Double checking position sizing (advice, cautions and a question)

[DifferentUsernamesAreGood]

I’ve made some terrible mistakes with position sizing.

The worst was when I’d been trading forex for a while, and decided to try stocks in the same FXCM account.

I placed the same position size as I used for forex. Keeping the same position size is a mental check and balance to make sure that human bias doesn’t creep in beyond acceptable minimums.

It turns out that the positions at FXCM for the SPX500 are 10x bigger than forex, so what I was risking was way out of scale.

Ever since then, I’ve been afraid to trade anything without an auto position sizing calculator that I can also manually double check.

Unfortunately, while there are auto calculators for forex, I’ve never found anything for other markets that look up the price for you using SL and TP to calc risk.

I’m now with Global Prime, because they’re the only broker I know that will produce trade tickets to show that they’re not trading against you. I’m using MT4 because of this, and it doesn’t have any built in position sizing display. The EA and indicators I’ve found need us to type things in manually.

Do you know of a way to check position sizing manually? For example, a way to do it on tradingview?

[tommor]

Can’t tell you exactly the right technique here but different platforms are worth reviewing.

Luckily for me my broker offers their own platform for trading with an interactive charts feature. Having set an order at a given level you can drag the stop-loss price away to wherever you want it to be. This takes with it a small message panel which tells you what price you have reached, how many pips from entry your SL is and the net loss if it is triggered.

Maybe hunt around, because this cannot be unique to one broker.

[DifferentUsernamesAreGood]

I found I should be able to use the TradingView position sizing tool. But it suggests Qty 221 for EURZAR on the MONTHLY scale. That doesn’t seem right!