Dondbaze wrote: Sat Mar 13, 2021 8:37 am
Hello guys.. Please I would like to ask something.. I have been trading currency since I started learning forex and I have come to understand risk management with it.. I have been having issues migrating to indices. I'm not exactly sure how to calculate risk.. And what lots sizes to use.. It's quite easy on currency as there are calculators to quickly tell you. Do anyone know any such calculator for indices to calculate risk? Thanks
Hi Dondbaze, I am a forex trader as well. I've been trading indices as well as gold and crude oil. I work on the D1 timeframe and I'm a NNFX trader. To help me open trades on lower TF like the M15 and H1 with the XARD System I use a tool created from one of the coders of the NNFX community. The EA opens trades with sl/tp using the NNFX MM rules based on the ATR. It opens 2 positions but you can change this in the variables of the EA if you want. There are a lot of settings that you can change: for example you can choose the multiplier of the ATR number for sl and tp and ts; you can easily choose which percentage to use on every trade. If you only need to open 1 trade without to use the tp based on the ATR I'm pretty sure that by changing the variables you can do it, but you will always have to use the sl based on the ATR. If you search on Google "firewight", you will find a website called "firewight | Advanced Trading Tools", its the website where you can download it. The EA does expire because it has updates every few months. It's completely free and it works really good.
REMEMBER to read the website before using the EA, because it will explain to you everything you need to know about it.
It really works good for me so I just wanted to share with you and this community something that I consider good for MM purposes.
Have a good weekend!