This free position sizing worksheet calculates exact share counts, futures contracts, and options exposure from four inputs: account equity, risk percent, entry price, and stop-loss price. Available as a Google Sheets file (also compatible with Excel), it covers three asset classes on a single download — so traders running a mixed book never have to switch tools mid-session.
What’s Included
- Equity sizing tab — The core formula (account × risk% ÷ stop distance) pre-built for stocks and ETFs, with columns for entry, stop, share count, and notional exposure
- Futures tab — Contract sizing using tick value; ES, NQ, CL, and GC tick values pre-loaded with override fields for any other instrument
- Options tab — Premium-as-risk-unit model where total premium paid equals the full risk amount; no stop-loss column needed
- Kelly Criterion row — Reference calculation showing full Kelly output and a 25% fractional Kelly figure; included as a ceiling, not a default
- Planned vs. actual reconciliation column — Enter your actual fill size to see the variance from planned size, flagged in red when the difference exceeds 5 shares or 1 contract
- Portfolio risk summary — A totals row aggregating dollar risk across all open positions simultaneously so you can track cumulative exposure against daily loss limits
How to Use
Step 1: Enter Your Account Equity
Open the Google Sheets file and type your current account balance in cell B2. Update this figure at the start of each week, or after any significant drawdown or withdrawal — the entire worksheet recalculates from this number. Use current equity, not peak equity, to avoid oversizing during drawdowns.
Step 2: Set Your Risk Percent
Enter your risk percentage in cell B3. Cell B4 converts it to a dollar amount automatically. For a $25,000 account at 1%, B4 shows $250. Most retail traders use 1–2%; prop firm traders typically hold at or below 1% to stay within standard daily drawdown limits of 4–5%.
Step 3: Enter Entry and Stop Prices
For each trade, fill in columns D (entry) and E (stop). Column F calculates the risk per share or unit. For NVDA at $124 with a stop at $121, column F outputs $3.00. For a futures trade, enter the stop distance in points in column E instead of a price — the tab converts it to dollar risk using the pre-loaded tick value.
Step 4: Read Your Position Size
Column G outputs share count using the formula =B4/F. For the NVDA example: $250 ÷ $3 = 83 shares. Column H shows notional exposure: 83 × $124 = $10,292, or about 41% of account — within a reasonable range for a single equity position. This cross-check prevents inadvertently concentrating the account in one trade even when dollar risk looks small.
Step 5: Size Futures and Options Trades
Switch to the Futures tab for contract-based instruments. A trader with $20,000 risking 1.5% ($300) on ES with a 4-point stop ($200/contract) sees the worksheet output 1 contract (using $200 of the $300 budget). On the Options tab, enter the total premium: 2 AAPL $190 calls at $1.25 each = $250 total, which matches the 1% rule exactly with no stop required.
Step 6: Log the Variance in Your Trading Journal
After each fill, enter the actual quantity received in column I. Column J flags the difference. A planned 83 shares filled at 80 means you took on $9 less risk than planned — worth noting in your trading journal to track whether partial fills are systematically affecting your risk exposure over time.
Key Benefits
- Consistent sizing across all asset classes — Stocks, futures, and options all reduce to the same dollar risk budget, so one account limit governs every trade
- Eliminates round-number bias — Traders who default to 100-share lots regardless of stop distance routinely take on 2–3× their intended risk; the worksheet breaks this habit with arithmetic
- Prevents conviction-based oversizing — High-conviction trades are where sizing discipline breaks down most often; the worksheet applies the same formula regardless of how good the setup looks
- Bridges to your trading journal — The reconciliation column provides the exact data needed to log planned vs. actual risk in a risk management spreadsheet or dedicated journal
Template vs JournalPlus App
| Feature | This Template | JournalPlus App |
|---|---|---|
| Position Size Formula | Pre-built, manual entry | Auto-calculated from imports |
| Asset Classes | Stocks, futures, options | All classes unified |
| Planned vs. Actual | Manual column entry | Automatic from broker fills |
| Historical Risk Tracking | Current session only | Full history with trend charts |
| Portfolio Exposure View | Manual totals row | Real-time across open positions |
| Journal Integration | Copy-paste required | Sizing and notes in one entry |
| Price | Free | $159 one-time |
This worksheet is a genuine tool for traders who prefer a manual workflow or are building sizing discipline from scratch. When you’re ready for automatic imports, historical risk analytics, and fill reconciliation without the copy-paste, JournalPlus picks up where the spreadsheet leaves off.
Download
Download the free Position Sizing Worksheet and start calculating exact trade sizes today. No account required — open it in Google Sheets or download as Excel.
Frequently Asked Questions
What is a position sizing worksheet?
A position sizing worksheet is a pre-built spreadsheet that calculates how many shares, contracts, or options to buy based on your account size, risk tolerance, entry price, and stop-loss level. It replaces guesswork with a repeatable formula so dollar risk stays fixed on every trade.
How do I calculate position size for stocks?
Divide your max dollar risk by the distance from entry to stop-loss. For a $25,000 account risking 1% ($250) on a stock entered at $124 with a stop at $121 ($3 risk per share), the formula is $250 ÷ $3 = 83 shares. The worksheet performs this calculation automatically for every trade row.
Can I use this worksheet for futures trading?
Yes. The Futures tab sizes contracts using tick value instead of share price. ES futures carry $12.50 per tick and $50 per full point, so a 4-point stop equals $200 risk per contract. Enter your dollar risk budget and stop distance in points, and the worksheet outputs the contract count. See the futures trading journal template for logging the resulting trades.
What is the Kelly Criterion and should I use it?
The Kelly Criterion is a formula that outputs the theoretically optimal fraction of capital to risk based on your win rate and average win/loss ratio. Most traders use 25–50% of the full Kelly output — called fractional Kelly — because full Kelly produces position sizes large enough to cause significant drawdowns on losing streaks. The worksheet includes this row as a reference ceiling, not a recommended default.
How does position sizing affect long-term trading performance?
Van Tharp’s research found that position sizing accounts for more variance in trading outcomes than entry signals. Poor sizing — particularly risking 10% or more per trade — pushes ruin probability toward 100% at a 50% win rate. Keeping risk at 1–2% per trade is the most effective structural change most traders can make before adjusting their entry strategy. The prop firm trading journal template applies these same limits in a structured daily log.
