so you're a new day trader and you want
to learn how to calculate
pips on different currencies whether
it's forex whether it's cryptocurrencies
or
indices in this video i'm going to show
you four amazing tools that you should
use on a daily basis to help you with
your day trading
welcome back to the channel everybody my
name is artie and this is the moving
average a show where we discuss
everything day trading to keep you
profitable on a consistent basis
okay so pip count on different
currencies and different pairs and
different indices
they're completely it's just a weird
thing they work differently
let's jump into the charts i'm going to
show you exactly what i'm talking about
so we're looking at euro usd right here
the current price is 1.1922
six nine so that means for every
one euro you will get 1.19269
us dollars okay so at this decimal point
that is where you start counting back
four places
so one two three four
if this number goes up or down
one digit so this goes to two seven
instead of 2
6 that is one pip up
so if this price went to 1.19369
that would be a difference of 10
pips now let me show you what 10 pips
looks like
on euro usd using our measuring tool
on the left hand side this right here
this small amount of space is 10 pips
now that's the first tool that we're
going to talk about on the left hand
side
of trading view there is an icon that
looks like a ruler
it is your measuring tool you can also
click
shift and then click and drag it out and
this is your measuring
tool it will show you how many pips in a
specific time range you're looking at
now when looking at a different currency
pair
gbp jpy so british pound and japanese
yen
you can see that the price is completely
different and it is 151.306
so if you just want to do this in your
head really quick you would just move
this decimal point to right here
and then count back four places so after
the first
digit this would be one two
three four and just to clarify so for
one british pound you would get 151.306
yen
so if this price right here goes to
three
one that's one pip so for example
say it goes to four zero six
that would be one two three four places
these two numbers you're looking at 10
pips
on gbp jpy now let's take the measuring
tool and see what 10 pips
looks like on here again a very very
small section getting 10 pips in the
market is quite
easy and it happens very fast now
instead of doing all of this math and
looking at the fourth decimal point
say you're looking at bitcoin us dollar
you just take your measuring tool
and you're getting a lot more pips than
you would in forex
so say this one candle right here is 22
968 pips which is a price difference of
229 dollars
which is why most people with small
accounts trading point
zero one lot sizes should not do
indices or cryptocurrencies or gold for
that matter
a one dollar move in indices and
cryptocurrencies
is substantially more if not a hundred
times more
than a move in forex same goes with
indices
like us 30 you take your measuring tool
and this one candle right here
was 946 pips so when you're calculating
lot sizes there are
three different measures of lots you
have
0.01 0.10
and 1.00 this is called a standard lot
this is called a mini lot and this is
called a micro lot
if you're new and you're trading real
money stick with this one
before you start going crazy with these
bigger numbers
and you'll actually have a more
comfortable time
trading because even if you lose it
won't be that much money but try to
stick to forex only so the other three
tools that i want to show you really
quick
so all of these websites are free and
they will be linked down below in this
video
but the first one is going to calculate
pip amount
and the lot size to show you how much
profit you would make on that so you
would type in the pip amount right here
the currency pair that you're trading
the trade size
in lots that you're trading and the base
deposit currency
for me it's usd so with the 20 pip move
on a 0.1
lot size i'm looking at a 20 profit and
as you can see every single currency
pair is on here and you can do any trade
size that you want this calculator is
amazing now the other two things that
you can use they're not really in
accordance with
measuring pips but they will help you in
your evaluation
of which currency is stronger or weaker
than the other one
so this website is called live charts it
shows you all of the major currency
pairs and their strength at that time
in correspondence with others so as you
can see right here jpy is very strong
and gbp is very weak giving you an
indication of where the price is going
to go
the other one is on investing.com it
shows you the major forex currency pairs
right here
and on which time frame the five minute
the 15 minute the hourly and the daily
it tells you what the market sentiment
is whether it's a strong
sell or a strong buy so using these
three websites as well as the measuring
tool
on training view is going to give you a
clear indication
of how much profit and loss you're
willing to make or potentially gain
in your day trading journey i always
suggest starting with a demo trading
account
that way you can play around with
different lot sizes different values
different deposits as your main balance
for
your day trading journey and this way
you can test it out see what works for
you see what you're comfortable with
and that way you get to know the pip
count on each currency pair if you guys
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will see you
in the next video