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A pip is a standard unit of movement in a currency pair, commonly 0.0001 for many non-JPY pairs and 0.01 for many JPY pairs. Some brokers quote fractional pips, called points or pipettes. Pip value depends on the pair, contract size, volume, exchange rate and account currency.

A forex CFD gives long exposure to one currency relative to another or short exposure in the opposite direction. Profit or loss depends on the price movement, contract size and position direction, with spread, commission and possible overnight financing affecting the result. Leverage magnifies exposure and losses.

Most platforms have an order or hot-key settings menu where you assign keys to specific actions and share sizes, such as buy, sell, add, cover and cancel all. Start with a few essential commands, keep the layout intuitive, and label your keys if needed. Always test new hot keys in a demo or simulated environment first so a misconfigured key does not trigger an unintended live order.

Forex profit or loss depends on the price movement, position volume, contract size, tick or pip value and account currency, minus applicable costs. The example is valid only if the broker’s EUR/USD contract and pip value match the stated assumptions; do not treat one standard lot or USD 10 per pip as universal.

A practical starter set covers buying and selling a defined share size, adding to or reducing a position, covering a short, and cancelling all open orders. Some traders also assign keys to send orders at the bid, ask or mid. Keep the set small and memorable at first, then expand as your routine matures. Confirm behaviour on a demo account before using any hot key with real money.