Routes through the courseSix lessons on XAU/USD: contract size, how a pip is counted, and why risk per trade has to be worked out differently.

Trade gold

Lessons on this route

6 lessons

1. Level 1

   1. Gold (XAU/USD): how it differs from currencies

   Different contract size, different pip, wider ranges. The arithmetic of risk per trade changes with all three.
2. Level 2

   2. What a pip is worth in money

   A pip is the smallest standard price step. What it is worth depends on lot size and the pair, so the same twenty-pip move pays differently on different trades.
3. Level 3

   3. Leverage and margin: how much of the trade is yours

   Leverage sets how large a position your deposit can hold. Margin is the part of your money locked against it while the trade is open.
4. Level 4

   4. Stop loss and take profit

   Two instructions you attach to a position: one closes it at a loss you chose in advance, the other at a profit you chose in advance.
5. Level 5

   5. Working out position size

   Risk in money, divided by the stop distance in pips, divided by pip value. Three numbers you already have, in that order.
6. Level 6

   6. Sessions, news and the calendar

   Which hours a pair actually moves in, and which scheduled releases widen spreads enough to matter to a stop.