Question 1

What is MyForexTool?

Accepted Answer

MyForexTool is a free suite of forex and CFD-style calculators: pip value, margin, profit and loss, swap estimates, risk/reward, pivot points, and Fibonacci retracements. We focus on education and planning — always confirm numbers with your broker.

Question 2

Do I need an account to use the calculators?

Accepted Answer

No. All tools run in your browser without signup. Optional URL parameters let you bookmark or share a specific calculation.

Question 3

Are the rates live from the market?

Accepted Answer

Where supported, we show indicative mid prices from public FX feeds (and an optional gold proxy). These are not bid/ask quotes from a liquidity provider. Use your platform for execution.

Question 4

What is a pip?

Accepted Answer

For most FX pairs, a pip is the smallest common price move (often the fourth decimal for majors, or the second for JPY pairs). Gold and similar metal CFDs often count one pip as $0.10 per ounce (ten one-cent ticks), oil often $0.01 per barrel, and US index CFDs often 0.1 index point per pip — brokers still differ. Pip value is how much your P&L changes per pip for your lot size and contract specification.

Question 5

Why does pip value differ between brokers?

Accepted Answer

Contract size per lot, tick size, account currency, and how crosses are converted can all differ. Our defaults follow common retail assumptions (e.g. 100k units per standard FX lot); your broker’s specification is authoritative.

Question 6

How is margin calculated?

Accepted Answer

In simplified form: notional exposure ÷ leverage . For pairs quoted in USD, notional often includes price × contract units × lots. For USD-base pairs like USD/JPY, USD notional is typically based on the USD leg (100k USD per standard lot), not the yen price.

Question 7

Is margin the same as my account balance?

Accepted Answer

No. Required margin is what must be reserved to hold a position. Free margin is what remains for new trades or drawdown. Margin level is usually balance ÷ used margin (expressed as a percentage).

Question 8

Does the P&L calculator include spread and commission?

Accepted Answer

No. It estimates P&L from entry, exit, direction, and lot size using standard pip math. Add spread and fees mentally or from your trade history for realized results.

Question 9

What is swap / rollover?

Accepted Answer

Swap is the interest adjustment for holding a position past the broker’s rollover time. It can be positive or negative depending on rates and direction. Our swap calculator uses illustrative figures — your statement is definitive.

Question 10

What is a good risk/reward ratio?

Accepted Answer

There is no universal answer. Many traders discuss 1:2 or higher as a planning target, but expectancy depends on win rate and execution. Use the risk/reward calculator to see implied minimum win rate for a given R-multiple.

Question 11

Which pivot method should I use?

Accepted Answer

Standard, Fibonacci, Woodie, Camarilla, and DeMark are common conventions. Traders often look for confluence where multiple methods cluster near the same prices rather than trusting one formula alone.

Question 12

Are Fibonacci levels predictive?

Accepted Answer

Fibonacci retracements are a framework some traders use to map potential support and resistance. They are not guarantees. Combine with context (trend, volatility, news) and risk controls.

Question 13

Is this financial advice?

Accepted Answer

No. MyForexTool provides educational calculators only. Trading forex and CFDs carries risk of loss. Nothing here is an offer or recommendation to buy or sell any instrument.

Frequently asked questions

GGeneral

What is MyForexTool?

Do I need an account to use the calculators?

Are the rates live from the market?

PPip & position size

What is a pip?

Why does pip value differ between brokers?

MMargin & leverage

How is margin calculated?

Is margin the same as my account balance?

PProfit & loss

Does the P&L calculator include spread and commission?

SSwap & rollover

What is swap / rollover?

RRisk & strategy

What is a good risk/reward ratio?

PPivots & Fibonacci

Which pivot method should I use?

Are Fibonacci levels predictive?

DDisclaimer

Is this financial advice?

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