Hence, finding a suitable forex lot size for your trade can help you lock down the amount of risk you would be taking. All brokers should outline their overnight rates under their trading conditions. Before the nano lot came into the picture before a few years , micro lots were the smallest lot size a forex broker used to offer. We hope that you have enjoyed the above article explaining the lot Size in forex trading. Forex Lot - The Conclusion: If you are a beginner, our suggestion is to trade mostly in forex micro lot size, and probably in forex mini lot size as the confidence grows.
In the past, spot forex was only traded in specific amounts called lots, or basically the number of currency units you will buy or sell. The standard size for a lot is , units of currency, and now, there are also a mini, micro, and nano lot sizes that are 10,, 1,, and units respectively.
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This is where a lot [no pun intended] of the art of Forex trading comes in. Of course, the more lots you have, the more potential for winning you have, and the more gains will reflect positively in your favor, but it does increase risk too. The size of a Micro Lot in forex trading is units (1K units) of your account's currency. If you have a dollar-based account, then the average pip value of a forex micro lot is approximately 10 cents per pip. Lot Definition. A Lot, or usually stated as a Contract Lot, is a trading unit of currency. A standard lot in the “USD” forex market is $,, a mini lot is $10,, and a micro lot is $1,