so as to not reinvent the wheel...
Yes - Always Control Position Sizing - ideally risk a percentage like
2 - 3 % of equity, and you will insure that nothing is going to do you in.
That practice controls BOTH fear and greed which we all have.
Here are two calculators by The Forex Project which will let you experiment with the actual numbers:
Position size calculator:
Forex Position Size Calculator
Risk Calculator:
Forex Risk Calculator
The results may be different than what you think.
Cheers,
Cyclon