Hey guys, I was wondering if anyone here trades the US500 when day trading?
I’m struggling to find a quick position size calculator online. I don’t see it on myfxbook or any of the other ones.
I can calculate the position size when using tradingview paper trading and demo trading using Ctrader however I’m with a different broker now and have a different account.
Any help/suggestions would be greatly appreciated.
Pete.
You can thank me later bro but visit the link it will solve ALL YOUR PROBLEMS
babypips . com /tools / position-size-calculator
Put that link together because it won’t let me post if the link is together
Brilliant thank you so much for this answer, much appreciated.
What exactly do you need to calculate? It’s simple math I guess, at least it took 1H for me to make excel sheet with all necessary formulas. By the way it’s a good way to understand trading mechanics better because you basically see how the formulas are constructed.
I need to calculate the position size when day trading the US500 based on 1% of my current balance using a SL and TP
Check contract specification it should look like this Forex Specifications | HotForex | HotForex Broker
Here you can see “tick value per one lot” which is 0.01 USD. For example, if, after proper analysis, you conclude that stop loss in the trade should be placed 200 ticks away from entry, you will lose 200*0.01 = 2 USD if you buy (or sell) one lot. If 1% from your equity is 200 USD then position size should be 100 lots.
Hope it helps
That helps. Thanks ontario.
I love such moments when a trader applies for help and gets real and clear answers to his questions. At these moments I start to think about the importance of forums in the life of traders, it can sometimes be much more valuable than some articles, etc.