Original post by Surefire Trading Challenge
Some brokers are now beginning to quote the other major currencies to 5 decimal places. Rationally this should mean that one pip would be 0.00001 currency units, but the potential there for confusion is huge, if a pip would be worth 10 times as much with some brokers than with others.
Most traders record their profit and loss in foreign exchange trading pips as well as in cash. This enables easy comparison of one trade with another so that you can evaluate a system.
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