Glossary
Pip
The conventional smallest price step of an instrument. Its size differs: 0.0001 for EUR/USD, 0.1 USD for gold and 1 point for index CFDs in our ledger.
A pip is a conventional unit of price movement. Its size depends on the instrument, so the same number of pips means different things on different markets.
Example
EUR/USD moving from 1.1650 to 1.1675 is 25 pips. Gold moving from 3,650.0 to 3,652.5 is also 25 pips in our ledger (pip = 0.1 USD), but that is a much smaller move relative to gold's usual daily range.
Why it matters
Adding pips across instruments produces a large number with no meaning. That is why our headline results are in R and pips are shown only for reference.