Currently, under statistics, there’re over 9.5 million online Forex traders worldwide. Because of this, the trading industry has a high competition level. So, in pursuit of profit, dealers try to find tools to speed up routine operations. Therefore, traders use specific online calculators. Such applications offer users many various options. The traders may quickly perform quite complex calculations by applying this software.
Among numerous types of the described online apps, it’s worth noting a pip calculator. The latter can count the minimum change in the exchange rate price (a pip is also called a point in percentage). Experts advise traders to make calculations only using software on trustworthy platforms (e.g., FBS). Otherwise, the dealers may get the wrong pips. And as a result, they would lose their money.
Main Peculiarities of Pip Calculators
Fulfilling calculations by applying the specified tool helps dealers to determine the possible loss from a lot or see the potential profit. It’s especially essential to learn how to use the calculator for beginners. That’s because the newcomers usually cannot conduct a full-fledged analysis of important factors. Using calculators reduces financial risks and errors probability. However, traders should remember that the data from such applications is only informative. Thus, ultimate decisions must be made independently, considering other factors too.
Are Pip Calculators the Only Counting Software for Trading?
The Forex world uses a huge amount of concepts and information. Such data need to be processed in a quality manner before entering into transactions. That’s why developers propose several types of trading calculators. E.g., such apps can count:
# Profitability as well as dividends;
# Income, risks, and pivot points;
# Trading lots together with margins;
# Point value and carry trade.
In addition, dealers may find special Fibonacci calculators. Commonly, such applications have user-friendly interfaces. Moreover, reputable platforms frequently offer detailed descriptions of such software. Therefore, even beginners usually don’t have any problems with it.
What Should Be Known About Pip Calculators?
The point’s price for any currency pair is counted based on the current rate of this pair. Also, the calculation of the pip’s value depends on the type of quote. The latter may be:
1. Direct – the base currency is the USD. Here, the cost of a point = position volume x point size / current pair rate.
2. Opposite – the base currency is the national one, and the USD is in second place within the pair. In this case, pip value = position size x pip size.
3. Cross Rate – the ratio of two currencies in a pair where there’s no USD. Here, pip value = position volume x pip size x quote of the base currency against USD / current exchange rate of the pair.
Online pip calculators make it much easier to count such indexes. So, traders may save a lot of time when applying these apps.
Benefits of Online Pip Calculators
This software is regularly checked for errors. Nay, developers are constantly updating such applications, adding new helpful options. Moreover, most online calculators can be run on both smartphones and PCs. Furthermore, such apps work from anywhere with an Internet connection. Thus, traders can use online calculators:
# During long journeys;
# At boring work meetings;
# In the public transport on the way home or to a job;
# During work breaks (e.g., if Forex trading is a hobby).
Most online pip calculators have low system requirements. Therefore, dealers can run such applications even on old or budget devices. It especially suits beginners. That’s because the novice traders usually don’t have powerful gadgets. Moreover, the described apps operate in all popular browsers. A high-quality, reliable, and fast pip calculator with all the necessary options traders can find, for example, on fbs.com.
