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Understanding Margin and Leverage: Key Differences
Learn how margin and leverage work together in trading. The difference, the inverse relationship, and how leverage amplifies trading power.
Tools
Forex calculators
Free forex calculators and trading tools: pip value, lot and position size, margin, risk:reward, expectancy, risk of ruin, Monte Carlo, market hours and a trading journal, all worked out in your browser.
Sizing a trade
Pip value, lot size, margin, leverage and what a stop would cost.
- Pip calculatorWhat one pip is worth on a position, in your account currency.
- Lot size calculatorWhat a lot size controls on currencies, gold and silver: units, pip value, exposure and margin.
- Position size calculatorHow many lots to trade so that a stop loss costs a set share of the account.
- Profit calculatorProfit or loss on a trade from its open and close prices, in pips and in money, after the spread.
- Margin calculatorThe margin a broker holds against a position at a given leverage.
- Leverage calculatorHow leveraged a position really is, measured against the money behind it.
- Risk calculatorWhat a stop loss would cost on a position, in money and as a share of the account.
- Risk:reward calculatorThe reward-to-risk ratio of a trade plan, and the win rate it needs to break even.
Testing a strategy
Whether a win rate and payoff add up, and how bad the bad runs get.
- Expectancy calculatorWhat a strategy makes or loses per trade on average, in money and in R.
- Kelly criterion calculatorThe share of the account the Kelly formula would risk per trade, and the safer half and quarter.
- Risk of ruin calculatorThe chance a strategy falls to a chosen drawdown, from 8,000 simulated runs of trades.
- Drawdown calculatorWhat a run of losses does to the account, and the gain needed to win it back.
- Losing streak calculatorHow long a run of losses to expect, and the odds of each length, from a win rate.
- Monte Carlo simulatorYour own trade results, reshuffled and resampled thousands of times, to see the range of outcomes.
Planning and record keeping
Growth over time, the trading day and a journal of your trades.
- Compounding calculatorHow a balance grows or shrinks when the same percentage repeats, period by period.
- Forex market hoursWhich trading sessions are open now, in your time zone, and when they overlap.
- Trading journalLog your trades and see win rate, profit factor and drawdown. Kept in your browser.
- Forex volatility trackerHow far the major currency pairs have been moving.
Your account
Tools that work on a real trading account.
About these calculators
Rates
ECB reference rates, Nov 6. Reference rates are set once each business day, so results can differ slightly from a broker's live price.
Your figures
Everything is calculated in your browser. Nothing you enter is sent to us or to anyone else.
Risk
The results are arithmetic, not advice. Unless a field asks for them, they leave out spreads, commission, financing and slippage. Leveraged trading carries a high risk of loss. Financial disclaimer.