Welcome & Overview
The Forex Smart Tools Advanced Calculator is organized around 9 tabs that run along the top. Once you get things set up, you’ll probably be working with just 1 or 2 of the tabs that best suit your own style of trading. And you can drag each tab into the order you like.
Here is an overview of each tab:
Where you will set up each broker you trade with and how much risk you want to take in that account.
The fastest tab to use for position sizing – if you use a preset stop amount with each pair. On one simple page you can lay out all your most commonly traded currency pairs and see what position size you would use.
For single leg trades (in and out) let’s you plan your stop loss, take profit and position size and see your risk to reward and entry points.
TRADE PLAN tab
The most detailed page for trade planning, whether you are using a simple one leg in-and-out trade or a multi-leg stop-and-reverse or cost-average approach, or any combination. This tab assumes that each trade you enter either takes profit or is stopped out before you enter your next trade.
BREAK EVEN tab
If your first trade is stopped out and you place a second trade to re-coup your loss, this quickly shows you where your break even price will be or how many lots to use.
OPEN CA tab
If you build an overall position made up of several individual trades, where you add legs as PRICE GOES AGAINST YOU – use this tab to plan those entries out so your entire position stays within your risk profile.
SCALE IN tab
If you build an overall position made up of several individual trades, where you add legs as PRICE GOES IN YOUR FAVOR – use this tab to plan those entries in advance so your entire position stays within your risk profile.
This tab works with the trades you set up in the Trade Plan tab and let’s you see what your entire exposure would be if all your trades stop out at once. Think globally while you plan your individual trades.
CURRENCY RATES tab
Like looking under the hood of the car at the engine. This shows you the changing pip values and spreads of each currency pair you set up for. Also where you choose your own menus to keep things simple.