Pip value confusion

Beginner Questions
1

Hey there,

I’m quite new ( only a week into it! ) and I’ve been practicing on a demo account with MT4.

I’m mostly trading on the EUR/USD and theres just something I’m not quite getting. I’m sure it’s the stupidest of things…

Ok, so on most sites, you’ll hear about how a “normal” contract is 10$ per pip, minis are 1$ a pip, and micros are .10$ a pip.

Now I’m not too sure how this works on MT4 but it’s not giving me numbers based on a “normal” contract. I thought the volume might be it…it’s set at 1…

Then I just calculated the pip value on this site for the EUR/USD and it gave me a value of .10. Which would explain the low numbers.

So can anybody help clear my head around all this info? Are these 10$ per pip move claims just bogus, or is there some setting I’m missing on my demo account?

And are the numbers for the types of accounts I mentionned above, the standard numbers with “real money” accounts? or do I have to calculate pip value for my currency to give me the true value of each pip movement?

thanks!

2

It’s not a “normal” contract with $10 pip values for EUR/USD. It’s a “standard” contract. That means 100,000 EUR. Minis are 10,000 EUR, and micros are 1000 EUR. Based on what you’ve said, it’s clear that MT4 is using minis as the base size, meaning 10,000 EUR per unit.

3

ahhhh ok, and how would I go about making it use standard contract? simply up the volume to 10?

4

Yes, 10 units would be equivalent of a standard contract in size.