I having a little bit of a hard time handling MM when it comes to converting pips into account currency value.
I want to place my SL and TP at strategic places of where price will likely turn (SL just after likely turn and TP just before likely turn).
Is there a way to calculate position/lot size within MT4 (or Excel perhaps) based on where I place SL? For example, I only want to risk 2% and I plan to put SL above previous resistance for a sell order - how then can I calculate the appropriate lot size? (visual drawing example below)
I have tried a few things on Excel before but they were very slow and awkward.
Thanks for any suggestions/tips/ect.
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I want to place my SL and TP at strategic places of where price will likely turn (SL just after likely turn and TP just before likely turn).
Is there a way to calculate position/lot size within MT4 (or Excel perhaps) based on where I place SL? For example, I only want to risk 2% and I plan to put SL above previous resistance for a sell order - how then can I calculate the appropriate lot size? (visual drawing example below)
I have tried a few things on Excel before but they were very slow and awkward.
Thanks for any suggestions/tips/ect.
..
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