Lot

Also called: standard lot, trade size

The standard FX position size — 1 lot = 100,000 units of the base currency.

‘Lot’ originally meant 100,000 units (a ‘standard lot’). Modern brokers also offer mini lots (10,000 = 0.10 standard), micro lots (1,000 = 0.01 standard), and nano lots (100 = 0.001 standard).

Lot size determines pip value, which combined with stop distance determines risk per trade.