Registered: Dec 2002
07-16-05 08:12 PM
Quote from monistat7:
and what is a "pip"? sorry but im a NYSE scalper so im a total noob when it comes to FX.
A pip is a minimum movement in forex. Same as a cent in most stocks, except a cent in forex is usually 100 pips. When you are trading $100k lots (most common size), a pip is $10. If the pair, EUR/USD for example, goes a full cent, that's a grand, etc.
Futures currencies are different. A "pip" in futures is a "tic", and the size for most contracts is different. Usually 12.50 per tic, but Canadian and Aussie Dollar are the same size as forex.