There are several resources about calculating position sizing (REF: http://www.forexfactory.com/showthread.php?t=386673) which always focus on stop loss (risk) based position sizing. But I don't use stop loss and I am looking for a script/indicator that can show me optimum lot sizes across all pairs. Here is what I mean:
1. In regards to monetary value, 1 pip for EURUSD (about 0.091 euro i think) is not the same as say 1 pip for USDZAR which is about 0.0068 euro (the last time i checked).
2. I have 1000 euros in my account so I would like to trade only 0.01 lots.
3. Value-wise it brings different results when using 0.01 for EURUSD and USDSEK due to value difference. Anyway to standardize this?
Thus, are there any scripts/indicators for mt4 out there that can advise me what lot to use for each pair so that they are all sort of standardized to EURUSD's 1 pip value? I wouldn't mind that it will not be an exact math but still would help to use standard lots across the board rather than using the risk/position sizing based on stop loss.
1. In regards to monetary value, 1 pip for EURUSD (about 0.091 euro i think) is not the same as say 1 pip for USDZAR which is about 0.0068 euro (the last time i checked).
2. I have 1000 euros in my account so I would like to trade only 0.01 lots.
3. Value-wise it brings different results when using 0.01 for EURUSD and USDSEK due to value difference. Anyway to standardize this?
Thus, are there any scripts/indicators for mt4 out there that can advise me what lot to use for each pair so that they are all sort of standardized to EURUSD's 1 pip value? I wouldn't mind that it will not be an exact math but still would help to use standard lots across the board rather than using the risk/position sizing based on stop loss.