Forex Scalping
USD/CAD was my friend today!
Made a quick pips long after the news announcement and another 20 pips on the way back down. Overall I found USD/CAD to be the best pair today.
What is a PIP?
PIP stands for Percentage In Point. It is equal to 1/100 of 1 percent, .0001.
In Forex, currency prices are typically quoted to the fourth decimal. For example, if the USD/CAD currency pair moves from 1.0510 to 1.0520 it has moved by 10 pips. If the USD/CAD Currency pair increases by 1 full cent in value (from 1.0510 to 1.0610), it has increased by 100 pips.
Depending on your leverage and lot size, 1 pip can mean alot of profit. With smaller lot sizes it’s typically $1 per pip, just multiply the lot sizes and pretty soon your pips become pretty exciting.
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