Forex calculators comes in the form of website embedded computational software. Traders use them to determine critical numerical figures such as pip size in terms of US Dollars or Euros. They also calculate margin requirements, stop loss and take profit levels for planned trades and more; Information for a complete money management system. The forex rate alone, on any currency pair contains information that can be calculated using the right formula, such as pip value (pip size). Traders are able to implement much faster trading strategies thanks to these calculators. And also to improve money management in ways that would otherwise have been impossible. There are also pivot level calculators which are used to automatically work out LSS support and resistance levels, and sometimes they even plot them on the charts. This makes things so much faster for traders that they are able to see high probability reversal levels instantaneously. Prior to using embedded calculators, traders had to use pen and paper, or hand-held calculators which made the process too time consuming. Or even simply prone to making mistakes as the numbers were fed sequentially to the hand held calculator. Embedded calculators allow you to enter the input data and still look at them while the results are instantly displayed, so one can check for errors at a glance.
forex trading course claims to teach some principles on money management, and most of them do in fact teach some good rules. But as one begins to explore more complicated methods of trading, such as trading in volatile conditions, fast moving markets and day trading forex things can become overwhelming. The problem is speed, these markets move way too fast for anyone to be able to work out margin and stop-loss levels in their head, or on a piece of paper. In order for traders to trade within the guidelines that their money management system dictates, these calculations are always needed. That is why the use of a forex calculator simplifies things by fetching the numbers instantly. And more importantly without the possibility for a mistake. The slightest mistake in trading, the slightest error can be quite costly. Money management alone is such a big factor in trading, that it can make a phenomenal difference. Which in turns boils down to sticking to the rules, which requires fast and accurate calculations on the spot. Forex traders are even more in need of those calculators because things such as margin, leverage, pip size tend to vary as the exchange rate changes. As long as the money management system has taken all these factors into account, the calculators will do the hard part, and the trader only needs to focus on choosing entry and exit points in the market.