## Using a Pivot Point Calculator in Forex Trading

Many traders and investors use the concept of support and  resistance in Forex trading, in order to make profits in the market for currencies. Support lines and resistance lines typically act as barriers, which prevent the prices of currency pairs from moving furthermore into a certain direction. Forex traders use lines of support and lines of resistance in order to spot additional, potentially profitable opportunities in the market for currencies. Pivot points are very popular and are used by all kinds of Forex traders and investors, including the ones at the very top. They are one of the most popular ways to determine both support lines and resistance lines, as well as market turning points. In order to calculate pivot points quickly, easily and accurately, you will need a pivot point calculator. They can seem perhaps a little daunting at first, especially to beginners, but after some practice they can be very easy to use. All you have to do with these sorts of calculators, is: 1) Input the high price of the currency pair in question. 2) Input the low price of the same currency pair. 3) Input the closing price of the same currency pair. After inputting the high, low and close of the currency pair that you are looking at, with a push of a button you will be able to have the pivot point of the same currency pair calculated for you within an instant. Pivot point calculators are free and there are many available on the internet. Some of these types of calculators will allow you to calculate the pivot points of multiple currency...

## Using a Pip Calculator in Forex Trading

Among other types of tools, Forex traders can find pips calculators to be very useful, when trading currencies. These calculators are actually very simple, but they are great for all kinds of traders and can allow you to become more organized and aware of what you are doing in the Forex market. A pip, also known as a point, is simply the smallest incremental change that a particular currency pair can make. It ultimately depends on the context, however in general, 1 pip = 1 basis point. So in the case of EUR/USD, GBP/USD and USD/CHF for example, one single pip would be equal to 0.0001 and in the case of the USD/JPY currency pair, one single pip would be equal to 0.01. Pips have different values across different currency pairs and across different prices. However, they will also be greatly affected by the contract size (in other words the size of the lot) being traded. Generally, besides standard lots, there are mini and micro lots. A standard lot = \$100,000, a mini lot = \$10,000 and a micro lot = \$1,000. There are actually nano lots and such available, but these are much rarer and not all Forex brokers can provide these. A very small majority of currency traders actually trade nano lots anyway and even for a beginner, nano lots aren’t necessary. However just bear in mind that the size of the lot that you are trading will affect the pip size; the larger the contract size, the larger the pip size will be in a trade. As already mentioned, the value of a pip will change...