What is a pip?
The word “PIP” stands for Percentage in Point. In forex, a pip is what you would consider a “point” for calculating profits and losses.
On Trading Station, you can see the value of a pip for each of your trades when entering a Market or Entry Order.
Under the Amount (K) field, you will see “Per pip”. This will be the Pip value in your base currency.
This pip value can be changed by changing the size of your trade via the Amount (K) field. For example, if the pip value for a 1K trade is 5 cents, the pip value of a 2K trade will increase to 10 cents, and so on. (You cannot change the pip value of the 1K trade from 5 to 10 cents, that is not possible - this value depends on the value of the currencies you are trading as well as the base currency of your account.)
For most currency pairs, the 'pip' location is the fourth decimal place. In this example, if the GBP/USD moved from 1.42279 to 1.42289 you would have gained or lost one pip, depending on if you're long or short. The amount that pip is worth depends on the lot size you open.