Day Trading anyone?

You're welcome Diver, and you are definitely not 'simple'!

Also, trust RC to come up with a fantastic tool from babypips!

(might "borrow" that feature when updating my own spreadsheet!)

RC you legend!

Diver,

pip value, position size and R:R calulator

www.babypips.com/tools/forex-calculators/


might be of help

Libero you're a star, and an angel, and a godsend. And you're right, I am simple Yes, I am twisting your words But yes, I have the spreadsheet but need the additional field

I'll give it a go and get back to you. I'm in the middle of installing another PC so it might be a day or two before I'm done.

I'm day trading and enter my stop and my target the moment I get into the trades, so that I know how much I can lose before I enter. Well, I would if I could work out the conversion rates

Big thanks in advance.

Diver

diver993 wrote: Hi Libero,

Thanks for your response. I asked the question because I am struggling to find a formula in Excel to calculate 2% of my capital - which is in UK£ - when trading, for example, EUR/JPY; or any other forex pairing. Any ideas?

Diver

Hey Diver,

I'm assuming that you've already got your trading spreadsheet sorted out already right? By that I mean you have your Trading Account Size, Risk Percentage, Risk size, etc already sorted, and that you simply looking to add a field that gives you a cross value (e.g. Eur / JPY), then convert to GBP.

Really simple, and will take you a minute or two if you've got excel and an internet connection:

The first thing you need is to Grab yourself currency rates via Excel, and one (of many ways) is to use Data / Connections / Money Central Investor Currency Rates.

The 2nd Step is to Import this data to the place of your choosing.

Once done, select the daddy (e.g. the EUR in your EUR/JPY example) conversion to Sterling, reference it in your Trading Spreadsheet, and that's it!

Good luck man, and be safe with your trades - Remember Remo's advice from way back about trading anything with the JPY, or you could lose your shirt!

Hi Libero,

Thanks for your response. I asked the question because I am struggling to find a formula in Excel to calculate 2% of my capital - which is in UK£ - when trading, for example, EUR/JPY; or any other forex pairing. Any ideas?

Diver

diver993 wrote: Does anyone on here regularly day trade forex?

Hi Diver,

From time to time.

Not sure if that qualifies as regular, but looking at my trading history records, it turns out that I'm averaging 1 (usually, but not always a very quick trade) every 3 days, and they are not the usual suspects either. For example, I've traded the CNY/JPY cross during their recent dispute and this can work - but the spread can be unkind at times.

A lot of previous trades were event/macro, rather than T/A it has to be said.

I think Remo & RedChilly are the main guys when it comes to FOREX.

Cheers.