The three common sizes
Forex is traded in fixed bundles of currency. One standard lot is 100,000 units of the first currency in the pair. A mini lot is a tenth of that and a micro lot a hundredth. Most platforms show lots as a decimal, so 0.10 is a mini lot and 0.01 a micro lot. Some brokers offer smaller steps still, so check the contract specification in your platform.
| Name | Units of base currency | Lot size on most platforms | Pip value, USD-quoted pair |
|---|---|---|---|
| Standard lot | 100,000 | 1.00 | $10.00 |
| Mini lot | 10,000 | 0.10 | $1.00 |
| Micro lot | 1,000 | 0.01 | $0.10 |
The last column assumes the quote currency is the US dollar (as in EUR/USD or GBP/USD) and a pip of 0.0001. Pip value is units × 0.0001. The pip itself is explained in what is a pip.
Lot size is what turns a stop into a dollar loss
The distance to your stop is in pips. The lot size sets what each pip costs. Together they give the loss if the stop is hit: loss = lots × pip value per lot × stop in pips. To go the other way, divide the amount you are willing to lose by (pip value per lot × stop in pips).
Example (E): an account of $5,000, risking 1% ($50) on EUR/USD, where one standard lot is worth $10 a pip.
| Stop distance | Lot size (rounded down) | Units | Loss if stopped out |
|---|---|---|---|
| 10 pips | 0.50 | 50,000 | $50.00 |
| 20 pips | 0.25 | 25,000 | $50.00 |
| 30 pips | 0.16 | 16,000 | $48.00 |
| 50 pips | 0.10 | 10,000 | $50.00 |
The wider the stop, the smaller the lot, for the same dollar risk. Rounding down keeps the real loss at or under the amount you chose. The full method, including account currencies other than USD, is in how to calculate position size, and the lot size calculator does the arithmetic.
Pairs that do not quote in dollars
For USD/JPY a pip is 0.01, so one standard lot is worth 1,000 yen a pip. That is converted to dollars at the current rate: at an example rate of 150 yen per dollar (E) it is about $6.67 a pip, not $10. For a pair with neither currency in dollars the same conversion applies. This is why the same lot size has different pip values on different pairs. See USD/JPY and EUR/USD for pair-by-pair examples.
Gold, indices and crypto
A "lot" is not the same in every market. Contract size for gold, indices and crypto CFDs is set by the broker, and sources differ on what a pip means for gold. Read the contract size in your platform before you size a trade, and do not carry a forex pip value across.
Trading leveraged products can lose more than you expect. This page is education, not advice.
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Quick questions
How many units is a standard lot?
100,000 units of the base currency. A mini lot is 10,000 and a micro lot 1,000.
What is 0.01 lot?
A micro lot, 1,000 units. On a USD-quoted pair it is worth about $0.10 a pip.
Is a lot the same as leverage?
No. A lot is trade size. Leverage only decides how much margin the broker holds for that size. See the guide to leverage and margin.
Do all brokers use the same lot sizes?
Forex lots are standard, but minimum size and step vary, and contract sizes for gold, indices and crypto are set by each broker.
Pick the stop first, then the lot.
A stop placed at a real level makes the lot size meaningful. These indicators help you mark levels.
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Last updated November 2026. For education only. Not financial advice.