According to statistics, about 9.6 million dealers worldwide are in online Forex trading. Therefore, the market is currently highly competitive. That’s why traders are forced to apply special tools to perform routine calculations to get more profits. Such a trading approach helps save time and focus on key goals.
The Forex profit calculator is in high demand within the professional dealers’ circle, t. Commonly, such applications are elementary to use. So, even beginners may apply the profit calculators without any problems. However, specialists encourage traders to use only apps from trustworthy websites (e.g., fbs.com). Failing that, the dealers risk getting incorrect values.
Primary Profit Calculators Features
Making counts using the described tools assist traders in predicting the potential income or loss. Such apps are especially helpful for novice dealers. This is because the beginners usually don’t know how to determine basic trading indexes. So, they can’t fulfill any analysis type without specific applications.
Features of Using the Profit Calculator
To calculate income or loss, traders should enter the following data in the appropriate fields of the application:
- necessary currency pair;
- opening price (the cost of a currency pair when buying);
- trade volume (number of lots);
- closing price (the value of the currency pair when selling);
- needed operation type (buy or sell);
- deposit currency (for mentioning the results).
In addition, sometimes, tables with the cost of key currency pairs are placed near the Forex profit calculators.
Related: How Do Forex Market Makers Work?
Income and Loss Calculation Example
Let’s say that with the EUR/JPY exchange rate equal to 96.250/96.270, a trader decided to purchase 100,000 EUR. It turns out that in this case the dealer spent 100,000 * 96.270 = 9,627,000 JPY.
Next, let’s assume that in a month, the rate of the EUR/JPY currency pair became 97.510/97.580. The trader decided to reverse the transaction (sell the previously purchased $100,000). Here, it turns out that the dealer will receive 100,000 * 97.510 = 9,751,000 JPY.
The total profit in the described example is 9,751,000 – 9,627,000 = 124,000 JPY. Using a profit calculator, such counts would take less than a minute. Also, in such case, the error probability decreases to almost zero.
Online Profit Calculators Pros
Traders may use such applications anywhere with an online connection. Thus, the dealers can count income and loss:
- during tedious work meetings;
- when traveling (in trains, trams, and buses);
- during job breaks (for example, if Forex investing is an extra income).
In addition, online profit calculators on reputable sites are regularly updated. So, the developers constantly add something new to such software. Commonly, the described apps are compatible with all the popular Internet browsers. Moreover, such applications may be run on laptops, PCs, tablets, as well as smartphones. The mentioned software is consistent with all popular OS (Windows, macOS, Linux, iOS, and Android).
Usually, online profit calculators don’t have huge system requirements. So, dealers may apply these apps even on budget or old gadgets. Such a feature is essential for novice traders who frequently don’t have powerful devices. To find a reliable and handy Forex profit calculator, dealers may visit, e.g., the FBS official website.
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