Set a maximum dollar risk for a gold trade from your account size and chosen percentage. Then translate that risk budget into a position size using your planned stop-loss distance.
Risk budget first, position size second.
A position that looks small in ounces or lots can still create a large account loss if the stop is wide. Defining the maximum dollar risk first prevents the size of the trade from being driven purely by conviction or available leverage.
For the same account and 1% risk budget, a 10-dollar stop and a 50-dollar stop produce very different position sizes. Wider stops require smaller exposure to keep planned loss constant.
For a futures contract, multiply the stop distance by the contract's units to determine dollar risk per contract. Then divide your risk budget by risk per contract to estimate the maximum contract count.
Multiply account size by the chosen risk percentage.
A convention of allocating 1% of the account as planned trade risk.
Yes, when position units match the broker's quotation.
No.
Either can work, but use a consistent definition.