Hi
I am new to trading and was wondering if there are any any good options to calculate the cost and risk (among other things) of a trade directly on the chart on MT4 ? So, if I set my stop loss and take profit, how that works with the current price and lot size - how does that result in the price of the trade before I make it.
There are some options that I can purchase or apply as indicators but I was wondering if anyone has any suggestions ?
Thanks
N
Sign up for the baby pips school and go through it. This will give you a basic understanding of the forex. You need to have a basic understanding before you can decide what options apply to you and which ones don’t. As well with a basic understanding you can start to build your own strategy based on what you’re trying to achieve, when you want to achieve it, and a road map to get you there. There are things in the foresx that you should mostly of the time; there are things shouldn’t do most of the time; then the killer. . .things you should or shouldn’t do depending on the situation at hand. Baby pips school will teach you most of these things so you can learn and put into practice consistently to give yourself more of a chance to succeed than fail. Good Luck
Gp
Basically, you really don’t need a program to calculate that for you. If you are well versed with basic trading knowledge, this should come naturally.
Just as gp said, study first and pick your options later.
There are plenty of forex calculators that can help you determine your risk exposure, position size, etc. available on the Tools section of the site.
You’ll probably have to make room for volatile spreads though, especially if you’re a scalper, news trader, or you have a bad broker.
Good luck!
I’ll recommend you read this article and try to find yourself in it; How important is forex education? - PaxForex