How to manage risk is one of the most important knowledge that a forex trader should have. Novice FX traders often focus on testing multiple indicators. Expert FX traders, on the other hand, pay more attention to risk control. Some believe that proper risk management can determine whether a forex trading strategy is good or bad.
So it is essential to know how to accurately determine the appropriate size of the trade position to be opened. A position that is too small will not allow us to obtain a benefit proportional to the size of our account deposit, but even more damaging is to lose all our capital by opening a position that is too big.
Forex Position Size Calculator for MT4 does all the calculations automatically. Its use is very basic and intuitive and works for all symbols.
Simply attach the indicator to the symbol you want to trade, set the percentage of the account you are willing to risk, and accept. Immediately a box will appear with the button ‘Lot Size’, and a line will be drawn showing the distance in pips to the current price. Now you only have to move the line to the distance where you intend to place your StopLoss or TakeProfit level, and when you click on the ‘Lot Size’ button, the appropriate position size will be shown.
In any case, the best way to check its operation is by testing it. So simply, download it and install it in the ‘Indicators’ folder of your MT4 terminal. You can share it with whoever you want. The tool is completely free forever.
The current version of the tool is v1.2. It was updated on 04/14/2020 based on reports and additions suggested by the customers.