Trading Tools - Today Markets

Trading Tools.

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Position Size Calculator

To trade safely, you must know how much to risk per trade. Risking a fixed percentage (for e.g. 2%) of our trading account is a common strategy.

In forex trading, this seemingly simple fixed percentage position sizing decision becomes complicated. This is because you need to consider your forex trading account’s base currency and the current price of the currency pair you intend to trade.

Babypips Position Size Calculator offers a simple forex trading tool to handle the calculation for you. You just need to key in the following information:

Account Currency
Account Balance
Risk Percentage (depending on your risk threshold – 2% is a common benchmark)
Stop Loss in Pips (depending on your trading setup)
Currency Pair (that you intend to trade)

If your Account Currency is different from the quote currency of the Currency Pair you intend to trade, you will need to give one more input as prompted by the calculator. (The quote currency is the one after the slash. For e.g. USD is the quote currency of EUR/USD.)

This forex trading tool will compute the corresponding position size and display it in terms of micro, mini, and standard lots. See our Forex Calculator

Forex Calendar

Some forex traders speculate on news and reports. Others avoid trading when important reports are flowing into the market. In any case, traders must keep an eye on scheduled reports that might impact the forex market.

Before you start poking around, click on the underlined time to set your local timezone. Then, the calendar will comply with your local time.

This forex trading tool is really more than just a calendar. For each report item on the calendar, it shows the:

Relevant currency;
Expected level of impact;
Actual, forecast, and previous report figures; and
Detail tab explaining why forex traders care about the report.

This calendar is a must-have forex trading tool.

Forex Market Hours (Time Zone Converter)

The major forex trading centers are New York, London, Tokyo, and Sydney. Many traders do not stay in any of these cities and need to keep tabs on different time zones.

And even if you do, you will still need to keep track of the time in other major currency markets. This is because the opening range of each market sets the tone for each session, and the overlapping hours tend to have more trading setups.

There are forex trading tools that converts time zones. However, for managing time zones, I find that a graphical interface is the best. You only need a glance to know which markets are open.�

Currency Correlation

Currency pairs are permutations of different currencies. Hence, we expect them to correlate in their price changes. Understanding the correlations among currency pairs is critical if you intend to trade more than one pair.

For hedging, look for negative correlation.
For diversifying, look for near zero correlation.
For increasing exposure, look for positive correlation.

If you don’t pay attention to currency correlation, you might just end up hedging your position without realising it. (Kathy Lien has an informative article on currency correlation at Investopedia.)

While you can calculate the correlation between currency pairs yourself using Excel, Today Markets offers a slick Currency Correlation tool that measures historical correlation up to 1 year.

This forex trading tool includes an impressive array of major currency pairs, exotics, and even metals. The Bubble and Heatmap offer friendly visuals. For the numerical values, choose to display in Table format.

This Currency Correlation tool is part of the suite of tools at Today Markets Forex Labs where you can test drive and give feedback on Today Markets latest forex trading tools. You can use most of the forex trading tools for free even if you are not Today Markets customer.

Forex Volatility Calculator

Traders thrive on volatility. A stagnant forex pair offers little room for profit. Hence, forex traders need to know which currency pairs are volatile and their active trading hours.

There are dozens of currency pairs out there. Computing their volatility is not an easy task for the manual trader.

This is why you need the Forex Volatility Calculator at todaymarkets.com. This essential forex trading tool calculates the volatility of 30 currency pairs using historical data (up to 54 weeks).

It shows the daily change in pips and percentage of each forex pair in a nice table. What makes this forex trading tool so useful are the complementary graphs shown below.