Pip value mistakes on JPY pairs and metals
Posted: Fri Oct 30, 2026 11:16 am
Pip value on EURUSD is simple: about $10 per pip per standard lot. That number gets stuck in traders' heads and then applied to everything else, which is where the mistakes start.
JPY pairs
The pip is 0.01, not 0.0001, and the pip value depends on the USDJPY rate. At 150, one pip on 1 lot of USDJPY is about $6.67, not $10. So a 10-pip stop on USDJPY risks noticeably less than the same stop on EURUSD. If you size by habit, you're inconsistent.
Gold
Many platforms show gold with two decimals. Is a pip 0.01 or 0.10? Different traders, brokers and tools use different conventions. On a 100 oz contract, a $1 move is $100 per lot. Know the money value, not the pip name.
Silver
Contract sizes vary (1,000 or 5,000 oz). A "small" move of 10 cents can be $100 or $500 per lot.
Crosses
For EURGBP, pip value is in GBP and depends on GBPUSD for a USD account.
My fix: I stopped thinking in pips for anything other than EURUSD. The position size calculator works with money at risk and stop distance in price. No pip conversions in my head.
Anyone else made a pip value mistake that cost more than expected?
JPY pairs
The pip is 0.01, not 0.0001, and the pip value depends on the USDJPY rate. At 150, one pip on 1 lot of USDJPY is about $6.67, not $10. So a 10-pip stop on USDJPY risks noticeably less than the same stop on EURUSD. If you size by habit, you're inconsistent.
Gold
Many platforms show gold with two decimals. Is a pip 0.01 or 0.10? Different traders, brokers and tools use different conventions. On a 100 oz contract, a $1 move is $100 per lot. Know the money value, not the pip name.
Silver
Contract sizes vary (1,000 or 5,000 oz). A "small" move of 10 cents can be $100 or $500 per lot.
Crosses
For EURGBP, pip value is in GBP and depends on GBPUSD for a USD account.
My fix: I stopped thinking in pips for anything other than EURUSD. The position size calculator works with money at risk and stop distance in price. No pip conversions in my head.
Anyone else made a pip value mistake that cost more than expected?