HI everyone!
This is my first post here and I wanted to share my spreadsheet that I use with every trade.
Gain: the amount in dollars that you are aiming to profit during the trade
TP: take profit price
Entry: entry price
SL: stop loss price
SL(pips): the number of pips from entry to the stop loss price
TP(pips): the number of pips from entry to the take profit price
Pip value: the price of each pip to reach the take profit price
Maximum loss: the amount that will be lost if the price reaches the stop loss price
Here is the spreadsheet that you can create in your Excel program.
Gain “B1”
BUY
TP “B4”
Entry “B5”
SL “B6”
SL(pips): =(B5-B6)*10000
TP(pips): =(B4-B5)*10000
Pip Value =(B1/B9)
Maximum Loss given the gain amount not reached =(B8*B11)
SELL
SL: “F4”
Entry: “F5”
TP: “F6”
SL(pips): =(F4-F5)*10000
TP(pips): =(F5-F6)*10000
Pip Value: =B1/F9
Maximum Loss given the gain amount not reached: =(F8*F11)
Lot size is determined by finding the lot size that matches the pip value in the Excel using the Baby Pips pip value calculator.
Note: 0.1 in MT4 for the lot size is 10,000 in the Baby Pips calculator
Thank you and have an amazing day! Please let me know your feedback!
Julie