Question on position sizing for EURUSD — still figuring out R-multiples
Been trading forex for about six months now, mostly on $EURUSD. I'm tracking my trades and understand the concept of R-multiples for risk management, but I'm still struggling with how to practically implement it consistently across different setups. When you're entering a trade and your stop loss is, say, 20 pips, and your target is 60 pips (a 1:3 R), how do you guys determine the exact lot size to keep your risk truly consistent at 1% or 2% of your account per trade, especially with fluctuating pip values depending on the pair? Is there a formula or a tool you find indispensable for this, or do you just eyeball it after a while?