As per the statistics, the global forex market is worth $1.93 quadrillion in the year 2023. This proves the fact that the number of people engaged in forex trading is also rising rapidly over the past few years. There are many beginners entering the forex space with big goals and what most of them struggle with is the calculation part of trading. Calculations are the part and parcel of the trading process and the volatile nature of the currency market just makes them more complex for a beginner. But nowadays we have many basic and advanced forex calculators that can automatically perform the trade related calculations to save your time and effort.
Today, you will get to learn about the best forex calculators that you can use as a beginner trading forex for the very first time.
- Currency Conversion Calculator
We can start from the most basic level calculation that you need to do a lot for forex trading. That is conversion of one currency to another. In the forex market, the trading instruments are international currency pairs and the exchange value of these currencies play a key role in forex trading. But a beginner may find the task of constantly converting currencies a bit confusing and tiring. Hence, a currency conversion calculator will automatically do the work on your behalf with greater accuracy and speed.
- Pip Calculator
Pip is the short form for Percentage in Point, which is a unit used for measuring and expressing the price changes happening in currency pairs. In other words, it is the term used to state the smallest unit by which an exchange rate moves. Traders often calculate their profits and losses in terms of the number of forex pips gained or lost in a trade. Hence, calculation of pip values for a currency is a crucial determinant for planning your trades with perfection. A pip calculator can do this calculation easily within no time which makes it an essential tool for beginners.
- Profit and Loss Calculator
Traders need to know about the potential profits and losses of a trade before opening each and every trade position. This calculation is a crucial aspect of planning your trades and thereby managing the risk. And you can use a profit and loss calculator for doing this with ease. You just need to enter the required data which is the currency pair you are trading with, type of position opened (buy or sell) ,trade size in lots, entry price and exit price. You also need to specify the base currency of your account to get the trading results in that currency.
- Forex Position Size Calculator
Position sizing is an integral part of the trading process. You need to decide the size of your trade positions which is measured in the number of lots. You need to specify the chosen lot type and then enter the number of lots you wish to trade with. A position size calculator will help you in this task once you enter the account balance and percentage of the balance you are willing to risk for entering a trade at predetermined price and stop loss level. Then the position size calculator will tell you the number of lots you can trade with based on your risk tolerance.
- Margin Calculator
Those who avail leverage for trading, need to maintain the required margin levels as account balance for keeping a trade position running. The margin calculator can tell you the margin levels you need to maintain once you enter the trade size and the leverage you are trading with. This way, you can avoid a margin call happening which could result in the positions getting closed automatically due to margin shortfall.
- Multi-target Calculator
This multi-target calculator is used to calculate the part or portion of the trades that you need to close for maintaining the risk/reward ratio set by you while hitting the multiple target levels. The multi-target calculator will tell you multiple targets for profits earned, the number of lots you need to close, and also the risk/reward ratio obtained while closing trades in this way.
- Fibonacci Calculator
Fibonacci retracement levels is a popular indicator used by forex traders. Fibonacci levels can be added to charts to pinpoint the best entry and exit prices for a trade and also for placing optimal stop loss and take profits for each trade. The trade off support and resistance levels in forex can be identified using this indicator. The calculation part can be a bit complex when you start using this indicator and a fibonacci calculator will come in handy for that.
- Pivot Point Calculator
A pivot point calculator is useful for traders who take trades on the basis of support and resistance levels formed on the charts. This calculator can help you in assessing the direction of a trend and determine the support and resistance levels.
- Spread Calculator
Forex brokers will be charging spreads for each trade which is the difference between the bid and ask price. This spread is different for each currency pair and will be stated as the number of pips. A spread calculator can be used to calculate the spreads that you need to bear while opening a trade with the currency pair chosen by you. Calculating them manually may take time and you can get instant results using a spread calculator.
- Commission Calculator
Forex brokers also charge commission for executing a trade. The commission will vary based on the trade size and you can calculate it easily by using a commission calculator.
- Swap Calculator
Swap or rollover fee is the interest charges associated with overnight trade positions in forex. With swap, you either pay or receive an amount to keep an overnight trade position running. The swap charges will differ based on the currency pair, trade size and number of days for which the position will be kept open. A swap calculator will simply do the calculation and will tell you the long swap and short swap for a particular trade position.
- Stop Loss Calculator
Just as the name implies, a stop loss calculator is used to calculate the stop loss levels for a trade. Trading with a stop loss is a must for managing the risk and the stop loss order should be placed at an appropriate level to limit your risk exposure without limiting your profitability.
- Lot Size Calculator
The lot size calculator is used for analysing the lot sizes which is also a part of position sizing. The lot size calculator will check how many units of currency you have in your account and what lot size would be optimal for a trade based on that. Managing your lot sizes is essential for managing the risk and a lot size calculator is a perfect tool for that.
- Risk/reward Ratio Calculator
Each and every trader must trade with a set risk/reward ratio as it helps them to limit their account drawdown without compromising with their profitability. It is a method to manage the risk for getting the best possible results from each trade. A risk/reward ratio calculator is an apt tool for that.
- Currency Correlation Calculator
The currency pairs that move in the same direction are said to be positively correlated in forex. On the other hand, if two currency pairs move in opposite directions to one another, they are said to be negatively correlated. Many forex traders trade with correlated pairs and a currency correlation calculator can be used to measure this correlation.
- Forex Volatility Calculator
The forex market is highly volatile in nature and this volatility is an integral part of trading. A forex volatility calculator can be used to measure the volatility of a currency pair which would also tell us about how risky it is to trade with it.
- Forex Risk Calculator
Forex risk calculator is a powerful tool that can be used to minimise the risk per trade by entering the lot size you wish to trade with. This tool tells you how many units of a given currency you need to buy or sell for limiting the risk.
- Forex Time Zone Convertor
This is not exactly a calculator that performs mathematical calculations but a time zone converter as it is a much needed tool for global traders who want to trade different trading sessions. Because calculating the time zone difference manually will take some time.
- Leverage Calculator
A leverage calculator can be used to calculate the leverage you would need for opening a trade position. Leveraged trading can be risky, so make sure to use the best risk management strategies to minimise the risk level.
- All-in-one Calculator
Generally there are different types of forex trading calculators to perform various functions but there are also all-in-one forex calculators that can perform all essential functions. This allows you to perform a number of calculations using the very same calculator.
With that we are wrapping our list of the best 20 forex calculators for beginner trading. Hope you will find this list useful and do let us know your feedback in the comments.
