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Hi, please can you code a Small Calculator that if placed on any currency pair I want to trade, IT SHOULD NOT ALLOW ME TO LOSS MORE THAN $500. It should automatically display (i) Account Balance (ii) Lot size (iii) Stop Loss that I should use not to violate my rule.
NB: This should be flexible so that I can drag and drop anywhere on the chart. Let me know your best price for this small project.
I cannot thank you enough!!! I'm eternally grateful. Real piece of work you created. Thanks again.
In trading in general and with indicators in particular, the issue of setting proper stop loss is highly important. Many novice traders make the mistake of setting stop loss in a constant size. This is not an effective technique from two reasons.
First of all, the markets are changing continuously and therefore a constant stop loss is only useful for a short period of time. A trader needs to adapt to changes constantly to be successful in trading. Second of all, a constant stop loss may work on one Forex pair but not the other.
Stop Loss should be placed in the following way:
• For long trades, it should be placed 1 pip below the lowest low of last 3 bars.
• For short trades, it should be placed 1 pip above the highest high of last 3 bars.
This enables the trader to have a margin for error, without compromising the risk/reward for the trade. Another similar technique is placing stop loss above swing high or below swing low.