Some brokers are now starting to quote the other major currencies to five decimal places. Logically this should mean that one pip would be 0.00001 currency units, but the potential there for confusion is big, if a pip would be worth ten times as much with some brokers than with others.
Most traders record their profit and loss in FOREX trading pips as well as in cash. This enables easy comparison of one trade with another so that you can evaluate a system.
