Forex Income Calculator
Basically, I wanted to develop a tool that traders could use to determine how many pips they needed to earn each and every day to reach their annual income goal. So, for example, you could enter a goal of $100,000 and find out that you need to earn 40 pips per day to reach that goal. The default settings are for regular sized lots (100k or $10 per pip), trading 50 weeks a year for 5 days a week.
So what if you want to change those settings? Enter the advanced options. Below is a short summary on each of the advanced options and how you can use it to tweak your personal pip goal plan.
- Trading Weeks - Enter the number of weeks per year you want to devote to training. The default is 50, assuming you are planning two weeks of vacation. Feel free to play with this though. For example entering 40 would tell you how many pips per day you need to earn if you take 12 weeks off per year!
- Trading Days - Similiar to trading weeks above but for days. This # is per week. The default is 5, assuming you take the weekend off. Want to take Fridays off? Enter in 4. Want to work the Japan session on Sundays? Enter in 6.
- Dollars Per Pip - I put this one in mainly for mini-account traders. The default is for regular sized lots of 100k ($10 USD per pip). So for example if you have a mini-account of 10k and a pip is worth 1 USD you can enter 1 here.
- Lots per Trade - As traders get more advanced they tend to use the same strategies but with more lots. So for example instead of 1 lot they trade 2. It basically doubles the amount of losses or gains that you sustain. Here you can change the # of lots that the calculator is working with.
Have suggestions, comments or feedback? I welcome all. Please send emails to email@example.com