Trader Rookie Position Size Forex Calculator, need some feedback on a browser extension
Hey Community! I am super excited to finally have my browser extension live for anyone to download for Google Chrome and Microsoft Edge. I would love to get support and feedback on the extension! ❓Why I built the Trader Rookie Position Size Forex Calculator❓ I am dedicated to day trading and trading the foreign exchange markets. I have recently launched https://traderrookie.com to share content for aspiring daytraders and help people get started in the exciting world of trading. In the long run, I am looking to build supplementing income for my trading career. Personally I have always been frustrated with the RISK management tools available to traders, so I have developed a position size calculator that lets you calculated position sizes for any forex, commodity, or index pair. How it works: You set your entry, stop loss, and up to 3 separate take-profit targets, and the calculator calculates your risk size in lots or units based on account size and risk tolerance. The calculator's user interface synchronizes instantly across browser tabs and lets you calculate position sizes on top of a charting package like TradingView and then execute the trade with your broker in another browser window OR with desktop software like Metatrader or similar. https://preview.redd.it/m001kyth6nf51.png?width=920&format=png&auto=webp&s=f16aa3993e427eeca0a802ae5f47a7e34e3d7b1d The extension can be downloaded here: Chrome web shop:https://chrome.google.com/webstore/detail/trader-rookie-position-si/kcdjnmmjcnbpbjiemhcdiblekmpnbgec?hl=da&authuser=1 Edge Add-ons:https://microsoftedge.microsoft.com/addons/detail/trader-rookie-position-si/addmhmcfpoimgajbbeckdghdpoeobipc The extension features an add banner.Right now it has an add for the Extension, but I would like to promote content from my webpage like articles and other free stuff for traders. I have a long list of additional features I would love to implement in the extension in later versions, but for now I am happy to have the first version ready for my audience. If you're curious, check my page out at https://traderrookie.com
Do experienced traders use forex calculators like those on babypips?
I'm a little new to forex, and i think the tools on babypips are pretty useful for calculating position size and stuff. I'm wondering, do experienced traders use tools like these or do they just know the calculations in their head and can do it by hand?
Hi all, I am new to Forex and I am looking for a calculator to help with my demo account. I am looking for something to determine the lot size based on risk and possible something to tell me what my minimum take profit should be to cover the initial trade. It does not matter if the app is paid or not, I just prefer it not have ads if possible. If it can tell me what a good trailing stop would be and stop loss that would be helpful as well.
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What is the "contract size" in the position size calculator?
A little confused. I usually keep it the same as my account balance, but now I'm not sure as my lot size changes significantly if I change my contract size. If my account size is let's say 100k and I want to risk 1%, what should my contract size be? Thanks. https://www.myfxbook.com/en/forex-calculators/position-size
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I am a big believer in the concept that one of the best (maybe the best but it is subjective) ways to make money money in the markets comes down to patience and well timed aggression. There are some extreme golden opportunities in the markets and to a trained eye they are often very easy to spot and relatively easy to trade. The tricky bit is not losing during all the other times haha. Patience ... well timed aggression. I have been quite stagnant in my trading for a few weeks and then as the Brexit was due, got extremely active and we got the best trades of my FX life (in terms of how quickly the results came, we have had swing trades achieve similar results over 6 months or so). We done far better than I expected but I had always been saying that the opportunity comes AFTER the Brexit, the market will mis price some things and as it happens, some things strongly broke SR levels. So... now it is game time. Not only on the Pound although it is in focus but in general this volatility jump presents multiple opportunities. I will keep a running commentary on some of the analysis I have, moves I am looking to make and where I feel the money is to be made here if you'd like to follow along. Things to take note of; 1 - Not all my trades win, I am rarely over 70% accurate over a longish time period. 2 - My strategies are risk:reward based and expected to be profitable on risk:reward basis. 3 - Money management used is a set percentage basis, so on every trade the same amount of risk is used, lot sizes are adjusted based on the number of pips in stop loss . http://www.myfxbook.com/forex-calculators/position-size helps with this. 4 - Correlation risk is real! If I am for example selling GBPUSD, GBPJPY, GBPAUD and GBPNZD, to risk 2% on each trade is really more like a 8% risk . This should be considered and to use 0.5% risk in each trade here would be shroud, rather than 2% in each. http://www.myfxbook.com/forex-market/correlation 5 - Any thing I post is for educational purposes only, I am not telling you to trade anything in the markets, any trades you take are exclusively at your own risk and you should do you own analysis and due diligence. 6 - I am not your, or anyone's financial adviser. I hold no qualification for this, I am just a guy on the internet. 7 - The strategies and tactics I use are ones I have used for a long time and found them to be successful but there is absolutely no assurance they will be profitable in the future. 8 - At times there will perhaps be a portfolio approach or sympathetic hedging approach used. Lets say for example. I am short on GBPUSD with a 300 pips stop and 600 pips target from a larger chart and the Pound is rallying against this position, I may start to look for short term momentum buys on GBPJPY, Let's say the GU hits 300 pips stop and GY wins 50 pips for a 50 pips stop, because of the money management method used, the GY trade has covered the GU risk. 9 - If you can not afford the pips, you can not take the trade. We are in volatile times and some stops will have to be several 100 pips and even at that be somewhat tight, if losing the trade on the smallest lot size you can trade would exceed an acceptable level of risk, do not trade. 10 - Don't think I have a 10 but we got to 9 and it's good to finish on a round number. Analysis will be posted in comments.
Calculating lot sizes to risk a set amount of risk can be tricky sometimes, especially when you are new. Different currency pairs have different values per pip (L2A) and it takes some time to get to know them all. There are some general rules of thumb (L2A) you can follow to get decent estimates but it is better to be able to be precise in your position sizing. Myfxbook have a great tool for this. You can enter into it your account size, the percentage you want to risk (L2A) and the number of pips in your stop loss. Then it will tell you the lot size, along with the dollar risk. https://preview.redd.it/g691olkxjy421.png?width=844&format=png&auto=webp&s=f9c66e1c0c88e4e6571b96b689b507acac995781 The tool is simple and intuitive to use. You can get it here. This is just one of the many free trading tools/resources Myfxbook offers. (L2A) L2A = Link to be added.
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