Silver is more volatile than gold in percentage terms and its contract is fifty times larger by ounce count, which is why traders who move from gold to silver without re-sizing tend to get hurt. One lot of XAG/USD is 5,000 ounces; a one-cent move is $50 per lot and a ten-cent move is $500. This calculator uses silver's own contract maths so the lot size you get actually matches the risk you chose.
XAG/USD contract facts
| Item | Value |
|---|---|
| Standard lot | 5,000 troy ounces |
| Micro lot (0.01) | 50 oz |
| Price move of $0.01 ("pip" on this page), 1 lot | $50 |
| Price move of $0.10, 1 lot | $500 |
| Price move of $1.00, 1 lot | $5,000 |
| Typical spread | $0.02–0.04 on ECN accounts |
| Typical daily range | roughly $0.50–1.00; 2–4% of price, about double gold's |
| Most liquid hours | London and New York; thin and gappy in Asia |
The calculator treats one pip as a $0.01 move, worth $50 per lot. Some brokers quote silver to three decimals and count $0.001 as a pip ($5 per lot) — if yours does, multiply your pip count by ten before entering it.
The lot size formula for silver
Lot size = (Account balance × Risk %) ÷ (Stop in $ × $5,000 per lot)In the calculator's units: (Balance × Risk %) ÷ (Stop in cents × $50).
Example 1 — $10,000 account, 1% risk, $0.30 stop (30 cents):
- Risk amount: $100
- Loss per lot: $0.30 × $5,000 = $1,500
- Lot size: 0.07 lots (350 oz)
Example 2 — $5,000 account, 1% risk, $0.50 stop:
- Risk amount: $50
- Loss per lot: $2,500
- Lot size: 0.02 lots (100 oz)
Example 3 — $100,000 prop-firm account, 0.5% risk, $0.40 stop:
- Risk amount: $500
- Loss per lot: $2,000
- Lot size: 0.25 lots
Quick reference: silver lot size at 1% risk
| Account | $0.20 stop | $0.30 stop | $0.50 stop | $1.00 stop |
|---|---|---|---|---|
| $2,000 | 0.02 | 0.01 | 0.01 | — |
| $5,000 | 0.05 | 0.03 | 0.02 | 0.01 |
| $10,000 | 0.10 | 0.07 | 0.04 | 0.02 |
| $50,000 | 0.50 | 0.33 | 0.20 | 0.10 |
| $100,000 | 1.00 | 0.67 | 0.40 | 0.20 |
A dash means the risk cannot be met even at 0.01 lots — the smallest position is already more than 1% of the account at that stop. Halve for 0.5% risk; double for 2%.
What makes silver different from gold
- The contract is huge. 5,000 ounces versus gold's 100 means one lot of silver is a $150,000+ notional at $30 an ounce. A 0.10-lot silver position is not a small position.
- Percentage volatility is roughly double gold's. Silver regularly moves 2–4% in a day, and 6–8% on its wildest days. Stops need to be proportionally wider, which means positions proportionally smaller.
- It is thin outside London and New York. Asian-session spreads can be two or three times wider, and gaps at the Sunday open are common.
- It follows gold, then overshoots. Silver usually moves in the same direction as gold with more amplitude — the gold/silver ratio is the relationship traders watch. A gold and a silver position in the same direction is one bet at larger size.
- Industrial demand adds a second driver. Solar, electronics and Chinese manufacturing data affect silver in a way they do not affect gold.
Common silver sizing mistakes
- Using gold lot sizes. 0.33 lots is a normal gold position for a $10,000 account at a $3 stop. 0.33 lots of silver at a $0.30 stop risks $495 — five times the plan.
- Confusing cents and dollars in the stop. A "30-pip" stop is $0.30 on a two-decimal quote and $0.03 on a three-decimal one. Check the platform.
- Stops that fit a $10,000 account only at 0.01 lots. If the formula returns less than 0.01, the trade is too big for the account at that stop — widen the account, not the risk.
- Weekend positions. Silver gaps more than gold. Size for the gap, not the stop.
Track your silver trades in Fips
Fips's free trading journal records every trade with its dollar result, R-multiple and session, which makes silver's wider range and thinner sessions visible in your own numbers. Connect an MT4, MT5 or cTrader account and trades import automatically. Backtest a silver setup to see its worst losing streak on historical data, and use the economic calendar to keep Fed and US inflation dates — which move the whole metals complex — in view.
Frequently asked questions
How much is 1 pip on XAG/USD?
On a two-decimal quote a pip is a $0.01 move, worth $50 per lot. On a three-decimal quote a pip is $0.001, worth $5 per lot. A $1.00 move is $5,000 per lot either way.
What lot size should I use on a $10,000 silver account?
At 1% risk and a $0.30 stop, 0.07 lots. At a $0.50 stop, 0.04 lots. At a $1.00 stop, 0.02 lots.
Is silver more volatile than gold?
Yes, roughly twice as volatile in percentage terms on a typical day, and more on extreme days. Stops need to be wider and positions smaller than the equivalent gold trade.
Can I trade silver on a small account?
At 0.01 lots (50 oz) a $0.30 stop costs $15, which is 1% of a $1,500 account. Below that balance, most silver setups cannot be sized to 1% risk.