The trade signals are helpful but cannot produce ideal results without proper money management. A lot size calculator is an integral part of money management. You may wonder how the lot size calculator can be used for money management and controlling risk, but it's one tool that can make or break your trading account.
The lot size calculator defines your position or lot size, which is crucial in Forex trading. If your trade is oversized, your account will expose to high risk. Likewise, if you trade with a small lot size, you will not produce enough returns on your investment. So, in a nutshell, you must have a reasonable position size so your account is not overly exposed and you make enough profits in proportion to available equity. For all these reasons, we have developed our lot size calculator that is different from others and is also in line with our signals platform.
Every currency pair, index, commodity, spot gold, spot silver, and CFD crude oil have different volatility levels, which also change. The FXDataPanel calculator uses the volatility level and then calculates the lot size. That's why it calculates a different lot size for every instrument. For example, the lot size for EUR/USD will differ during the high volatility period compared to a less volatile period. So it's a dynamic lot size calculator that helps traders avoid trading with the same lot size in every trade.
Our Lot Size Calculator perfectly integrates with our trading signals platform. By using the Fxdatapanel lot size calculator, you can calculate lot size for both the straight and grid signals. You can do that for any available symbol, signal type and your equity.
However, the most important thing in this lot size calculator is that it allows you to define your trading style. You have three different trading styles that are conservative, moderate, and aggressive, and all three define your risk level.
If you are a conservative trader, you will risk less while you risk more by adopting moderate or aggressive approaches. So when you select the conservative trading style, the calculated lot size will be smaller and carry less risk. Similarly, for the moderate approach, the calculated lot size will be slightly bigger than the conservative approach, and you will be risking more. Finally, with the aggressive trading style, the lot size will be bigger than the conservative and moderate approaches.