I am an old newbie! (I joined baby pips long time back but was trading mostly in precious metals. Now, I’m focused on forex). I am practicing my trading technique and it looks promising. Hopefully, this exuberance transforms from paper trading to live trading also…
Anyhow, I need some clarification in calculating the number of pips as I am a little confused, when it comes to the fractional bit.
Here is an example:
I bought (paper trade) one mini lot of AUD/USD at 0.89437 and sold it at 0.90579. Now I just want to know how many pips did I make? I’ve searched the net but, no luck!
[QUOTE=“raheel;610074”]Hello everyone, I am an old newbie! (I joined baby pips long time back but was trading mostly in precious metals. Now, I’m focused on forex). I am practicing my trading technique and it looks promising. Hopefully, this exuberance transforms from paper trading to live trading also… Anyhow, I need some clarification in calculating the number of pips as I am a little confused, when it comes to the fractional bit. Here is an example: I bought (paper trade) one mini lot of AUD/USD at 0.89437 and sold it at 0.90579. Now I just want to know how many pips did I make? I’ve searched the net but, no luck! Thanks Raheel[/QUOTE]
114.2-pips
Simple maths, just minus one from the other. 0.90579 - 0.89437 = 0.01142
However the last digit isn’t a whole pip, it’s a pippette so a tenth of an actual pip. Most currencies are to 4 decimal places.