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I created this Google Spreadsheet to help myself with position sizing, and I thought I would share it with you guys. I always have this printed out and laying on my desk while I am trading. I did take this a step further and created a custom keyboard with hotkeys, but I will share that info at the end.

With this spreadsheet you are able to calculate your position size on the fly, just by knowing the distance to your stop loss. By default, the risk is set to 100. This means every single trade that you take, you should lose no more than $100. An example would be, if my stop loss is 0.30 away, my position size for that trade would be 334 shares.

You are able to change the default risk to what ever you are willing to risk, and your share sizes will automatically be calculated.

Here is the linkhttps://docs.google.com/spreadsheets/d/1iD0qiPLulbYSFri9r38SG1Ke7eNiZdFHNg8MldGwSng/edit?usp=sharing

To use this Spreadsheet:

  • make sure you are logged in to your Google account, so you are able to copy the spreadsheet to your Google Drive
  • go to File -> Make a copy... -> Then save it to your Google Drive
  • Once you have copied the spreadsheet, you can now edit the default risk of 100, and your share sizes will be calculated accordingly

A step further... The Keyboard

Having this printed on your desk does help you easily calculate your position size, but it does have one drawback. You have to enter your position size in manually, which does eat up precious time. I wanted the idea of the chart used as hotkeys, so my solution was a custom keyboard. I have attached the proof I got back from http://www.wasdkeyboards.com, as well as a photo of the physical keyboard.

How it works

As you can see from the images, the distance to stop loss is printed on the alpha keys.

If I have my hotkeys set up to risk 100 per trade, Short+Modifier+E would short the stock with 667 shares:

  • Risk: 100
  • Distance to stop loss: 0.15
  • 100 / .15 = 666.6 (667 rounded up)

Conclusion

Having the spreadsheet printed in front of me while I trade really helped with my position size. The keyboard really helped me execute my trades faster.

keyboard.jpg

keyboard-proof.jpg

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Bro that's amazing, I loved the calculations and that sheet)) I printed it as well, I think I'll buy a keyboard and just stick everything bymyself for now, but I really like you keyboard :DD!!  It's amazing! Thank you for sharing this)

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2 minutes ago, Aiman Almansoori said:

Bro that's amazing, I loved the calculations and that sheet)) I printed it as well, I think I'll buy a keyboard and just stick everything bymyself for now, but I really like you keyboard :DD!!  It's amazing! Thank you for sharing this)

Glad you like it. I hope it works well for you!

Edited by onosendi
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4 minutes ago, onosendi said:

Glad you like it. I hope it works well for you!

it'll definitely help me, dicrease my losses, and maybe make better profits

I was just trading with 100/200 shares no matter were my stop loss was, that was terrible because sometimes I was winning 1/2/3 trades and then sometimes one trade wipes that all... With position sizing, it'll help me held my winnings and make my loses small)) Thanks again))

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Can you provide some more detail how you set up hotkeys to always risk $100 based on what "alpha key" you press?

 

Thanks! Great idea!

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35 minutes ago, ejordan7 said:

Can you provide some more detail how you set up hotkeys to always risk $100 based on what "alpha key" you press?

 

Thanks! Great idea!

Please reference the image below.

If I were to go long at 2.30, my stop loss would be at 2.25. The distance from my entry to my stop loss is 0.05. I would press Long+Modifier+Q, as Q is 0.05 (2000 shares).

    100 / .05 = 2000.

I also included an image of a hotkey example.

I hope this answers your question.

position-sizing-explained.jpg

hotkey-example.jpg

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Thank you!

 

Have you ever placed the stop at the same time (with the same or an accompanying hot key)? Or do you just manually create that order in montage?

Edited by ejordan7

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2 hours ago, ejordan7 said:

Thank you!

 

Have you ever placed the stop at the same time (with the same or an accompanying hot key)? Or do you just manually create that order in montage?

I never use hard stop losses, only mental. Having to manually create an order in the montage would make the keyboard and hotkeys obsolete.

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Nice! May I copy your style? lol. I am now planning to put tick on my keyword just as what you did.  I love it!

And also, DO you mind share your hotkey file?

What is the function for send order and cancel order here? I thought the sec you press Long+Modifier+Q  the order will sent. Maybe it's used to send a stop lose order?

I am new to day trading, much appreciation in advance!

Edited by Yuanzhi

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On 7/20/2018 at 1:44 PM, Yuanzhi said:

Nice! May I copy your style? lol. I am now planning to put tick on my keyword just as what you did.  I love it!

And also, DO you mind share your hotkey file?

What is the function for send order and cancel order here? I thought the sec you press Long+Modifier+Q  the order will sent. Maybe it's used to send a stop lose order?

I am new to day trading, much appreciation in advance!

Of course you can use it!

Here is the link to my hotkey file. Keep in mind, my hotkeys are set up to risk $150/trade.

https://drive.google.com/file/d/1LrwSp5K-RlXeT4CkaU54IwhwjV3BqLsr/view?usp=sharing

If you have any other questions, feel free to ask.

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13 hours ago, onosendi said:

Of course you can use it!

Here is the link to my hotkey file. Keep in mind, my hotkeys are set up to risk $150/trade.

https://drive.google.com/file/d/1LrwSp5K-RlXeT4CkaU54IwhwjV3BqLsr/view?usp=sharing

If you have any other questions, feel free to ask.

Thanks for sharing! I modified your hotkey as risk 50/trade for me. And decorated my key for it as well. Don't laugh at my keyboard. haha

image.png.4d60f83607ee797f1bddaacd95c240ef.png

May I ask what is the send order use for? I dont see a script for it.

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52 minutes ago, Yuanzhi said:

Thanks for sharing! I modified your hotkey as risk 50/trade for me. And decorated my key for it as well. Don't laugh at my keyboard. haha

image.png.4d60f83607ee797f1bddaacd95c240ef.png

May I ask what is the send order use for? I dont see a script for it.

That's frickin' awesome!

Long+Modifier+Send Order will go long, and uses the shares box in the montage. That way you can do more or less shares than your hotkeys will allow.

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17 minutes ago, onosendi said:

That's frickin' awesome!

Long+Modifier+Send Order will go long, and uses the shares box in the montage. That way you can do more or less shares than your hotkeys will allow.

Haha. Thanks! Yours are much better. I will upgrade to your keyboard once I can make money from day trading.

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