Forex Percent Risk Management Scripts Protect your Account
I will be providing you two calculation scripts for your mt4 platform. If you need help installing it let me know. These will compliment any forex trading strategy used on mt4.
You will be getting a BuyTrade script and SellTrade script. After you add these files to your mt4 you will simply drag the script onto the chart that you want to open a trade in.
The script will prompt a settings window where you will specify your details. Only two functions are needed to make the script work, note that this will work on 4 digit and 5 digit terminals (and all leverage type accounts).
When you get the pop-up box enter how much percent you want to risk (recommend under 3%)
Next input your stoploss level price
Press OK, depending on the script, it will open a buy/sell trade trade. the lot size will be calculated by the distance between price and stoploss.
Example: Say you have a 2000 dollar account. When you set risk of 1% and stoploss the script will open a calculated lot size so that if you get stopped out you only lose 1% of account (or 20usd based on 2k account).
If you dont have a stoploss level then leave as zero. You can still use the script based on specific number of stoploss pips. For instance
Max you will lose is 1% (-50 pips)
What you will receive
sell trade MQ4
Buy Trade MQ4