I bought EUR/USD (my base curency is EUR)
Amount 0.01
Price 1.06112
Since i have standard trading account size that means,
1 position=100,000lots
I thought since I bought 0.01 that is 1000 lots and pip calculator shows that 1 PIP = 0.0942€
but why is then value of 83 pips (my target profit) only 0,78€ instead of 7,8186€???
Hi yakuza and welcome (I hope you have nothing to do with Japanese mafia lol).
Just what is confusing you is the fact that MT4 (for some reason) multiplies the pip by 10 when displaying it on the chart. Otherwise you have the following:
Opening price – 1.06112
T/P – 1.06195
So that would be 8.3 pips profit. You gain/lose 10 USD for each pip change on EURUSD with a position of 1 standard lot (100 000 currency units) -> if you have a position of 0,10 lots you will gain/lose 1 USD per pip, respectively as in your case with 0,01 lots position you will gain/lose 0.10 USD per pip. E.g. 8.3 pips * 0,10 USD = 0,83 USD T/P target.
Please note that result you get here is always in the secondary currency of the pair. It gets converted automatically in the base currency of your account.
Here you can find a similar thread that might be useful to you.
Cheers