Some brokers are now starting to quote the other major currencies to 5 decimal places. Logically this should mean that one pip would be 0.00001 currency units, but the potential there for misunderstanding is huge, if a pip would be worth 10 times as much with some brokers than with others. So it appears likely the pip will stay at 0.0001 units for most currencies.
Most traders record their profit and loss in FOREX trading pips as well as in money. This enables straightforward comparison of one trade with another so that you can guage a system. It also implies that traders can debate their leads to a forex forum without revealing the dimensions of their account or their profits in bucks and cents.
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