I like the tool on OANDAs Advanced Charting platform that lets you estimate your position size and pips based on your risk - well the theory of it anyway because when I do the math it doesn’t seem to be adding up.
More specifically when I use it, it acts as if USD is both the counter currency and base, so if I mess with it and say i want to risk $100 on a USD/CAD trade, and I get the quantity (units) to 10000 it will tell me I only need to lose 100 pips roughly to hit my correct stop loss. When really that should be around 130 or 140. It does this even on minor pairs. Also when it comes to Yen pairs the quantity is wrong to begin with but even more so because it will be off by two 0’s.
I’m writing this to see if anyone knows if there is a way to possibly fix this? If so I would like to because it is convenient to have this easy to use risk management tool right in the charting platform I use.
Thanks and have a good day.