How to be a trader earn money from this activity? Every beginner, as well as an experienced participant in the financial market, tries to find an answer to this question. There are lots of factors that influence the outcome of trading. The choice of the trading platform and broker, strategy, and the ability to use all the available tools for analytics and prediction matter.
The tools for trading differ contingent on the chosen platform. However, in general, they can be subdivided into the following categories:
- Charts and graphs: Each platform provides charts of certain currency price fluctuations in different timeframes, from one minute to one month or even more.
- Analytical tools: Technical analysis of financial markets is automatically carried out by the software of a platform. The info is presented in reports and charts, so that to estimate the volatility, statistics, performance, etc.
- News: Keeping abreast of all the newest info, announcements, and events in the global economy, politics, and other fields that have an impact on the financial market.
Based on the info obtained from the above tools, a trader can estimate his/her chances to succeed in a certain transaction. For this purpose, to be even more sure, there is the feasibility to use a trading position calculator.
Why Use a Trading Calculator
A trading calculator for CFD’s and Forex is the tool that helps a trader comprehend the specifics of a potential deal before making the final decision. What is more, it provides the feasibility to carry out:
- The estimation of the potential loss or profit of the planned trade;
- The comparison of outcomes for diverse rates, both opening, and closing;
- The calculation of the necessary margin for the positions of a trader;
- The estimation of the value of a pip.
How to Use a Trading Calculator of a Position
A great advantage of many trading tools is the easiness and user-friendliness for traders. In other words, every tool can be easily mastered even by a beginner. So, to utilize a calculator, one should fulfill several simple steps:
- Indicate the instrument that you plan to trade: this is one of the available currency pairs.
- Choose the currency of your account.
- Opt for the preferred leverage from a dropdown list.
- Will you buy or sell? Choose accordingly.
- The final step is to indicate the platform on which trading will take place.
After hitting on the button Calculate, you will get the results that will help to decide on the potential trade. In particular, a trader will get to know if it is necessary to open or close a position and when this should be done, what the margin requirements are, what are the spreads and swaps, etc.
Making use of available tools for trading will facilitate the process of getting profits in the financial markets. Finding a trustworthy platform providing a trader with the necessary tools, including a trading calculator among others, is a great step on the way to success.
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Forex Market Hours
The Forex Market Hours web widget is an embeddable trading clock that makes the Forex session schedule more interesting by showing the current state of the Asian, European, and North American trading sessions and the time until they open or close.
The widget also shows hourly data from the Swiss FX Marketplace on spreads, trading volume, and volatility for the last 24 hours for a wide range of currency pairs.
The market hours clock can also be used to convert between different time zones because it shows both GMT and local trading times.
The Overnight Swaps widget helps traders figure out how much their trading accounts will be charged or credited for swap points when rollover trades happen.
The widget is based on the Overnight Policy of Dukascopy Bank, which changes the rollover conditions based on the level of trading activity. This level is calculated as a percentage of the volume of all executed orders in the last 30 days that were not rollover trades. It is meant to show whether a trader tends to focus on intraday trades or hold positions overnight. The percentage shows that there are three types of rollover policies in the widget: premium (> 90%), advanced (> 20%), and regular ( 20%), with higher levels guaranteeing better overnight conditions. Advanced is set as the default level.
The overnight swap prices are based on the target rates of the central bank and the extra carry costs that Dukascopy Bank adds.
Disclaimer: On some calendar days, rollover positions require more than one swap. Because of this, the amounts calculated in the widget may be different from the swap points charged or credited to a specific trading account.
On the website of the bank, you can find more information about the Overnight Policy.
Pip Value Calculator
With a PIP Calculator, you can find out how much a pip is worth in the currency you want to trade. Find out if it’s worth the risk to make a trade and how to handle risks.
pivot point Calculator
Forex Rebates Calculator
Position Size Calculator
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Alexandra is a professional writer with an extensive background in the financial markets. Alexandra started out in the financial industry in 2011 and trades forex, stocks, and cryptocurrencies.
Alexandra also writes technical and fundamental market analyses. Alexandra also tests forex brokers’ trading platforms and crypto exchanges and writes forex broker reviews.