how are pips used 
they are a part of a currency pair s exchange rate market quote pips represent the change in the quote and value of a position in the market you may have taken say hypothetically you bought a currency pair for 1 1356 and sold it for 1 1360 you made four pips on your trade you d have to then calculate the value of a single pip and multiply that by your lot size for the dollar value of your profit 