This is the complete manual and help page for the Trader Rookie Forex Position Size Calculator - Browser Extension.
Disclaimer
Any information or advice included in this manual is general and does not constitute personal investment advice. Trader Rookie will not accept liability for any loss or damage including without limitation to any loss of profit which may arise directly or indirectly from the use of or reliance on such information and/or the use of the Trader Rookie Forex Position size calculator extension.
Using a position size calculator should by no means be considered insurance against losing your invested capital. Price gaps in markets, price slippage, and technical issues on your brokers trading platform are just a few examples where you potentially could lose more capital than your calculations indicated.
You should seek independent financial advice before acquiring the financial product or securities and financial products or instruments. Trading involves large financial risks and please remember that past performance results are not necessarily indicative of future results!
It is possible to open the calculator in a separate window to make it act more like a stand-alone application.
This is useful when using desktop trading platforms like MetaTrader and cTrader.
Right-click in any browser window and select "Open Forex Calculator in a separate window". "
Due to restrictions on browser extension privileges, it isn't possible to pin the calculator window on top of your trading platform natively. But you can install 3rd party software to add this functionality.
For Windows users, I recommend WindowTop. WindowTop is a lightweight free software package that makes it possible to pin the calculator-window on top of eg. Metatrader.
This makes it fast and easy to copy price-data from the calculator to your trading interface.
Security should be a major concern for all traders. After all: It's your own hard-earned money: Keeping them safe better be a major priority!
Browser Extensions need access to special privileges within the internet browser to operate as intended. However, the Trader Rookie Forex Position Size extension only rely on privileges that are crucial to its functionality.
Online safety and security have been a major concern while developing the calculator extension. The calculator is intended for use on top of TradingView or similar charting sites and your broker's online trading interface. Therefore, great lengths have been taken to make sure your private data like passwords and user data on these platforms do not become vulnerable to malicious and unwanted intrusion.
The calculator was developed by incorporating best practices in browser extension development as recommended by Google and Mozilla. These practices include extra layers of protection to prevent malicious and unwanted intrusion and attacks.
The calculator has no "calculate button" per se. But when you make input changes or updates are made to settings, all calculations are updated instantly.
You will get a visual indication that calculations are updated in the left- hand output-area visualized by a checkmark.
You do not have to save anything. All changes made on the settings page are synchronized instantly to any open calculators and stored for future use.
If you are signed into the browser all settings and input from the calculator will be synchronized automatically to all devices. Otherwise, the settings are stored locally on your computer.
Well, first off: You only need to pay attention to contract sizes if you calculate your position sizes in lots. All unit calculations are unaffected by the contract size.
But if you trade with lot sizes, you need to get contract size data from your broker on the pairs you want to trade. Otherwise, you may unintentionally calculate position sizes with (potentially large) errors. Index and Commodity pair contract sizes aren't standardized across brokers in the same way as with forex pairs.
You need to know how many units one contract consists of. This will typically be referred to, as something along the lines of "Contract size" or "Value of one contract".
A quick example:
Your broker offers "XAUUSD" or simply "Gold Cash" in contract sizes of "100 troy ounces". Here the quote-currency for the trade-pair is USD.
Go to the "Setup Index and Commodity pairs dialog" and make sure "lot size" is set to "100" and "Currency" is set to "USD".
In this dialog, it is also recommended to set leverage on the trade-pair according to your broker's specifications.
All contract sizes can be found for all trade pairs directly in Meta Trader.
In the View menu select "Market Watch" or press Ctrl + M.
In the market watch section right-click the tradepair you need to find the contract size for.
In the right-click menu select "Specification".
In the contract specification dialog you will now be able to see the contract size for this trade pair.
To get leverage on the trade pair divide 100 by margin percentage. A margin percentage of 3.33% is equivialent to 30x margin and a margin percentage of 5% is equivialent to 20x margin.
The extension visuals got a full makeover - I hope you like the new design!
Fixed a compatibility-issue with saxotraderGo (only relevant if SaxoBank is your broker) - you can now copy the price-data from the calculator seamlessly to Saxotrader.
Various "code optimization" behind the scenes - code is running smoother and faster using fewer resources.
Clipboard icons are now visible by default. They can still be turned off on the settings page.