According to statistics, there are about 9.6 million online Forex trading dealers in the world, so the market is currently very competitive. This is why traders use special tools to perform routine calculations with the aim of increasing their profits. It’s a business approach that saves them time and helps them focus on key goals.
The Forex Profit Calculator is, in general, easy to use, which makes it suitable for beginners. However, experts encourage traders to only use apps from trustworthy websites (eg, fbs.com) or risk receiving inaccurate values.
Main Features of Profit Calculators
Making accounts using the described tools helps traders predict potential earnings or losses. Apps are especially useful for novice traders, as beginners usually don’t know how to determine basic trading indices, which makes it more difficult to perform any type of analysis without specific apps.
Features of using the Profit Calculator
To calculate income or loss, traders must enter the following data into the appropriate fields in the application:
- Currency pair required;
- Opening price (the cost of a currency pair when buying);
- Trading volume (number of lots);
- Closing price (the value of the currency pair when sold);
- Type of operation required (purchase or sale);
- Currency of deposit (to mention the results).
Also, sometimes tables with the cost of key currency pairs are placed near Forex profit calculators.
Example of income and loss calculation
Let’s say that with a EUR/JPY exchange rate equal to 96.250/96.270, a trader decides to buy 100,000 EUR. It turns out that in this case, the dealer spent 100,000 * 96,270 = 9,627,000 JPY.
Next, suppose that in one month the rate of the EUR/JPY currency pair becomes 97.510/97.580. The trader decided to cancel 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 example described is 9,751,000 – 9,627,000 = 124,000 JPY. Using a profit calculator, such counts would take less than a minute. In addition, in this case, the probability of error decreases significantly.
Online profit calculators
Traders can use these apps anywhere with an online connection, which means dealers can count revenue and loss:
- During tedious work meetings;
- When traveling (in trains, trams and buses);
- During work breaks (for example, if you are investing in Forex as potential extra income).
In addition, online profit calculators on reputable sites are regularly updated. So, developers are constantly adding something new to these software. Generally, the applications are compatible with all popular internet browsers.
Additionally, the apps can be run on laptops, PCs, tablets, as well as smartphones. The mentioned software is compatible with all popular operating systems (Windows, macOS, Linux, iOS and Android).
Usually online profit calculators do not have huge system requirements. So, resellers can apply these apps even on budget or old gadgets. Such functionality is essential for novice traders who often do not have powerful devices. To find a reliable and convenient Forex profit calculator, dealers can visit, for example, the official website of FBS.