This is a little tool I built years ago to help caluculate a trading plan using a risk:reward ratio.
The idea is that if you have a risk to reward ratio above 1:2 you you can be profitable even if you are right less than 50% of the time.
As an example, if the risk to reward is 1:3, you can be right only 25% of the time to break even because your winners are 3 times bigger than your losers. You, of course, need to find the opportunities that give you this edge. The calculator helps me figure out if the required upside sell price is realistic and helps me plan a more disciplined exit strategy.