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Many traders use technical indicators to help make trading easier. Not all, however, provide what traders need in terms of position sizing and risk management. Position sizing is the calculation of how much money you can afford to risk on a given trade while a risk management plan sets a limit on the maximum amount you are willing to put into your trades each day.
While you may want to manually set the ideal amount of capital you want to keep in your trading account, it is better to automate trading. This allows you to execute a trade quickly and avoid risking too much. Sometimes when scalping, you don’t have time for manual calculations.
Our Position Size Calculator is an amazing tool that determines the ideal position size based on your account balance, risk tolerance, currency pair, and other information on the MT4 platform. It’s a must-have!
The indicator can be used day or night and never needs calculating. You can view what stop loss to enter, your position size, and other information on a panel on the top left side of the trading charts. It’s designed so you don’t have to go back to the charts for calculations.
How to Use The Pip Calculator Indicator for MT4
Running the indicator is easy once you have it. All you need to do is download the indicator, open it and run it. The indicator will automatically mark entry points & stop-loss levels using lines on your chart in real-time – all you need to do is keep your eye on them!
This feature displays the account balance, risk percentage, position size, and risk money. This means that you get to see the amount you risk losing if the trade doesn’t go your way.
If you want the risk to be solely based on the amount of money you’re willing to risk, simply change ‘risk tolerance’ in the settings.
Conclusion
By incorporating risk management into your strategy, the position size calculator indicator knows how much to trade and when to ask you to take a break. It also determines the suitable stop loss level. This means that whatever you do, you don’t lose money or blow your account – it’s safe and secure.
It is important to avoid the overtrading that can result from automation. Automation of trade size has been helpful by shrinking the volume of trades you make and help you trade rapidly without risking your account. What’s more, this tool builds up your knowledge of trading in general.
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