What is a lot in forex?

[PIPruit]

Let's review our forex basics, best answers wanted. What is a lot in forex?

 

[Eryk Martin]

Lot means the volume of the instrument you are trading. It means how many units are there in a standard lot size, for example, 1 standard lot of currencies includes 100,000 units. A mini lot has 10,000 units whereas a Micro lot contains 1000 units.

 

[Akwin]

the lot is the volume you are placing the trade in. for currencies generally 1 lot is 100000 units.

There are 3 types of lots - Standard lot is of 1,00,000 units, micro lot is of 1,000 units and mini lots is of 10,000 units. Traders need to understand the lot size of currency pairs in detail before placing a trade. There are different lot sizes for Forex, indices and commodities.

Depending on what, I could have my trade size classified as either 1 standard FX lot size or 10 mini-sized lots?

 

[perryjohn765]

the lot size is the contract size and at what size one places the trade.

 

[Eryk Martin]

Depending on what, I could have my trade size classified as either 1 standard FX lot size or 10 mini-sized lots?

Both ways it will be 100,000 units of the currency.

 

[richardmarcus1509]

Let's review our forex basics, best answers wanted. What is a lot in forex?

There are 3 types of lots - Standard lot is of 1,00,000 units, micro lot is of 1,000 units and mini lots is of 10,000 units.

 

[Dora_WalletInvestor]

Depending on what, I could have my trade size classified as either 1 standard FX lot size or 10 mini-sized lots?

It doesn't really matter which in this case. It's simpler to say 1 standard lot than 10 mini lots - mini lots exist so that you can trade with smaller amounts. At the same time not all platforms offer all lot sizes.

 

[Eryk Martin]

There are 3 types of lots - Standard lot is of 1,00,000 units, micro lot is of 1,000 units and mini lots is of 10,000 units.

Correct

 

[FriendlyFX]

There are 3 types of lots - Standard lot is of 1,00,000 units, micro lot is of 1,000 units and mini lots is of 10,000 units. Traders need to understand the lot size of currency pairs in detail before placing a trade. There are different lot sizes for Forex, indices and commodities.

Good explanation I always find it hard to explain these without going around in circles

 

[MikoL]

A “lot” is a unit measuring a transaction amount.

 

[Luke_D]

lots is what make your trading much more manageable in term of adjusting your trading size, but it also up your commission incurred while trading.