Help me place an order w/correct position size

EDIT: This was a very poorly comunicated question. See post 4 for a better understanding of what I am asking.

Hey guys. Can anyone help me with this?

I want to be able to enter a market order with a predetermined stop loss price and risk in dollars. I trade with oanda.

Any ideas?

Cheers

If you know your stop-loss price, the amount of dollars you want to risk and the currency pair you want to trade, then the only thing you need to find out the order size, right? Try googling for position size calculator - there are plenty of them, and they allow calculating an optimal position size depending on various requirements.

http://www.forexfactory.com/showthre...light=beginner

read it 5-10 times

Sorry guys, the question was far from clear.

I enter most of my trades via a market order. I know the exact price I want to get out of the market and the exact amount of dollars I want to risk on each trade. My approximate entry price is known but i will often buy a few pips above/below the exact level, a disision which is made in a split second with no time to calculate position size. Oanda requires me to enter a stop loss price and position size but, as stated, my position size is unkown.

Currently I just approximate position size based on the exact level I am looking to trade. But if I end up buying 5 or so pips away from the level, this can make a significant impact on risk on my tight stop trades, inturn inviting increased varience, ie luck.

I guess it has to be some kind of ea that records price continuosly and uses the price just before I entered the trade to calculate position size and enter the order when I hit the button.

Does this exist? I know oanda is supported buy esignals. Can it be done on their platform?

Cheers

Has no one out there experienced this same problem? I can't be the only one out there wishing to enter a market order without a predetermined position size.

Why don't you use Excel with the command =MT4|ASK!EURUSD ?

Or look here: http://www.forexfactory.com/showthread.php?t=61693

Thanks mate

I think the link you entered is what I am looking for, but oanda is not supported by MT4. Can this be done using the esignals platform?

ps I have no programing knowledge.

You could open a demo account for MT4. Oanda offers Mt4 demo. Then in Metatrader you enable the DDE server (CTRL+O). So it can send the price info to Excel. And you have to enable automated update in Excel.