Hi traders.
I was wondering if there is a broker or a way to do the following:
Enter a stop loss order and then press the buy market order for going long and have the position size automatically calculated and placed together with the trade based on the risk percentage.
Some brokers have default settings similar to what you’re describing. OANDA for example has a feature on their mobile app that you choose from:
Moving forward, for example to set a default SL you would enable that feature then select your preference:
Each broker is different so you would need to do some research.
Hope this helps.
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TradingView will also calculate your position size for you, based on your risk but your broker has to be affiliated with TV’s platform.
Let’s say I wanted to go long on USDCAD based on the long term trend (which I’m not, in anticipation of a pullback). I would click the buy button at the top left and this box pops up. Then I would check the SL box and enter my SL price. Then I would enter how much I’m willing to risk on this trade in the “CAD Risk” box, then check the TP box and enter your TP price. The position size is automatically calculated.
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It should be available at MT5 as far as I know, at least I have this feature at Hotforex.