how much is 1 pip
When trading a mini lot (10k units of currency), each pip is worth roughly one unit of the currency in which your account is denominated. If your account is denominated in USD, for example, each pip (depending on the currency pair) is worth about $1. In a micro lot, or 1k trade, each pip is worth roughly 1/10th the amount it would be worth in a mini lot -- so about $0.10. In all pairs involving the Japanese Yen (JPY), a pip is the 1/100th place -- 2 places to the right of the decimal.