I have been paper trading awhile now. I noticed that a single lot is supposed to be $10 per PIP. But on my chart, it shows $1 per PIP. Can someone tell me what I’m doing wrong ?
Sounds like you have a mini-lot account as apposed to a standard lot account.
1 Standard lot is $10 per pip in GBP.USD - it’s also equal to going long or short GBP at 100,000 units. Sounds like your account is taking it at 10,000 units.
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I think I’ve found the problem. I was counting 5 numbers back after decimal. If I’m correct, that’s a pipette.
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Yes, in pairs which do not include the JPY, which are quoted to four decimal places with the 4th digit being equal to 1/10 of a pip.
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