Pips make your profits and pips make you losses. What is the value of 1 pip in your account currency when you trade any currency pair? It is certainly important to know as the currency pair you may be trading may not have your account currency in it. You can use the following online pip value calculator to calculate the value of pips in your account currency.
Input the values required in the following calculator to determine the value of 1 pip in your account currency
As mentioned above that your account currency may be different than the currency pair you are trading. Let’s take an example that you wish to take a position of 1 standard lot of GBP/JPY and your Account is maintained in U.S. Dollar. Let’s say that the current USD/JPY bid rate is 81.10 and the maximum amount you wish to risk is 200 Dollar. Now as you are trading GBP/JPY but wish to know the value of the risk in USD, unless you know what your 1 pip will cost in terms of the U.S. Dollar, you cannot decide on the stop-loss level.
If you wish to check your position size in your account currency then please check "Position Size Calculator". You may also like to see "Margin calculation" for your trade.