I see trading opportunities on spot gold at times but even on 1 hr charts the pip value for stop loss seems enormous. Am I misreading the calculations and could someone please enlighten me as to how to properly calculate the pip value on gold as I would like to take some trades at times but with my $1000 account I don’t seem to be able to find a reasonable win/loss ratio. Any help would be greatly appreciated. Thanks Dave
Hi Dave 
So the pip by gold is 0000.01 thus you have to be aware of the specifications of the gold that your broker offers and more specific how many troy ounces (Oz) you are trading when you open a position of 1.00 lot for example. One Oz is around 1250.00 USD so for every pip change you’ll gain/lose 0.01 USD for every Oz you have. The tricky part is the contract size in 1 lot – this you should check with you broker. If 1 lot contains 10 Oz than 1 pip (0000.01) change will mean for you 0.10 USD, respectively by 100 Oz in 1 lot you get/lose 1.00 USD per pip. Apply this logic to adjust your order size and stop loss/take profit target.
Hope this was helpful.
Thanks eyedfondue I’ll check into that