Are you interested in trading Forex, but don’t have the kind of experience and knowledge required to succeed? Well, if that is the case, then there is simply nothing for you to worry about! The only thing that you now have to focus on is that of copy trading.
So, what is copytrading all about? Well, when you get into copytrading, you basically start copying or mirroring the trades that are made by some of the most highly knowledgeable and experienced traders out there. This procedure is additionally known as MentorsCopy trading, and is largely being practiced in the Forex world. The best part about it is that it makes it possible for everyone involved to trade in a far more profitable manner. No matter how small or large scaled a trader it is that you are, you now get to trade just like a professional!
When it comes to copy trading, it becomes possible for you to imitate trading strategies that are typically being conducted by highly experienced traders. The best part is that it isn’t just their individual trades that you can copy, but even their overall investment strategies too, thereby guaranteeing that you would be trading like a complete professional. All that it takes is a mere click of your mouse, and that would assign a particular percentage out of your account balance for the copying of a specific trader’s strategies. However, you can also choose to follow multiple traders simultaneously.
Copy trading – is it like social trading?
To be honest, yes, however, in copy trading, you interact with other financial traders instead of trading the market being followed directly. On the whole, both of these concepts are fairly similar to each other, and it is necessary for you to know their differences in order to make sure that you know which one is best for you.
What are the benefits of copy trading?
Want an honest answer? There are countless benefits that copytrading tends to offer. For starters, every single position or movement that the trader who you are following takes on the trading platform is going to be mirrored into yours till the time that you keep copying them. Now, you also have the ability to alleviate your risk by copying a number of different traders in terms of their multiple instruments and strategies.
A major advantage that you get to benefit from when you copytrade is that you get to acquire detailed information regarding the trading history, success rate and portfolio of all the traders that you are copying. This way, you would be in a better position to track and analyze their performance prior to actually getting down to copying their trades.
On the whole, copytrading is a truly flexible and simple means of trading socially, which makes it possible for investors to enjoy a whole lot more freedom with regards to their trading. So, if you want to get on top of the trades, yet don’t have the knowledge or experience required for it, get down to copytrading right now!
Pip value calculators allow you to calculate the single pip values for major currency pairs. These types of calculators are very simple and easy to use. There’s also many of these sorts of calculators on the internet for free too. You can use pip value calculators regardless of the sizes of the lots you trade, as well.
Really, you don’t have to input anything in order to use a pip value calculator, as these kinds of calculators actually do everything for you – although some might require you to input the current prices of the particular currency pairs that you are interested in trading. However, the majority of pip value calculators grab the current prices of currency pairs for you, but the option is always there and you might not want to use the current prices for whatever reason, anyway.
Of course if you trade non-standard lots, you will also want to input the actual size of the lots that you trade, so that the calculator can calculate accurate single pip values for the currency pairs that you are interested in trading, for you.
Remember, some currency pairs will all have the same single pip values. The single pip values are all the same for:
– EUR/USD, GBP/USD and AUD/USD
– USD/JPY, EUR/JPY, GBP/JPY and AUD/JPY
– EUR/USD, GBP/USD and AUD/USD
– USD/JPY, EUR/JPY, GBP/JPY and AUD/JPY
– USD/CHF, EUR/CHF and GBP/CHF
– USD/CAD and EUR/CAD.
Pip value calculators are useful and many Forex traders take advantage of them. Since there are many of them available on the internet for free. They aren’t completely necessary, but it’s good to know the value of single pips in different trades as the values of single pips can differ quite a lot, across different currency pairs. By knowing the values of single pips for the currency pairs that you are trading, you will be much more aware of the positions that you have open, in the Forex market. Again, it isn’t completely necessary to incorporate a pip value calculator into your Forex trading, but you may as well take advantage of these types of tools since they are very simple and easy to use, not to mention they are also free and easily accessible.
In conclusion, Forex trading pip value calculators allow traders and investors in the market for currencies, to calculate the value of single pips for major currency pairs. Forex traders can input their own prices too and they can input their own lots sizes too. These kinds of tools are free to use and there are many available online. These sorts of tools are also simple and very easy to use – even beginner currency traders can take advantage of pip value calculators. As already implied, you don’t have to use a pip value calculator in order to be successful in the currency market. In fact, tools in general aren’t completely necessary in Forex trading. However, you should try to take advantage of as many resources as you can, when trading currencies. By calculating the single pip values for the currency pairs you are trading, you will be far more aware of your open positions; you will know exactly how much money each pip change is worth to you and your Forex trading account.
One of the more simpler tools used by many Forex traders, is the profit calculator. These types of calculators allow you to calculate the amount of profit you will make with a specified trade. Of course these tools also calculate potential losses for you too, but Forex traders generally use these calculators to predict how much profit they will potentially make by placing a certain order.
These kinds of calculators are very easy to use and are not complex at all. In order to use one of these sorts of calculators, all you are required to do is:
1. Select the currency that your account works in.
2. Select the currency pair that you wish to trade.
3. Enter the price at which you would enter the trade.
4. Select the action you would like to take (whether it be to buy or sell).
5. Enter the numbers of units (the size of the trade).
6. Enter the price at which you would exit the trade.
After following the above steps, all you would need to do is submit the information. The calculator would then calculate the amount that you would earn through placing the order that you specified, expressed conveniently in terms of the currency that your account works in.
For example, your account might work in USD. You might then want to sell EUR/USD once it reaches a value of 1.3, placing an order worth 100 units and closing your order once it reaches a value of 1. You would input all of this data into a Forex trading profit calculator and after submitting the data, the calculator would return ’30 USD’ immediately after (as 30 USD would be the amount earned by placing the order specified in this example).
When using a profit calculator, you should be aware of your broker’s spreads, as the price feed provided to you by your broker will differ from the actual interbank market’s price feed (the true Forex market prices). Some Forex brokers will even have floating spreads which change, making it almost impossible to predict profits. If you broker does have floating spreads, which are spreads that are subject to change at any time, you should certainly consider opening an account with a broker that can offer fixed spreads. With fixed spreads, not only will you be able to use a profit calculator more effectively, but you will also be able to plan ahead much more effectively and your Forex trading plan will be far easier to develop, as you won’t have to take into account ever-changing spreads.
In conclusion, Forex trading profit calculators are very simple and easy to use. There are also many available on the internet for free and they can be useful, allowing currency traders to predict the outcomes of different trades efficiently with no hassle. These types of tools aren’t always necessary, but if you are looking to calculate the amount of profit that you could potentially make by placing a certain order, you should definitely consider using a profit calculator as these kinds of calculators are fast, free and 100% accurate.
Carry trade calculators are obviously used by Forex traders who use carry trading strategies. Carry trading is one of the most long-term Forex trading strategies. It involves taking advantage of differentials of interest rates between two different currencies. So if you were to get into this kind of trading, you would buy into one currency that is high yielding, in terms of another currency that is low yielding. This way, you will essentially be buying low and selling high.
Some currency pairs are more popular than others in carry trading. One of the most popular currency pairs in carry trading, is AUD/JPY, because the Australian dollar has an interest rate that is high and the Japanese yen has an interest rate that is low. Because this type of trading is all about buying into high yielding currencies and selling off low yielding ones, the AUD/JPY currency pair is perfect.
If you were going to use a carry trading strategy, you would firstly open up one of these types of calculators. You would then input the following information into the calculator:
– The currency that your account works in (for example USD)
– The currency pair that you are looking to trade (for example AUD/JPY)
– The current price of that same currency pair (some tools will retrieve its current price automatically for you)
– The duration of the trade (for example 60 days)
– The number of units (the size of the trade)
– The position you would like to take (whether it be to buy or sell).
After you have entered all of the above information, you will be able to have the tool calculate the following information for you with a click of a button:
– The lend rate (the base currency’s interest rate)
– The borrow rate (the quote currency’s interest rate)
– The interest earned (the amount of profit or loss that you will be able to make)
– The value of the trade’s interest earned in pips (the pip value of the trade’s profit or loss).
Carry trading is very easy and great for beginner Forex traders, as it helps them to make much safer profits, because shorter-term trading strategies typically require much more Forex trading experience and they also tend to carry a lot more risk. A good example of a short-term trading strategy, would be scalping, which is very risky and relies on short-term Forex market price volatility. Scalping is definitely not recommended for Forex traders who are just starting out. In fact, all day trading strategies are generally not ideal for beginning traders because they all require more experience and they are all generally quite risky. They can of course all be effective, but longer-term trading strategies are generally much easier to use and they also tend to be a lot safer.
Carry trade calculators make carry trading strategies even easier to use. If using one of these types of trading strategies interests you and you are thinking about placing a longer-term order in the Forex market, you should definitely use one of these types of calculators. There are plenty of them on the internet and they are all pretty easy to find. There are many of these types of tools available for free, which is convenient and they are also extremely easy to use and implement.
Do bear in mind though that the values of the different currency pairs will change naturally, due to market forces. Although carry trading is a long-term trading strategy and you should ignore price volatility in the short run when carry trading, you should still try to aware of these short-term price fluctuations. You won’t necessarily earn the same amount of interest that your calculator says you will earn too – you could earn less or you could earn more. You will probably want to also consider using leverage in order to make more significant profits, but do be aware of the risks of using leverage before actually applying any to any of your trades. If you are looking to carry trade and apply leverage to your carry trades though, you might want to find a broker that can offer higher amounts of leverage; different brokers will be able to provide different amounts of leverage on demand, so you will probably want to find one that can allow you to control a lot more currency than you actually hold so that you can make more significant gains using one of these types of Forex trading strategies.
In conclusion, carry trade calculators are used in Forex trading, by those who use carry trading strategies. If these sorts of trading strategies interest you and you are considering using one of them, you will undoubtedly want to use one of these kinds of calculators. They are free, simple and easy to use, allowing you to calculate the potential profits and losses of different carry trades in advance before actually placing the trades themselves. It’s always good to be prepared, so if you are thinking of placing a long-term order and taking advantage of interest rate differentials, you should definitely consider using a carry trade calculator.
Exchange rate history tools allow Forex traders and investors to find out how the prices of different currency pairs have moved over a specified time period. These tools can be all types of Forex traders and can be very useful.
By using a historical exchange rate tool, you will be able to find out how the price(s) of the particular currency pair(s) that you are trading have moved over a time period that is relevant to your Forex trading strategy. For example, if you have a shorter-term currency trading strategy and you are trading GBP/USD, you might use a history rate tool to find out the GBP/USD currency pair’s price action over the past 7 days – or perhaps over the past 24 hours.
Different history rate tools will present different possibilities. For example, one might only allow you to specify a time period of 7 days minimum, whereas others might allow you to look at the price actions of currency pairs over the past minute, or even over the past few seconds. Also, some of these sorts of tools will allow you to see the price actions of multiple currency pairs simultaneously.
Historical currency pair price data can be useful, as it can allow Forex traders to discover trends and patterns, allowing them to spot more potentially profitable opportunities. This is why it can be very beneficial to use exchange rate history tools, particularly if you enjoy taking advantage of trends. If you use a longer-term Forex trading strategy, you will definitely want to take advantage of history rate tools; these types of tools should be taken advantage of by all Forex traders, but if you are only looking to ride long-term trends and make profits in the long run, you will no doubt want to take advantage of historical currency pair price data.
You should beware though when using a historical exchange rate tool, that the prices you will see won’t necessarily reflect the prices on your Forex broker’s trading platform. Brokers will have different spreads, meaning the prices can potentially differ a lot across different brokers. If your broker doesn’t provide fixed spreads, you should definitely consider signing up to a different broker instead, but some brokers will even have floating spreads which will allow the prices to differ even more.
Ideally, you should use a history rate tool that is located within your trading platform, that is provided by your Forex broker. This way, you can be confident with the prices that you see, as they will reflect the actual prices that you are given when trading. This will allow for much less confusion, when trying to spot trends and patterns in the Forex market.
In conclusion, exchange rate history tools can be very useful and beneficial to all types of Forex traders; it doesn’t matter if you have a short-term or long-term trading strategy, as you can take advantage of history rate tools no matter what. There are plenty of these kinds of tools on the internet available for free and they are very simple to use too. However, it is recommended that you use a history rate tool that is located with your trading platform, as you can then be sure that the prices you see will reflect the prices which are given to you by your broker, allowing for less confusion.
A Fibonacci calculator can be used when trading currencies in the Forex market and it doesn’t matter what kind of Forex trader you are or what trading strategy you use, because anyone can use one of these types of calculators. These sorts of calculators will allow you to calculate both Fibonacci retracements and projections for currency pairs.
A calculator of this type can be very powerful. If you can use one of these kinds of calculators effectively, you can make a lot of money in the currency market. Similar to other tools, Fibonacci calculators are free, fast, accurate and fairly simple to use after some practice.
These types of calculators rely on mathematical formulas to accurately calculate Fibonacci retracements and projections. A Fibonacci calculator is used by Forex traders to come up with accurate predictions of the movements of currency pairs over a specified time period.
In order to use a basic calculator of this kind, all you are required to do is input the past high and low prices of the currency pair you are working with. The tool should in fact do the rest for you, after you have entered this information. After you have entered this information, with the tool you will then perform basic subtraction and then multiply the difference to the known Fibonacci ratio. The known Fibonacci retracement percentages that you need to consider are as follows: 38.2%, 50% and 61.80%. The Fibonacci retracement that you are looking for will be the result of the product of the multiplied difference and the Fibonacci ratio. With the retracement you will be able to work out an accurate prediction of the movement of the currency pair you are trading.
More experienced Forex traders often advise beginners to use a Fibonacci tool at the beginning of each trading day. Fibonacci tools are very mathematical and so they can come across as very confusing, however all you really need to do is input both the high and low prices of the currency pair that you are trading. After you have done so, all you need to do is push the appropriate button in order to have the tool calculate everything for you. Although it is good to understand how Fibonacci tools work, you don’t have to know absolutely everything about how they work. Remember, after some practice you will soon improve and be able to use these types of tools more effectively.
In conclusion, using a Fibonacci calculator in Forex trading is actually quite easy, despite the fact that these kinds of calculators come across as quite complicated and daunting at first. After some practice, Forex traders can use these sorts of calculators to effectively calculate both Fibonacci retracements and projections, with great speed, ease and convenience. You can make a lot of money in the FX market if you master Fibonacci. Remember, you don’t have to use Fibonacci calculators at all if you don’t want to, but just know that they can present many profitable opportunities to you after you take the time and put in the effort to learn how to operate them.