What is pip? What is its use in forex market?

Pips stands for "Point in Percentage". The point that indicate that you are in profits or you are in loss. These are points between buying and selling prices, usually we see that there is three points difference between buying and selling price. Even if you are changing your currency from any local exchanger then you will see that he will deduct the difference of conversion, that difference in points are called "PIPS".

When you are opening a mini lot, that is $0.01 lot, it is (10k units of currency) you are going to buy, against counter currency. Now, when the market goes in your favor, it will move into points, then you will earn or lose money, depends upon the market movement, but it doesn't means that market will continuously move against your trade, it may return back after a few minutes, few hours or after whole day.