Hi guys, I’ve been demo trading using Oanda’s desktop trading demo. I use Babypips’ position size tool to determine how many units to trade.
If I decide to use MT4 to trade instead of Oanda’s software, how do I determine my position size when I buy/sell?
For instance, in the ‘order’ section of Mt4 I can enter my stop loss, take profit, and determine the volume. Is this the same as Babypips’ position size calculator?
I’m a bit confused
Thanks
Its not the same as babypips position calculator. The calculator works out your position size I.e. how many lots to use after taking into consideration what pair, risk and stop loss. The mt4 order section is just to open a position, it doesnt work anything out for you. You can keep using the babypips calculator to work out the position size.
Thanks for the reply tradeforex007. So if the Mt4 order section is just to open a position and it doesn’t determine position size (which is critical to trading) ,why does MT4 (and Mt5) have this feature? I’m still lost.
Thanks
What feature are you talking about?
The order section is to open trades and set a stoploss/take profit.
Hi tradeforex077, thanks for the response.
Oanda’s desktop platform (which is what I use) allows me to input the number of units to trade when I make a market order.
I find the units to trade via Babypips’ position size calculator. The number of units to trade is based on account balance, trade risk, stop loss, account currency, etc.
MT4 doesn’t have a units to trade available. How does one determine position size when they want to trade via mt4?
Unless there’s something I’m missing here
Sorry if this is a dumb question
Thanks
Ah I see. So MT4 uses lots. If you scroll down after using the position calculator under units it gives you the equivalent lots. This is what you put into mt4. Hope that helps.
For eg: below its worth 200,000 units but below is 2 standard lots.
I use a position size calculator from earnforex dot com.
