Introducing Forex for many traders begins with mastering the trading platform. Already with experience comes the understanding that the terminal functionality alone is not enough to increase profits. And then the trader begins to be interested in additional programs. We briefly described them in the previous review. Today we will share examples of interesting calculators for Forex traders whose task is to save time. All that you expected on paper or in Excel can be done in seconds with their help.
Types of Forex Traders Calculators
We hope that these calculators will be interesting and useful for you:
- Margin Calculator. One of the main tools at hand trader. Allows you to calculate the amount of deposit that is needed in order to keep open transactions in the market. His data suggests at what point it is better to wind up some deals before the stop out.
- Position volume calculator. It helps the trader to determine in advance the volume of the position based on the size of the capital, the length of the stop-loss and the acceptable level of risk.
- Fibonacci Calculator. Auxiliary tool of a technical analysis trader. Despite the fact that there are levels in the platform functionality, a calculator based on the specified High and Low data helps to generate forecast price targets, confirming information from other indicators.
- Pivot point calculator. Predictive tool, which is more analytical than applied. A trader needs to enter data in several systems on the maximum, minimum, and close of the previous day to get approximate resistance and support levels.
- Point price calculator. It helps to determine the price of an item in the base currency of the account, which allows you to more accurately determine the risk level of the transaction.
- Currency converter. A handy thing that allows you to do without cross-rate.
- A rebate calculator. It helps to quickly calculate the amount of compensation depending on the basic conditions: the trader needs to enter the name of the broker and the volume of the trading lot. The calculator is local, that is, unique for each rebate service, since compensation conditions may differ. You can find it on the site of almost any service.
- Carrie Trade calculator. Sometimes you can earn money on a swap too, but manual calculation is very difficult. This Forex trader calculator allows you to calculate the amount of interest that will be paid based on the differential interest rate in the corresponding countries’ trading pairs.
- Martingale calculator. Relevant for binary options, where the amount of each subsequent rate does not grow exponentially, but by a coefficient that depends on the yield of the option. The calculator allows you to see what amount of deposit is needed to sustain a series of N losing trades. As practice shows, the loss of the entire deposit, 100 times higher than the first bet, after 6-7 unprofitable transactions, convinces us that it is better not to use Martingale.
All these Forex trader calculators have a significant advantage: it does not matter which resource you take them at, the formulas in them are the same. Therefore, we recommend Investing, MyFxBook, and the rebate calculator can be found on the FxCash home page!