How to use Lot Size Correctly

Managing forex lot sizes is one of the easiest ways to maintain the maximum possible loss a trader can accept when opening a position. However, often novice traders wonder what a lot is in forex trading. Lots in financial markets are the number of units of financial instruments to be traded.

The smaller the lot in forex will mean that there will be less profit for the trader to earn for every percentage price movement, but more importantly, it will also reduce the potential for losses that can wipe out the trader's entire capital, confidence, and end a trader's trading career. For a number of reasons also based on the history of forex trading, currency pairs are usually traded in a standard lot size unit worth 100,000 units of the base currency (1 lot of forex is equal to 100,000 units of base currency). To make forex trading more affordable for individual traders, online retail forex brokers provide a mini account with a contract size of 10,000 (1 mini lot forex), and a micro account with a lot size of only 1,000 units (1 micro lot forex). With this new model of innovation, the lot size in forex is smaller, which means that it will also reduce the risk for each transaction made, as well as giving traders other advantages compared to standard lots.

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