Today I have seen some make ridiculous gains since Monday, someone I don't remember who increased his account from 5,000 to 57,000 this week. I am very happy for him and others, but clearly he was risking far too much of his account, and if he would like to keep and increase that amount will need to start using sound money management.
To that end I have decided to share a script I have written where you simply put in the amount of risk you are willing to accept and it calculates for you the lot size taking into account minimum lot size and minimum step size for your account.
Instructions are in the comments at the beginning of the mq4 file. (in next msg as I have hit the limit of 5 attachments)
The default risk percent is 2%
if oreder price is negative it is a sell order
All prices are in points (no decimal)
1 or - 1 is a buy or sell at market
>500 or <-500 is a limit or stop order relative to current price
<500 or >-500 is actual order price in points
Stop Loss and Take Profit
0 = default for Take Profit = 1.5 of the 7 day atr
0 = default for Stop Loss = .75 of the 7 day atr
<500 is a take profit or stop loss points relative to current price
>500 or is is a take profit or stop loss price in points
Please try it and tell me how you like it / any changes you would like to see
http://www.forexfactory.com/attachme...1&d=1187317752
When you press OK it will display the trade details for you as below
http://www.forexfactory.com/attachme...1&d=1187317752
It is a good idea to set up your options to request a manual confirmation - at least until you are comfortable with the script.
http://www.forexfactory.com/attachme...1&d=1187317778
The manual confirmation or the trade
http://www.forexfactory.com/attachme...1&d=1187317789
It is a good idea to set up a hot key for the script - I like Alt Z as it easy to press both with one hand.
http://www.forexfactory.com/attachme...1&d=1187317789
Hope this is useful for people - in any case I would appreciate your feedback.
To that end I have decided to share a script I have written where you simply put in the amount of risk you are willing to accept and it calculates for you the lot size taking into account minimum lot size and minimum step size for your account.
Instructions are in the comments at the beginning of the mq4 file. (in next msg as I have hit the limit of 5 attachments)
The default risk percent is 2%
if oreder price is negative it is a sell order
All prices are in points (no decimal)
1 or - 1 is a buy or sell at market
>500 or <-500 is a limit or stop order relative to current price
<500 or >-500 is actual order price in points
Stop Loss and Take Profit
0 = default for Take Profit = 1.5 of the 7 day atr
0 = default for Stop Loss = .75 of the 7 day atr
<500 is a take profit or stop loss points relative to current price
>500 or is is a take profit or stop loss price in points
Please try it and tell me how you like it / any changes you would like to see
http://www.forexfactory.com/attachme...1&d=1187317752
When you press OK it will display the trade details for you as below
http://www.forexfactory.com/attachme...1&d=1187317752
It is a good idea to set up your options to request a manual confirmation - at least until you are comfortable with the script.
http://www.forexfactory.com/attachme...1&d=1187317778
The manual confirmation or the trade
http://www.forexfactory.com/attachme...1&d=1187317789
It is a good idea to set up a hot key for the script - I like Alt Z as it easy to press both with one hand.
http://www.forexfactory.com/attachme...1&d=1187317789
Hope this is useful for people - in any case I would appreciate your feedback.
Attached Image (click to enlarge)
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