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Notional value is the full market value of a position: lots × contract size × price. Margin is a fraction of it, set by the leverage or margin rate; your exposure to price moves is all of it.
One standard lot of EUR/USD at 1.1000 has a notional value of €100,000 × 1.1000 = $110,000. With 1:100 leverage the margin is about $1,100, but a 1% move still changes the position’s value by about $1,100. Prices in this example are illustrative.
