Android Forex calculators are important to the forex trader for many reasons. Typically, a calculator is used to make certain computations to arrive at required results with more precision and lesser time. With advancement in technology, advanced calculators have been developed for different purposes; one of which is for calculations used in trading the forex market. The android calculator is just a special form of these calculators that is very important because of the many advantages that the android platform confers. The android calculator is thus one of the most popular since it runs on android devices which are handheld devices, so that trader can always have it handy anytime anywhere and since forex trading is a twenty four hour event, this is very essential.
WHAT IS PIP
This refers to the smallest unit of price movement. It represents the very minutest movement in price for a specific currency pair. For most currency pairs, apart from JPY, the pip is 0.0001 of the counter. This is what indicates the profits or losses made in a trade as directly shows the change in price movement.
Pip value per lot is equal 0.0001 for most currencies as stated earlier
The value is divided by the exchange rate
Then multiplied by the lot size which has to be in base currency
Many traders will not bother to carry out this calculation manually as some software applications have been designed to work it out. The android forex calculator for instance can help in this calculation with precision and speed.
IMPORTANCE OF UNDERSTANDING FOREX CALCULATIONS
In practice, most of these calculations will not be carried out by the average trader because there is hardly any trading platform that doesn’t offer an automated way of doing these calculations. And even when that is that case, there are a vast number of online sites where these calculations
Ms are offered free. But it is important for the forex trader to know how they are done so he/she can also know why they are done so as to better understand how the market works and how to manipulate it.
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