The Forex Calculator - Plan Your Trade
The Trade Plan tab is the heart of the Calculator. This one straight-forward tab handles all your currency pairs and multiple trades simultaneously. As you change from one currency to another, all of your previously entered data is saved and reloaded when you come back to that currency.
You may display the chosen currency pair in either four or five digits, matching your broker's platform (two or three digits for JPY pairs).
Know the exact position size you should use to keep your maximum loss to a constant, regardless of how big your stop loss is or which currency pair you are trading. This is computed for each trade, based on your risk profile settings, the exact pip value of the currency pair you are trading, and the stop you have set. Knowing this in advance allows you to maximize your position size, without taking on more risk than you intend. It also allows you to accurately reduce your position size when a stop is larger than you ordinarily trade and still be able to take the trade with safety.
Your risk-to-reward is clearly shown per trade too, as well as the equity gain or loss you can expect to see.
Let the Calculator remember which side of bid and ask you need to be on. Depending on your trade direction, just enter the stop you actually see (such as a swing high or low, a moving average, previous support or resistance, etc.) and the Calculator will compute the value you should actually set for your stop. It will even tell you what that stop is going to look like, since half the time you may be exiting on the ask, which is not directly displayed on most charts.
Since the Calculator computes your stop loss for you, you can tell it how many pips beyond your visible technical stop area to use as a buffer, using the Stop Loss Pad settings.
Dial in your take profit goal with a handy drop down menu and see what that level will visually look like on the chart (it remembers bid and ask for you and which side of the trade you are on).
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