Currency Pairs, Pips & Position Size

Major pairs include USD on one side (EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD). Crosses exclude USD (e.g. EURGBP). Exotics pair a major with a thinner currency and usually have wider spreads.

A pip is the standard minimum price move for most pairs (0.0001 for EURUSD-style quotes; 0.01 for JPY pairs). Pip value depends on pair, account currency, and lot size — never risk “random lots.”

On TradeLocker and similar platforms, volume is often in lots or units. Your risk formula is still: risk $ = account equity × risk %; stop distance in pips → size so that stop hit ≈ risk $.

Prop challenges care about daily loss and consistency. Smaller, repeatable FX risk (0.5–0.75% per trade) beats oversized “one pip miracle” trades.

Practice sizing on demo first: same stop distance, different lots — see how P&L scales before going live.