Lot
What is a lot?
A lot is the unit of quantity with which a trade is executed in forex trading. The standard unit size for a lot in foreign exchange trading is traditionally the 100k lot (100,000 units). For the EUR/USD currency pair, this would be 100,000 euros. While this may sound like a lot, forex trading is done with a margin account and only a fraction of the amount needs to be deposited. The following types are distinguished:
Standard lot = 100,000 units of the base currency
Mini lot = 10,000 units of the base currency
Micro lot = 1,000 units of the base currency
Nano lot = 100 units of the base currency