What is pip?Pip

Why are you down the moment you open a trade? Watch Buy fill at the Ask and Sell fill at the Bid in real time, and see the spread widen at different times of day.

Forex is traded in lots. Your lot size decides how much money each pip you win or lose is worth.

Forex price moves are measured in pips. Zoom into each digit of a quote and see just how small 1 pip is.

A buy order placed below the current price: wait for the price to dip somewhere cheaper, then buy, expecting a bounce.

A buy order placed above the current price: it automatically buys when the price breaks out upward.

Put all four pending orders into one 2×2 matrix (above/below × buy/sell) and see the differences at a glance.

A sell order placed above the current price: wait for the price to rise somewhere more expensive, then sell, expecting a pullback.

A sell order placed below the current price: it automatically sells when the price breaks down through support.

Set your exit plan when you open the trade: where you admit you're wrong and where you take the win, measuring risk and reward in pips.

Decide in advance how much you'll lose before you get out and how much you'll take when you're up. Let discipline make the call.