Pip value is pip size multiplied by position size in units. One standard lot of a standard pair is 100,000 units and a pip is 0.0001, so a pip is worth 10 units of the quote currency; on a pair quoted in yen the pip is 0.01 against the same 100,000 units, which is 1,000 JPY. Once you know that number, a stop loss stops being a distance on a chart and becomes an amount of money, which is the only form risk can actually be managed in. Pair this with the lot size calculator to turn a risk percentage into the size you should trade, and read the risk management guide for how the two fit together.