I am confused a little bit, really

Hi guys,
Sorry for my English is a bit broken.
i’m not a total newbie on forex and i’ve read several books and things, the forum…
I have downloaded the metatrader 4 platform for a demo implementing some trading systems, including the cowabunga approx a year ago.

Now i’m going live but to calculate the single pip value i have a problem.
All the books, the school of pipsology and all the stuff they calculate crosses with 0,001 precision, pretending that the last digit is a single pip. In that way, we can calculate a single pip value assuming we are trading an entire lot.
Example in the EUR/USD cross 1 pip = 0,0001 then 100.000 bcu (1 lot) * 0,0001 = 10,00 USD every single pip.

Now on metatrader 4 things are different:
the cross on (example) EUR/USD is calculated with 0,00001 precision. Right now i have 1.33029(Bid).
Why?
My guesses are:
The last digit is a single pip? (That’s impossible…even in the school of pipsology we have 4 digit pretending the last digit is a single pip) Is a fraction of a pip? (Strange, i have learned that the “pip” is the smallest movement of a cross).

Another question:

In “place new order” on metatrader 4 we have “Volume”. 1.00 is a single lot? 0.05 is a 0.05 lot and so on?

Thanks for the replies

The 5th digit is not a pip. It’s a fraction of a pip and it’s called pipette. Its value is 1/10 of the pip or $1.

That lot size depends on your account. If you registered using a standard account, that lot of 1.00 is a 100k trade.
If your account size was registered as a mini account, that 1.0 lot is $10k, and a 0.1 lot would be $1k, or “micro” lot with the .01 option as a $100 lot, otherwise known as a “nano” lot.

Thanks a lot bros!!!

But, Master Tang, it depends on the leverage… no?
Example i have a standard account and i trade 1 lot with 1:100 leverage. i’ll move 100.000 bcu.
If i trade 1 lot with 1:200 i’ll move 2 lots in the end…
if i have a mini account but with a high leverage is going to act as a standard account… If my guesses are right.

Nope… 1 lot is 1 lot no matter with what leverage you trade. However if your broker offers 1:200 leverage you will need just 500 EUR to trade 1 lot EUR/USD, instead of EUR 1000 with a broker that offers 1:100 leverage.

Thanks a lot. A STANDARD LOT ahahhahahh lol:D