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Pip stands for percentage in point, the smallest increment by which a Forex cross price changes.

Most currency pairs are quoted to four decimal places, meaning that a movement from 1.1850 to 1.1851 for a currency pair would constitute one pip.

For a particular position, you can calculate the value of a single pip using the above formula.

For instance, you know that the EUR/USD is quoted with four decimals, so for a given position you can multiply the position amount by the value of one pip, or USD 0.0001.

So, on a EUR/USD 100,000 contract, one pip would equal USD 10. On a USD/JPY 100,000 contract, one pip is equal to JPY 1000 because USD/JPY is quoted with only two decimals (meaning one pip = JPY 0.01).


An investment portfolio is the total range of financial instruments owned, such as company shares, fixed interest securities or money-market instruments.

An investment portfolio should have a range of relatively unrelated, or uncorrelated, investments in order to minimise risk—brokers and investment advisers warn against 'putting all your eggs in one basket'.


An investment in an instrument.

For example, when you trade (say, buy) USDJPY, you open a USDJPY position.

When you then execute the opposite trade (in this case, sell) USDJPY, you close the position.

Position can also refer to a trader's cash/securities/currencies balance, whether he or she is short of cash, has money to lend, is overbought or oversold in a currency, etc.

Posting date

The date a transaction is posted as a credit or debit in your account.


The option price resulting from matching of buy and sell orders submitted to the market.

Price-to-earnings (PE) ratio

The Price/Earnings ratio is the price of the stock divided by the earnings per share.

Primary order

The primary order of a three-way or If Done contingent order. Related (secondary) orders will not become active market orders unless this order is executed.

Profit taking

Closing a position to take profits. Typically done using a limit order to close a position and take profits automatically when the market breaches a defined level.


A proxy is a device that acts as an intermediary between a computer and the Internet.

Proxies often have a cache built in to make Web surfing faster, and some also allow the filtering of Web content for security purposes.


An option contract granting the purchaser the right to sell the underlying asset at the agreed strike price. A put obliges the seller to purchase the underlying at the agreed strike price if he is assigned against.