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Lingo topic · 11 terms

Lots, pips and sizing

The units that turn a price move into money.

B

Big FigureThe leading digits of an exchange rate that rarely change during the day, which dealers leave out when quoting.

L

LotA standard bundle size for a trade. Forex comes in standard (100,000), mini (10,000), micro (1,000) and nano (100) unit lots.

M

Micro lot1,000 units of the base currency, a hundredth of a standard lot. On EUR/USD, one pip is worth about 10 cents.
Mini lot10,000 units of the base currency, a tenth of a standard lot. On EUR/USD, one pip is worth about $1.

N

Notional AmountThe full face value of a position or contract, as opposed to the margin you actually put up.

P

S

Standard lot100,000 units of the base currency. On EUR/USD, one pip on a standard lot is worth about $10.

T

TickThe smallest possible price change in a market, or simply each individual price update.

Y

YardTrading-desk slang for one billion units of a currency.

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