Maths question for you. So up until now I’ve been trading with Oanda and calculate my position size by adjusting the units input until the stop loss value was 1% - (i’ve pre set the pips).
Now I’m using Mt4 and I have to work in lots.
So say I have a 10 pip stop, and 1% equals $150 (AUD). The pair is EUR/USD.
[B]The options I have are: 0.1-400[/B] and the guy at live support told me that .3 equals 30,000.
So, what size do I want? I put it into the baby pips calculator and it gave me 4 answers.
Amount at Risk: 150
Position Size: 154650
Standard Lots: 1
Mini Lots: 15
Micro Lots: 154
Since the minimum size you can put down on MT4 is 1 mini lot (0.1), you should go according to mini lots and buy 15 mini lots as the nearest approximation to what you want.
You really want to buy 154,650 units, but because you can only work in mini lots and standard lots (unlike with Oanda), the closest you can get to that is 150,000 units (or 15 mini lots). With this, you are actually risking 150,000/154,650*1% = 0.97%
Hey!I also have a question related with position sizing, but instead of the Forex market, my question is on the Crypto market.
For example, how do you calculate you position sizing (exactly with the same parameters that the BabyPips calculator uses) but for BTCUSD?
How do I know how many lots to operate with in order to have my risk parameters right ?