section 6
What is a 'lot'?
Lots are used to represent the trade volume in units. One standard Lot on Forex is equal to 100,000 units of the base currency of the pair. So, for EUR/USD 1 lot is 100,000 euros, for USD/JPY 1 lot is 100,000 US Dollars.
Thanks to online brokers, mini and micro-lots are also available to traders.
The table below will help you to understand lot sizes:
Standard Lot (1.0) = 100,000 of base currency
Mini Lot (0.1) = 10,000 of base currency
Micro Lot (0.01) = 1,000 of base currency
For other assets, each ‘Lot’ represents a standard amount, for example, 1 lot of Gold is 100oz. You can find the standard lots for each asset in the FxPro website specifications.
The lot size also determines the value of each pip/tick, which is covered in a separate lesson.
At FxPro all account types allow trade size from 0.01 (micro) and upwards.
