Beginner Tips to Use MT4 Forex Lots Calculator

Beginners and professional traders will find different types of Forex calculators extremely helpful. These simple tools make it possible to manage risks, identify the best entry position as well as the trade size. Financial markets come with a set of extremely volatile assets. This fact makes the process pretty challenging for traders despite the background or trading strategy.

Forex lots calculator gives a chance to set the amount of money you are ready to spend on a particular trade. What’s more, you will have a clear overview of the potential loss and profit. As a result, we may benefit from an advanced and free risk management instrument that can be integrated with the MT4 platform with a couple of clicks.

In this review, we will show how the Forex order size calculator works as well as how to use it with MetaTrader4.

Introduction to MT4 Forex Lots Calculator

The first and foremost benefit is the fact that a Forex lots size calculator is free to use. All you need is to download it, install, configure, and start calculating the trade size without special technical or financial skills.

An intuitive interface and ease of use appear to be the second advantage. What’s more, many trading software developers come up with their free versions of a Forex lots size calculator that are 100% compatible with MT4. They all have the same functionality with some slight differences when it comes to special features.

Here are some major benefits all trade size calculators have in common:

  • Traders may use the tool when trading currency pairs and other asset classes (indices, stocks, gold, etc.).
  • A Forex lots size calculator does not require technical or financial skills. It is very intuitive and easy to use.
  • The instrument is 100% compatible with MT4 and MT5 platforms.
  • Some calculators combine various soft types to not only define the lit size but also calculate stop loss, margin, pips, risk-reward ratio, etc.

Other Types of Forex Risk Management Calculators

Calculators make it possible to overview the risks of a particular trade as well as the potential profit one can generate from the next order. Also, you will have a chance to identify the location of the stop loss or target price in reference to the most favorable entry point. You may need a flexible tool that combines several types of Forex calculators. They include the following:

  • Forex Margin Calculator – it helps to make wise decisions on how much money you want to spend for a trade.
  • Forex Stop Loss Calculator – it determines the amount of money you want to risk per single trade.
  • Forex Profit Loss Calculator – provides the profit ratio overview before executing a particular order.
  • Forex Pip Calculator – used to calculate the pip value.

You may opt for a calculator with versatile functionality and all of the above-mentioned features in a single solution or opt for separate software. Whatever you choose, make sure you have MT4 installed.

Reasons to Use MT4 Forex Lots Calculator

The faster and more efficient we proceed with every trade, the higher profit we can generate. Operating in the financial market is all about wise and quick decision-making. Once you have found a potential trade opportunity with the best market entry position, you need to take into account the heck. Moreover, you will need to set a stop loss, suitable target profit, and other crucial factors.

Forex lots size indicator makes it easy to handle all the above-mentioned hassle-free. You will be able to evaluate the risk-reward ratio, the size of the future trade, or the required margin. It will definitely make the trading process much easier.

How to Install and Configure Forex Trade Size Calculator

Now, let’s see how easy it is to install and fine-tune the calculator inside the MT4 platform. All you need is to follow several simple steps:

  1. Make sure you have MetaTrader4 installed or download it here.
  2. Download a free lots size calculator. You may choose to form a variety of software providers.
  3. Run the installation process following baseline prompts.
  4. Add the calculator to the list of custom indicators inside MT4.
  5. Restart the trading platform and attach the calculator to the trading chart.

Download MT4 Supreme Edition

To use the calculator, once the installation process is over, you will need to attach it to any of the chosen MT4 charts, indicate the risk per trade percent as well as other necessary parameters, and open trade in a single click.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.