Last time, we mostly talked about different indicators you might consider. It's time to find out a few other handy tools.
Expert Advisors
These tools perform the same role as the indicators we talked about earlier. However, no one can tell you which is better to use. I want to offer you all the available options so you could make a choice and trade comfortably. So, EAs.
ArgoLotCalculator v1
A very useful Expert Advisor that can control your risk level depending on your balance size. Let's look at the settings:
- LotMode - This parameter allows you to set a fixed lot size for any of your positions (FixedLot option) or select an option that will automa
- tically set Stop Loss based on the set risk percentage.
- LotSize - Here you can manually choose a lot size.
- LotPerCent - The risk size of your transaction as a percentage of your balance.
- CustomAccountBalance - You can set your balance manually or let the program track it automatically by specifying the value “0” in this field.
- colTP - The color of the Take Profit line that will be displayed on your chart.
- colPrice - The color of the entry point line.
- colSL - Color of the Stop Loss level.
- comment_color - The color of the Advisor’s comments.
The program allows you to manually move the Stop Loss, Take Profit, and entry points levels directly on the chart. In this case, the Expert Advisor will automatically make new calculations.
Applications
If you trade from your mobile device then you can use an application.
The application is very easy to use. You enter several indicators, click on the “Calculate” button, and the program will provide you with a number of useful data.
What you need to specify:
- Balance - Indicate the deposit size.
- SL in Pips - Distance to Stop Loss level.
- Risk% - Percentage of risk from your deposit size.
What the application gives out:
- Risk in $ - The risk amount in US dollars.
- No Of Such Chances Lot - The number of transactions after which your balance will become zero if all positions are closed at the specified Stop Loss level.
- Max Possible Lot Size - The maximum lot size taking into account the specified level of risk.
Scripts
You can specify any settings manually using the scripts. Let's look at a few available options:
- 1 Sell 1 perc risk or 1 BUY 1 perc risk - Choose one of the script options depending on the type of transaction - Buy or Sell. The program will calculate the required lot size taking into account the risk of 1% of your balance.
- Buy_nonQuery or Sell_nonQuery - The same scheme as the previous script. Here, the percentage of risk is about 1-1.5%.
- Buy_Percent - This script has its own settings. Before opening a buy trade, you need to specify the sizes of Stop Loss and Take Profit and the percentage of risk. After clicking the “OK” button you will automatically open a buy trade with the specified parameters.
Excel Tables
The developers of the Excel program realized that their tables can be used to calculate the data any trader needs. Unfortunately, not everyone wants to get into the work of a whole separate program. That is why the developers have prepared table templates that may be useful to you:
- Magic-of-Money-Management - The table automatically calculates the cost of one point and the size of the lot based on your balance and Stop Loss sizes, taking into account the risk level of 1% of the deposit.
- LotSize - This one is similar to the previous table. However, here you can manually enter the percentage of risk you need.
- Money Management Calculator - An extremely multi-functional table that, based on a number of indicators, including the type of your account (cent or standard), risk percentage, deposit size, and Stop Loss, calculates for you the size of the lot you need, the value of your position in the currency of the account, and the leverage size.
- Risk Management Calculator - A unique table that, based on the specified percentage of risk and your balance, will show you what will happen to your account after a series of losing trades.
Perhaps, this list of tools to calculate the lot size is quite enough. Some methods are a bit more complicated than others. Make sure to test each option on a demo account before moving on to real trading. And do not forget that the correct calculations are half your success.