I like to share with you guys this simple yet very useful tool that I made in order to make money management easy during trading.
It consists of an excel file that calculates the number of minilots to trade.
You fill in some data in the blue colored spaces (never ever touch the yellow ones) and in the green colored box will appear the number of minilots you can trade in a specific trade, preserving your percentage of risk desired for your available equity.
I hope this can be helpful for you as it is for me and improvements in content, presentation, etc, are welcome.
Since english is not my mother tongue I don’t know if the concepts are clear for you all. If any doubts please ask.
Regards!
P.S. 1 If for some reason formulas in the yellow boxes are erased, below I copied pasted the original formulas for you to rewrite them in the yellow boxes.
P.S.2 I don’t know if I’m violating a posting rule since I wasn’t able to attach directly the excel file, that’s why I compressed it, please let me know.
If we talk about some newbie traders provided with the latest trading set up and data, anyone can predict that they are going to loose all of their money. On the other hand if you took some professionals traders they will make some good profits for sure, so the main difference between both the conditions is Money management. It is one of the most important part of trading.
Thanks for sharing your knowledge