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A lot is the standard unit of measurement for trade size in forex and CFD trading. A standard lot equals 100,000 units of the base currency. A mini lot is 10,000 units (0.1 lots), and a micro lot is 1,000 units (0.01 lots). The lot size determines the pip value and the overall exposure of a trade.
If you trade 1 standard lot (1.00) of EUR/USD, each pip movement is worth approximately $10. Trading 0.01 lots (1 micro lot) means each pip is worth approximately $0.10.
