What Are Pips (And Other Tips For Beginners In Forex and Crypto Trading)

What are pips and other tips for beginners in Forex and Crypto Trading

What is a PIP and how do we know when to say this is 1pip, 10pips or 100pips?

A pip is the smallest number that moves in a currency pair that we are interested in trading.

For every non JPY( Japanese yen) value.

It’s always in a two decimal place of .01

While that of non JPY value is usually in a four decimal place of.0001

So how do we know when to say a pip is 1, or 10, or 100.

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Let’s assume we have a non JPY value at 1.0786

What we are interested in is .0786

Starting with the last digit 6

6 becomes 1

8 becomes 10s

7 becomes 100s

So anytime 6 moves +1 it means that’s 1pip

Whenever 8 moves +1 that is 10pips

Anytime 7 moves +1 that is 100pips

So let’s say 6 moves to 9 that is 3pips

If 8 moves to 9 that is 10pips

And if 7 moves to 8 that is 100pips

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But for JPY

Let’s assume we have JPY value of 132.62

We will be focusing on 2.62

Where the last 2 is the 1

And 6 is the 10

While the 2 before the decimal point becomes the 100

So anytime the 2 before the decimal point moves +1 that is 100 pips

Anytime the 6 moves +1 that is 10pips

Anytime the last 2 moves +1 that is 1pip

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Work on also getting capital.

The truth is that trading is also capital intensive.

It might seem cheap but trading is very expensive.

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However NEVER sell any of your household items to trade.

When you reach such a point, pause everything and return to the drawing board.

Bad trading days are inevitable.

It’s crucial to stay resilient and remain in the fight.

Just as in sports, enduring tough times is part of the journey to success in trading.

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Understanding market dynamics and having realistic expectations can set the stage for more consistent growth.

‘I keep losing trades.’ …. I hear you say….well

Losses are part of the process.

They teach you more than your wins ever will.

Learn, adapt, and grow from them.

That is the most that a beginner in Crypto and Forex Trading Markets can do.