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  • #21
  • Jun 26, 2006 3:36am Jun 26, 2006 3:36am
Quoting Linus
Dial, this brings me to a second question. On the "PF forum position sizing dollar" spreadsheet, column A refers to Bid/ask & #Contracts. It starts with 1 and runs up to 4,093. I'm not sure how 4,093 (or any of the contracts above 10) is achieved on a single trade - can you explain this to me.

Thanks
Linus,
Thanks for the PM. Yeah, that's a great spreadsheet Fiji put together last year.

The numbers in column A are the position size for that trade. In the spreadsheet you linked to me they represent the number of mini lots you would enter that trade with.

Take a look at the trade on line 30 of the spreadsheet (or it might have been 29 or 28) At any rate, it is the trade where the balance stands at $7098.

In the spreadsheet you are risking a maximum of 2% of your balance on each trade. 2% of $7098 is $141.96. Remember this number as we'll use it again in a moment.

In the spread sheet the number of pips for your stop is 35. For a mini lot each pip has a value of $1. (Note: some pairs pip value is slightly less than $1, but don't worry about that for now.)

So a 35 pip stop represents a total pip value of 35 * $1 = $35.

Now, take the $141.96 and divide it by $35 and you get 4.056 mini lots. Since you can't have fractional mini lots, you would round that down to 4 mini lots. If you look, you will see that 4 is the value in column A of the spreadsheet. When you place the trade it will be for 4 mini lots.

If this still doesn't make sense, please ask further questions, but please read the money management section of the beginner's forum before you do so. It will help clear things up a bit as well as trigger a few more questions.

Let me know how I can be of further assistance.

Dial
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  • #22
  • Edited 12:01pm Jun 26, 2006 11:53am | Edited 12:01pm
"The numbers in column A are the position size for that trade. In the spreadsheet you linked to me they represent the number of mini lots you would enter that trade with."

Thanks Dial, I appreciate your time and effort and don't want to waste your time any further. The issue I have is field- or Platform related (MT4 in this case). Maybe I’ve read too much over the last few weeks that I’m now totally confused.

My only real question I have is how to enter more than 10 lots per trade, lets say 189 in this case – see attachment from the spreadsheet (the highlighted row). Then look at the Order tab from MT4 and there where it says Volume is where one enters the amount of lots you would like to enter on a single trade – right? Now unless this option increases as one’s account grows, I cannot select more than 10 lots per trade – what am I missing???
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Ekvattiekakkie
  • #23
  • Jun 26, 2006 1:11pm Jun 26, 2006 1:11pm
Quoting Linus
"The numbers in column A are the position size for that trade. In the spreadsheet you linked to me they represent the number of mini lots you would enter that trade with."

Thanks Dial, I appreciate your time and effort and don't want to waste your time any further. The issue I have is field- or Platform related (MT4 in this case). Maybe I’ve read too much over the last few weeks that I’m now totally confused.

My only real question I have is how to enter more than 10 lots per trade, lets say 189 in this case – see attachment from the spreadsheet (the highlighted row). Then look at the Order tab from MT4 and there where it says Volume is where one enters the amount of lots you would like to enter on a single trade – right? Now unless this option increases as one’s account grows, I cannot select more than 10 lots per trade – what am I missing???
Hi Gary,

First you are not wasting my time. It is never a waste of my time to help someone who is honestly seeking to learn and grow. I think you fall into that category.

In this case however, it was a waste of your time to ask me this question, 'cause I don't know the answer. I trade through FX Solutions dealing desk and they allow me to enter any number of lots I desire. I've never tried to place an order through MT4 until just a few minutes ago to see if I could figure out the answer to your question. Alas, I could not. Perhaps someone else who trades through the MT4 interface can help.

If you're only using MT4 to demo with and you don't have a broker yet, allow me to recommend FX Solutions. You can try out their demo by downloading the dealing desk from their website, www.fxsol.com.

Sorry I couldn't be of more help on this question.

Dial

Dial
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  • #24
  • Jun 26, 2006 1:21pm Jun 26, 2006 1:21pm
I don't know the answer to this eithedr but IF YOU ARE USING A "DEMO" ACCOUNT ! this is what I would try.
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  • #25
  • Jun 26, 2006 2:10pm Jun 26, 2006 2:10pm
Quoting diallist
Hi Gary,

First you are not wasting my time. It is never a waste of my time to help someone who is honestly seeking to learn and grow. I think you fall into that category.

In this case however, it was a waste of your time to ask me this question, 'cause I don't know the answer. I trade through FX Solutions dealing desk and they allow me to enter any number of lots I desire. I've never tried to place an order through MT4 until just a few minutes ago to see if I could figure out the answer to your question. Alas, I could not. Perhaps someone else who trades through the MT4 interface can help.

If you're only using MT4 to demo with and you don't have a broker yet, allow me to recommend FX Solutions. You can try out their demo by downloading the dealing desk from their website, www.fxsol.com.

Sorry I couldn't be of more help on this question.

Dial

Dial
Thanks Dial. Aaargh!... I should have asked Jim this question, since he's the guy that suggested I use MT4 and then I left VTtrader and now I'm way down the road to switch again, so I'll stick with MT4 for now and see what Jim has to say. But I did do something stupid though... I never checked to see if one could enter other values besides the option of 10 they provide but only up to 49 lots though. Nothing more. Thanks again and I'll post the outcome of my research.
Ekvattiekakkie
  • #26
  • Jun 26, 2006 2:15pm Jun 26, 2006 2:15pm
Quoting Bemac
I don't know the answer to this eithedr but IF YOU ARE USING A "DEMO" ACCOUNT ! this is what I would try.
Thanks Bemac, but it's 189 and not 1.89 and I will get in touch with IBfx, now that I know that the idea is in fact to enter as many lots as suggested on the spreadsheet. But you are correct as to where one should enter the # lots.

Thanks
Ekvattiekakkie
  • #27
  • Jun 26, 2006 2:50pm Jun 26, 2006 2:50pm
Interbank fx has a cap on the amount of lots you can enter. 50 on a mini account and 100 on a standard
Ekvattiekakkie
  • #28
  • Jun 26, 2006 3:44pm Jun 26, 2006 3:44pm
Quoting Linus
Interbank fx has a cap on the amount of lots you can enter. 50 on a mini account and 100 on a standard
That will do you for a looong time!
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  • #29
  • Jun 26, 2006 5:12pm Jun 26, 2006 5:12pm
Quoting Linus
Thanks Bemac, but it's 189 and not 1.89 and I will get in touch with IBfx, now that I know that the idea is in fact to enter as many lots as suggested on the spreadsheet. But you are correct as to where one should enter the # lots.

Thanks
I'm not sure I understand this. Are you saying you want to trade 189 Full Lots and don't know how to do it?
  • #30
  • Jun 26, 2006 7:18pm Jun 26, 2006 7:18pm
Quoting Bemac
I'm not sure I understand this. Are you saying you want to trade 189 Full Lots and don't know how to do it?
That's right, but the reason I couldn't figure it out was because of the cap IBfx has on the amount of lots you can enter on one trade. This question stems from a spreadsheet showing how through MM and the magic of compounding one can build your account over time.
Ekvattiekakkie
  • #31
  • Jun 27, 2006 6:39am Jun 27, 2006 6:39am
Linus:
In the spreadsheet, the "$ per Pip" value is set to $1.00. This setting means you are working w/ 10K lots. So the 189 means Mini (10K lots) or 18.9 FULL (100k) lots.
Full = 100K
Mini = 10K
Micro = 1K
Using a "Standard" MT4 account you should have no problem with entering a rounded down 18 Full 100K lots. or $1,890,000.00.

If u modify the $ per pip value in the spreadsheet you can change between Full, Mini, Micro settings. You'll notice at an acct size of 2500 you do not have enough to trade a 100K lot at 2% risk.
In trading, there is no bullshit. You either make money or you don't.
  • #32
  • Jun 27, 2006 7:59am Jun 27, 2006 7:59am
Quoting mrgreen
Linus:
In the spreadsheet, the "$ per Pip" value is set to $1.00. This setting means you are working w/ 10K lots. So the 189 means Mini (10K lots) or 18.9 FULL (100k) lots.
Full = 100K
Mini = 10K
Micro = 1K
Using a "Standard" MT4 account you should have no problem with entering a rounded down 18 Full 100K lots. or $1,890,000.00.

If u modify the $ per pip value in the spreadsheet you can change between Full, Mini, Micro settings. You'll notice at an acct size of 2500 you do not have enough to trade a 100K lot at 2% risk.
Thanks mrgreen, so many kind people on this forum! I understand this part and actually my thread stems from two spreadsheets comparing a mini and micro account and showing how thru leverage and compounding a micro can be more profitable than a mini acc. over the long run (much more). Due to limitations on the IBfx MT4 platform, I just couldn't figure out how to enter so many lots. The answer - I can't unless I switch brokers. But like Dial said, at this point in time I don't have to worry about this part.
Ekvattiekakkie
  • #33
  • Last Post: Jul 6, 2006 11:11pm Jul 6, 2006 11:11pm
Please post some chart examples. I just want to make sure if I got it right. Thanks.
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