Search Knowledge Base by Keyword

Overview ~ Quick

You are here:

Use the Quick tab to quickly find your ideal position size based on your stop and entry points, or to set up straddle trades ready to go long or short depending on breakout action.

3 Main Sections

There are three main sections to this tab, as shown by the horizontal blue bands:

  • What You See
  • What You Set
  • Gain / Loss

Notice that the vertical columns are split into BUY or SELL.

You can use this tab to quickly set up buy trades going long, sell trades going short or straddle trades bracketing a band of price, ready to go long or short depending on price action.

What You See

This is where you input your entry, stop and take profit targets.

Pick Currency Pair

1) Begin by selecting the currency pair you want to trade from the dropdown menu at the top. Always do this first.

Pick Entry Price

2) Next input the price you are planning to enter the trade into the KEY LEVEL FOR ENTRY

If you would like the Advanced Calculator to keep track of how to correctly offset for bid and ask differences, then click YOU SEE above the price. This is our recommendation. Otherwise click Actual. (To learn more about You See vs Actual read this article).

Enter Stop

3) In the light blue band, you have two choices for how to enter your stop, either as the number of pips you want to use or as a specific price.

If you use a specific price, enter it in the top box and click the round radio button beside the box. As soon as you do this you will get a readout in grey below the band showing you how many pips away your stop is.

Using a price for the stop, you get a message of how many pips away it is.

If you use a number of pips you want for your stop, enter it in the bottom box and click the round radio button beside the box. As soon as you do this you will get a readout in grey below the band showing you what the price will look like on your charts. The offset for bid and ask will automatically be applied to this so you get an accurate sense of where your trade would be exit if you were stopped. (Again, understanding bid and ask is crucial).

Using a fixed number of pips, you get get a message of what your stop will look like on your chart.
Optional: Enter Profit Target

The profit target is optional because it is not part of what is needed to compute how many lots you should use for proper position sizing, which is the heart of good money management in trading. Because the Advanced Calculator already keeps track of your equity and the pip values for you – all you really need is your entry price and your stop, and your position sizes can be figured out.

4) In the light green band, you have two choices for how to enter your profit target, either as the number of pips you want to use or as a specific price.

If you use a specific price, enter it in the top box and click the round radio button beside the box. As soon as you do this you will get a readout in grey below the band showing you how many pips away your Take Profit is.

Using a price for the TP, you get a message of how many pips away it is.

If you use a number of pips you want for your TP (take profit target), enter it in the bottom box and click the round radio button beside the box. As soon as you do this you will get a readout in grey below the band showing you what the price will look like on your charts. The offset for bid and ask will automatically be applied to this so you get an accurate sense of where your trade would be exit if you reach your target. (Again, understanding bid and ask is crucial).

Using a fixed number of pips, you get get a message of what your TP will look like on your chart.

What You Set

The second major section is a readout of the 3 or 4 main points you need to know to actually enter your trade:

  • What is your position size / number of lots
  • What is your entry price
  • What is your stop loss price
  • What is your take profit price (optional)

If you have taken advantage of the Advanced Calculator’s ability to account for bid and ask (by using ‘You See’ rather than ‘Actual’), these prices will automatically reflect those offsets for you.

If you have skipped entering a take profit target or number of pips in the entry section, then the Set take profit box will be blank.

Gain / Loss

Using Equity Percentiles

The final section on the Quick tab page is for your information only, showing you what your gain or loss will be represented as an equity ratio %. Measuring your trading by equity percentiles – rather than by number of pips or money made or lost – is one of the most valuable lessons you can learn about good money management as a trader. And this is why this page only gives you this aspect of information about your trade.

Based on the entries you have made above, this is what you stand to make or lose

If you really want to see your trade in terms of money or pips you stand to win or lose, you can get that information by planning your trade on the Trade Input tab of the Advanced Calculator instead.

Risk : Reward

The number you see displayed for Risk:Reward is the reward part of the ratio. It assumes risk to be “1”, so it shows you risk to reward of 1 to whatever is shown in the box.

In this example, this trader has a R:R of 1 : 2.17, 1-to-2.17, or better than double.

Of course this assumes that you don’t move your take profit target or stop after you set it. If you do these gain/loss readings will no longer be accurate. If you do move either your stop or your TP you could of course come back in and enter your new values to see what the results would be. In that case, you would want to use the ‘Actual’ rather than ‘You see’ options.

For each unit you have at risk, this is the potential reward you would see

Erasing / Deleting

To begin planning a new trade on the quick tab, you have 3 options

If you hit the CLEAR ALL button near the top of the tab, both the Buy side and the Sell side are entirely erased. If you want to keep one side though, you can clear out the other by just erasing that. Hit Clear: BUY and the Buy side is erased but the Sell column remains as it is. Hit Clear: SELL and the Sell side is erased but the Buy column remains as it is.

Table of Contents