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How I place my trade orders

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A little tip on how I place orders and get the correct position sizes quickly and easily.

I use Oanda as my brokers so this example is going to highlight how I go about placing my orders using that platform.

First I have my platform to automatically set to 0.2% of my available account balance by following this example:

In order to set the Oanda platform to automatically set each trade to % of your account click TOOLS then USER PREFERENCES then the TRADING tab.

Next to “Default Order Size” type the % you would like to set it to and make sure to the right of “Default Order Size” in the pull down arrow you select %.

Now when you place an order it will automatically set the order to the % of the account balance you programmed it to.

Now when I open a buy or sell order it automatically has the trade size as 0.2% which is my 1st order for both DI & ZLC trades.The position sizes for both trade types are uniform (orders 1-3 are the same size on both DI & ZLC trades).

Order 1 is 0.4%
Or 2x times the size of order 3 so I multiple the units for the default order size by 2 to get the correct position size for order 1.

Order 2 is 0.6%
Or 3x times the size of order 3 so I multiple the units for the default order size by 3 to get the correct position size for order 2.

Order 3 is 0.2%
Default order size.

The first thing that I do is open the 3 orders and set the correct sizes and set them limit orders by clicking on the Limit tab. Some brokers require a buy or sell stop limit order while Oanda only requires a limit order.

The I input the stop loss for all 3 trades (which is the same) and also the 1st order target price which is 1x ATR.

Then I multiple that by 2 to get the value of 2x ATR or the target price of order 2.

Then I multiple that by 2 to get the value o  4x ATR or the target price of order 3.

All of this takes approximately two minutes as all of the numbers can be included as the number of PIPS in an Oanda order box leaving no additional math for me to figure out for exact price of the stop loss & target price.

I also have Oanda set to PIPS instead of PRICE so I only have to enter the number for the profit target and stop loss which makes placing the orders and adjusting them very simple.

How I Place Orders

Here is how I place my orders with Oanda which will give you better insight.