PIP vs Currency Pair decimals

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Ok I know this is a complete newbie question!

I trade with IBFX on the MT4 platform. I have noticed that a currency pair like EUR/USD has 6 decimals 0.00000 but when people talk about PIPs gained they only use 5 decimals 0.0000. And the same is for a currency pair like USD/JPY that has 5 decimals but when talking of PIP profits only 4 decimals are used. Why is this? or do some people include all the decimals and count them as PIPs gained?
 

first 0.00000 is 5 decimal not 6 decimal

second this called point not A pip

 

A pip is 1/100th of a cent, to put it in U.S. dollar terms. 1.4350 means $1.4350, or one dollar and forty-three and a half cents. The pip is the forth decimal, so 1.4351 is one pip more than 1.4350. When you see a quote like 1.43501, the last "1" is a pipette, or one thousandth of a cent.

Here's a link to babypips with more information if you're interested.

http://www.babypips.com/school/pips-and-pipettes.html

 
NoJobRob:

A pip is 1/100th of a cent, to put it in U.S. dollar terms. 1.4350 means $1.4350, or one dollar and forty-three and a half cents. The pip is the forth decimal, so 1.4351 is one pip more than 1.4350. When you see a quote like 1.43501, the last "1" is a pipette, or one thousandth of a cent.

Here's a link to babypips with more information if you're interested.

http://www.babypips.com/school/pips-and-pipettes.html


Thanks NoJobRob!

 
On a 5 digit broker a point is not a pip, it's 1/10 pip. EA's must adjust pips to points for TP, SL, AND slippage
//++++ These are adjusted for 5 digit brokers.
int     pips2points;    // slippage  3 pips    3=points    30=points
double  pips2dbl;       // Stoploss 15 pips    0.0015      0.00150
int     Digits.pips;    // DoubleToStr(dbl/pips2dbl, Digits.pips)
int     init(){
    if (Digits == 5 || Digits == 3){    // Adjust for five (5) digit brokers.
                pips2dbl    = Point*10; pips2points = 10;   Digits.pips = 1;
    } else {    pips2dbl    = Point;    pips2points =  1;   Digits.pips = 0; }
    // OrderSend(... Slippage.Pips * pips2points, Bid - StopLossPips * pips2dbl
 
WHRoeder:
On a 5 digit broker a point is not a pip, it's 1/10 pip. EA's must adjust pips to points for TP, SL, AND slippage
Good to know, I didn't know that since I'm an MQL4 noob. LOL
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