There is a very easy and very quick way to set up and execute your trades.. It takes literally seconds.
I will explain my setup and what I use, you may find some of it useful.
one.jpg
ONE:- This is a free indicator which can be downloaded from
http://www.truetl.com/indicators.php at the bottom of the page.
You can use the indicator for many other things including calculating your lot size plus they have recently released an EA version of this indicator where you can use it to place trades which is also free to download.
If you want the indicator to display the values as I have them set then here is my set file.
Infoboard.set
TWO:- This is the indicator I use to calculate my lot size, unfortunately it is very basic and can only be used for calculating from equity and not balance but this is not a problem because I set my trades based on what this is telling me at the start of a trading day so as my equity changes my initial lot size does not.
It is another free indicator. But like I said it is basic and on Global Prime accounts and perhaps a few other brokers do not set 1% set 0.1%. It will read 0% but will show you the correct lot size.
LotCalculator v1.ex4
two.jpg
THREE:- I place my trades utilising this feature of Empty4 as I find that I am able to place trades quickly and easily utilizing this feature.
METHOD:
About 10 minutes before market open I set my charts for the trading day.
First I look at the infoboard (ONE) to ascertain the 20 day ATR.
I then open the lotcalculator (TWO) and if 20 day ATR is say 68 I just double the first number and times by 10 to achieve my required risk so in this case my lot size would be based upon a stop loss of 120.
The lotcalulator now indicates to me my lot size based upon the set stop loss. Of course if the ATR value is above 100 then use the first two digits, so a ATR value of 168 would have you setting 320 into the lot calculator.
I then set my lot size into the Empty4 trading panel (Three) That is the lot size that I will place for all trades on that chart for that day irrespective of what the Lotcalculator is telling me because as previously stated it calculates lot size based upon equity.
Now all I have to do is on the hour look at each chart and press buy or sell depending on where the CSS is directing me. Just a few seconds per chart and very quick once you have done the initial set up.
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