Pip Calculator Forex and Why Would You Need One?
How can I understand the pip calculations in forex?
This is the first question you might have on your mind when you think of trading forex! And this is absolutely the right question you need to have on your mind because without having a proper understanding of pip calculation, you will not be able to grow your forex trading account. Before getting into the main topic-Pip calculator in forex, let’s have a brief discussion about pip and its value to have a good flow.
What is Pip in forex?
The full form of PIP is ‘percentage in point’. Pip in forex refers the unit of measurement which measures the small changes in value between two currencies in forex.
What is Pip value in forex?
Pip value refers to the price which is related to one pip movement in currency pairs. All currencies do not carry same value of pip, but most major currency pairs pip value is related to the four decimal places. Besides, the pip value also depends on the lot size you are using for per trade.
For example, you have a currency pair GBPUSD, and the pips you have gained is 20, and the lot size you have is 0.01, so the pip value will be $2.
Why would you need one?
Pip calculator forex is one of the most important tools in forex trading. While trading in forex, if you use pip calculator, you will know about-
- Pips and profits that you are gaining or vice versa.
- Proper risk management that you are following
- Account growth that you are having
SureShotFX has launched a brand-new and unique SureShotFX pip calculator application where you will be able to calculate not only pip value but also you can calculate your Stop loss and Take profit pips. And guess what!! This application is totally free of cost!
How to use SureShotFX forex pip calculator profit?
It is very handy and useful. Watch the video to have a detailed idea of it.
And that’s it! Drop your queries at ssfsupport on telegram.