out of 4 of above, if other things are supporting a trade.
*Then this will help you int lining up any news trades with high liquidity and volume, especially if you are day trading or scalping.
Use Forex Pip Calculator and NO you do not have to use standard size lots when trading (100,000 units)- this example is 70,000 units related to risk management and to adjust to 18 pip loss and target of 52 pips. *You can use standard lots, mini lots or micro lots- trading Forex is long game not short game.
Good luck and Good Trading!!!
If you remember 4 thing before entering any new trades:
1) Right Pair
2) Right Price
3) Right Session
4) Right Time
Yes, 4 out 4 is best above- but I will go with 3 out of 4 of above, if other things are supporting a trade.
*Then this will help you int lining up any news trades with high liquidity and volume, especially if you are day trading or scalping.
Use Forex Pip Calculator and NO you do not have to use standard size lots when trading (100,000 units)- this example is 70,000 units related to risk management and to adjust to 18 pip loss and target of 52 pips. *You can use standard lots, mini lots or micro lots- trading Forex is long game not short game.
Good luck and Good Trading!!!