Well, I haven't posted since my intro post, but I've been reading and learning from this thread every day.
I've been trading using james16 style for 3 months on demo now, and the one thing I haven't got right yet is position sizing.
I've been using this: http://www.earnforex.com/position-size-calculator, but it never seems to get it quite right - I always set the risk to 1%, but the actual risk actually turns out to be less than that, and it changes with different currencies.
My guess is that it's because I've set my account currency to GBP, and it doesn't work correctly for GBP. I also have 400x leverage on the account, so I've been multiplying the resulting size by 4 under the assumption that that calculator is based on 100x leverage, though it doesn't actually say.
Position sizing is crucial for controlling risk, so it amazes me a bit that I can't find an online position size calculator that appears to work... Unless it's me that's being dumb I guess!
So what do other people here do? Do you manually work out position size, or have you found something that works?
I've been trading using james16 style for 3 months on demo now, and the one thing I haven't got right yet is position sizing.
I've been using this: http://www.earnforex.com/position-size-calculator, but it never seems to get it quite right - I always set the risk to 1%, but the actual risk actually turns out to be less than that, and it changes with different currencies.
My guess is that it's because I've set my account currency to GBP, and it doesn't work correctly for GBP. I also have 400x leverage on the account, so I've been multiplying the resulting size by 4 under the assumption that that calculator is based on 100x leverage, though it doesn't actually say.
Position sizing is crucial for controlling risk, so it amazes me a bit that I can't find an online position size calculator that appears to work... Unless it's me that's being dumb I guess!
So what do other people here do? Do you manually work out position size, or have you found something that works?