Obviously, you're new and just starting out. BABYPIPS.COM!! Go there and take the Pips University course. Will take some time but will be worth it. EDUCATION right now is your best bet at being a success at trading.
As I said elsewhere, probably not what you wanted to hear but, TEACHING YOURSELF can be of tremendous advantage...
james_smart:
I have read so many articles about it. Everybody are talking about PIPs. But my concept is still not fully cleared about pips calculation. So I want to know what is PIP and how it is converted/calculated into cash?
I have read so many articles about it. Everybody are talking about PIPs. But my concept is still not fully cleared about pips calculation. So I want to know what is PIP and how it is converted/calculated into cash?
it depends on quotes. there are different formulas. for example for xxx/usd A*B*n
where
A - minimal change of price
( 0,0001 for EUR/USD)
B - volume of order,
n - number of lots.
0.0001*100000*0.5=5$
so if price changes at 40pips, you will get 200$
try this one to understand Pip Calculator, Forex Currency Tools, Currency Trading | Forex Trading Tools
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I have read so many articles about it. Everybody are talking about PIPs. But my concept is still not fully cleared about pips calculation. So I want to know what is PIP and how it is converted/calculated into cash?