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Calculating position size automatically

  • #1
  • First Post: Mar 21, 2018 11:12am Mar 21, 2018 11:12am
I use software to calculate position size related to % acc balance and place a trade within seconds. What software do you use?
  • #2
  • Mar 21, 2018 11:23am Mar 21, 2018 11:23am
I do not use any
Which s/ware do you use and is it reliable ?
  • #3
  • Mar 23, 2018 9:36am Mar 23, 2018 9:36am
Quoting petemech
I do not use any Which s/ware do you use and is it reliable ?
I use the PFO script that Andrew Mitchem (The Forex Trading Coach) sells. It is completely reliable and I couldn't imagine using any other method.

The reason I ask, I don't come across any threads on this topic and I am really wondering whether many retail traders are using some long winded approach as we all probably came across in the beginning. Mt4 now has the One Click trading but it is useless when wanting to define a % risk of acc balance.
  • #4
  • Mar 23, 2018 4:57pm Mar 23, 2018 4:57pm
Quoting richhand
I use software to calculate position size related to % acc balance and place a trade within seconds. What software do you use?
For placing market orders with a fixed SL and TP, I sometimes use the attached script. It's also capable of placing multiple orders with different TPs, for scaling out.

The script was written using Metaeditor/compiler build 509, hence it will likely compile with errors, unless you do this first. Otherwise download the ex4 file only. I've included the source code so that anybody who's interested can copy the risk/pos size calculation formula.
Attached File(s)
File Type: ex4 Place Market Order.ex4   26 KB | 1,307 downloads
File Type: mq4 Place Market Order.mq4   5 KB | 1,223 downloads
  • #5
  • Feb 2, 2020 3:23am Feb 2, 2020 3:23am
Quoting richhand
{quote} I use the PFO script that Andrew Mitchem (The Forex Trading Coach) sells. It is completely reliable and I couldn't imagine using any other method. The reason I ask, I don't come across any threads on this topic and I am really wondering whether many retail traders are using some long winded approach as we all probably came across in the beginning. Mt4 now has the One Click trading but it is useless when wanting to define a % risk of acc balance.
A script? THAT is so 90's man, try this FREE demo

https://www.mql5.com/en/market/product/30855
It takes a lot for me to IGNORE you, but you can try.
  • #6
  • Feb 3, 2020 3:40pm Feb 3, 2020 3:40pm
I use EA for that... also at oanda it is very easy in fxtrade... For the rest, I would advise using EA...
Can you afford to take that chance?
  • #7
  • Feb 3, 2020 5:39pm Feb 3, 2020 5:39pm
Historically I've just used Excel, but it's on my to-do list to program it into R.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #8
  • Feb 3, 2020 8:55pm Feb 3, 2020 8:55pm
Quoting richhand
I use software to calculate position size related to % acc balance and place a trade within seconds. What software do you use?
Microsoft Excel. The Trader's Ultimate Proof of Concept Weapon. You can do some amazing things in Excel.
  • #9
  • Feb 4, 2020 8:44am Feb 4, 2020 8:44am
Quoting JetTrader
{quote} Microsoft Excel. The Trader's Ultimate Proof of Concept Weapon. You can do some amazing things in Excel.
Quite so, on many levels. I'm not sure where to start on my rant about this, so I won't.
  • #10
  • Last Post: Feb 4, 2020 12:08pm Feb 4, 2020 12:08pm
Quoting JetTrader
{quote} Microsoft Excel. The Trader's Ultimate Proof of Concept Weapon. You can do some amazing things in Excel.
I agree Also unless one is doing like many trades a day... it can be done manually or just incrementing previous number till goes through etc
Can you afford to take that chance?
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