Position Sizing for Gold, Silver and WTI

[tom2340 10]

How can one calculate Position Size for gold silver and wti?

 

I like to use a fixed dollar amount for my risk.

Example:

Say I wanted to risk $50 on a fx trade, my stop loss distance is 72pips, I would:

Risk amount in $ / Stop loss in pips

50/72=0.69

Enter 0.06 into MT4.

 

How do I do this for metals and oil?

 

Thanks

[tom2340 10]

I don't practice the % risk model, only the fixed dollar amount risk ie I know how much I am going to risk on a trade and I know the number of pips before entering as well.

However I could use a formula for position size that includes % risk as I will also know the % of my account that I will be risking on the trade by (risk * 100) / total capital in account.