A question for the guys using MT4 for trading this method (5min):
How do you calculate your exact Lot-Sizes and set your sl/target for the fast 5min execution? I know the theory, but I am currently unable to use it in practice.
I know some scripts which can help me, but what I need is a big hint how to determine really fast the TP and SL points and set the Lots exactly as intended (Lotsize depends on risk. If risk is fixed, Lot size changes with every trade as we have always different pip-size and account-size)
For me, the easiest would be a script which lets me enter the %risk and the point2-point3 pip distance which I measure from the chart. It then adds the 1pip on each side and the spread and then sets the Lotsize & SL/TP dependend to that info.
I'd buy/sell then either by pressing a buy or sell button (market order) or by entering the stop order price (which I cannot do here as MT4 will not allow me to enter Pending orders under 50pip distance)..
Please share your methods! thanks. Lowen
How do you calculate your exact Lot-Sizes and set your sl/target for the fast 5min execution? I know the theory, but I am currently unable to use it in practice.
I know some scripts which can help me, but what I need is a big hint how to determine really fast the TP and SL points and set the Lots exactly as intended (Lotsize depends on risk. If risk is fixed, Lot size changes with every trade as we have always different pip-size and account-size)
For me, the easiest would be a script which lets me enter the %risk and the point2-point3 pip distance which I measure from the chart. It then adds the 1pip on each side and the spread and then sets the Lotsize & SL/TP dependend to that info.
I'd buy/sell then either by pressing a buy or sell button (market order) or by entering the stop order price (which I cannot do here as MT4 will not allow me to enter Pending orders under 50pip distance)..
Please share your methods! thanks. Lowen