Calculating Money Management:
I'm very confused about Money Management and how to apply this when entering a trade. I have a $5000 demo account at 1:50. If I only want to use 2% of my trading account per trade, how do I determine the "Volume" in the MT4 trading window. I guess the "volume" entry (in the Order window) has something to do with lot size?? But there's no way for me to indicate that I want to use $100 out of my account (for instance).
How can I determine the New Order "Volume" that I want to use for a trade so that I only use 2% of my $5000?
If someone could point me in the direction of reading material to help me understand all this, I would be most grateful.