When you set up a new account in the Calculator, all the specific settings for that account are remembered and held in the Calculator’s database; not only the equity source and risk profile – but even the specific trade plans you set up for that account.
When you begin using the Calculator, you can simply modify the ‘Default’ account to match your own. If you want to add more accounts, begin by clicking the NEW button.
To edit or modify an account, first make sure you select that account in the drop down menu:
You can have unlimited accounts that you manage with the Calculator. Each is set up independently here on the Setup tab under Account settings.
You can name each account as you like. However you must use an exact account number for three of the equity sources, so consider your options:
- Forex Smart Tools Trade Log
- Forex Tester
Manual equity means that after each trade or series of trades end you come back to the Setup tab of the Calculator and update your equity by hand.
If you choose manual equity management, you can name your account however you wish and use any account number for it that you like. The name and number are just for your own reference.
If you keep your Forex Smart Tools Trade Log up to date with each trade you take then you can have the Calculator pull equity values from the Log. This is particularly useful if you are not on an MT4 account and can’t use the auto-equity feature for those brokers.
If you choose Trade Log as your equity source then exactly match the name and the account number you assigned to that account in the Trade Log.
If you are using the Calculator to correctly position size your practice trades in the Forex Tester, then the account number in the Calculator must exactly match the ‘strategy number’ you’ve used in the Forex Tester. The name doesn’t matter, so you can name this account anything (like ‘FT’ or ‘tester’ or whatever you like).
If you trade on an MT4 platform this is by far the simplest option to use to keep your equity up to date. Your equity in the Calculator will automatically change after each trade closes on your brokerage platform. Not only is this the easiest method to use, it is also the most advantageous for smart money management. (Learn more about how to set this up)
If you choose MT4 then the account number in your Calculator must match exactly with the account number of your brokerage account.