When learning anything new there are usually a few words or terms you don't understand so I'll do my best to clear those up. When I first heard the word "pip" I thought it was just something English people said; I don't really know why. Try saying it with an English accent aloud right now, the more people in the room the better. Now say it twice and add a "jolly hoe" to the end (in the English accent of course). Hah, now that's good stuff.
I'll start with the obvious terms, those being "major and minor currencies". As you may have guessed major currencies are the 8 most-traded currencies (USD, JPY, CAD, EUR, GBP, CHF, NZD and AUD); incase you aren't sure that's US dollars, Japanese yen, Canadian dollars, Euro, British pound, Swiss Franc, New Zealand dollars and Australian dollars. Minor currencies are all the other currencies (who'da thunk it?).
Base currency would be the first currency in any pair; it shows how much the base is worth against the secondary currency. Like if the USD/JPY rate equals 108.0263 then one USD is worth 108.0263 JPY. Typically in Forex markets the USD is the base currency for quotes; exceptions to this are the GBP, EUR, AUD and NZD.
Next we have quote currency; this is the secondary currency in any pair, it's often called the "pip currency" as well.
What is a pip? A pip (stop saying it in an English accent!) is the smallest unit price for any currency. Almost all currency pairs have five significant digits and a lot of them have the decimal point after the first digit (as you can see above, JPY is a big exception). Like if EUR/USD equals 1.5448 (which it currently does) a single pip equals the smallest change in the fourth decimal place (that being 0.0001). That means if the quote currency (or secondary currency in one pair) is USD, one pip will always equal 1/100 of a cent. Pretty simple right?
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