So was testing out a new strategy on Oanda.

. I short 1000 units of GSP/USD. is that a micro lot? and I made 3 pips? How did they calculate that I made 29 cents? help me out please. Trying to understand it a little better. Thanks guys!

So was testing out a new strategy on Oanda.

. I short 1000 units of GSP/USD. is that a micro lot? and I made 3 pips? How did they calculate that I made 29 cents? help me out please. Trying to understand it a little better. Thanks guys!

Yes.

You entered at 1.27040 and exited at 1.27011, so you made [B]2.9[/B] pips.

The pip value for a full lot is $10; for a minilot it’s $1; for a microlot it’s $0.10. You traded a microlot and made 2.9 pips profit, so that’s 2.9 x $0.10 which is $0.29.

If you are using dollars in your account for transactions. When you trade USD pairs, 1000 units in oanda is 0.1 dollars per pip.

That statement is true [I][B]only[/B][/I] for these pairs: EUR/USD, GBP/USD, AUD/USD and NZD/USD — because in these pairs, USD is the [I][B]quote currency.[/B][/I]

In all other USD pairs (USD/JPY, USD/CAD, etc.), USD is the base currency — therefore, pip-values for 1,000 units (that is, one micro-lot) [I][B]will not[/B][/I] be 0.1 USD per pip.

Also, pip-values at Oanda are [I][B]the same at all other brokers.[/B][/I]

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