Relatively new to FX at this stage, just trying to guage whether position sizing is determined the same as it is with equities. Just playing around on the Oanda FXGame at the moment, i just entered short with the EUR/GBP.
Entry: 0.87848 Stop Loss: 0.89517 Risk: 0.01669
Risk $1,000 per trade. 1,000/0.01669
So does this mean I would trade 6 mini lots roughly? Do people take this approach and simply trade variable lot sizes (which I think Oanda allows) Also, is it more common to deal in terms of $ risk per trade, or Pips per trade?