What a lot is, in plain words
A lot is the unit you use to set the size of a trade. When you open an order in MetaTrader, you do not type an amount of money. You type a volume in lots. The platform converts that volume into units of the instrument, such as units of the base currency for a forex pair, ounces for gold, or a money amount per point for an index.
The lot size controls how much each price move is worth to you. A bigger lot means more money gained or lost for every pip. A pip is the standard small step in a price. For details, see What is a pip and Pips, points, pipettes.
Leveraged forex and CFD trading can lose money fast. Lot size is the setting that decides how fast. Choose it before you think about where the price might go.
Use the pip calculator to see what a pip is worth for any lot size:
Fill in the empty fields to see the result.
Standard lot, mini lot, micro lot
These names describe common lot sizes in forex:
- Standard lot: the full contract size for the instrument. This is what the platform means by a volume of a full lot.
- Mini lot: a fraction of a standard lot.
- Micro lot: a smaller fraction. On most platforms this is the smallest volume you can type in the order window, the minimum lot step.
- Nano lot: a name some sources use for a size below a micro lot. It is usually only possible on cent-type accounts.
People often search what the smallest lot volume means. It means a micro lot. It is the smallest trade size most standard accounts allow. The money per pip is small, but it is still real money on a live account.
We do not print unit counts on this page. The calculator shows them for the exact instrument and account you choose. To see how many units a lot is, open the pip calculator above. Pick the instrument and enter the lot size. The result shows the position in units and the pip value.
Lot sizes by instrument
Contract size is set per instrument in the broker's contract specification. In MetaTrader, right-click the symbol in Market Watch and open Specification to see it. The table shows what a lot measures for each group and where to check the numbers.
| Instrument group | What the lot measures | Where to read the exact size | What a pip or point is worth |
|---|---|---|---|
| Forex pairs (e.g. EURUSD) | Units of the base currency | Symbol specification, "Contract size" | Pip calculator: choose the pair and lot size |
| Gold (XAUUSD) | Troy ounces of gold | Symbol specification, "Contract size" | Pip calculator: choose XAUUSD and lot size |
| Stock indices (e.g. US100, NAS100) | A money amount per index point | Symbol specification, "Contract size" | Pip calculator: choose the index and lot size |
| Cent accounts | Same lot names, but the balance and results are in cents | Account type and symbol specification | Pip calculator: set the account currency to the cent unit |
Contract sizes are not the same across instruments. A lot of gold and a lot of EURUSD are different positions. A lot on an index is different again. Never assume that a lot size you use on one symbol carries the same risk on another. For more on each market, see Metals, Gold, Stock indices and Forex currency pairs.
Cent account lot size
A cent account shows the balance in cents of the account currency instead of whole units. The lot names stay the same, but a lot on a cent account usually represents a much smaller real position than on a standard account. This lets you trade very small real amounts.
Two points cause confusion:
- Profit, loss and pip value are shown in cents. A result that looks large on screen may be small in dollars.
- The contract size for a symbol on a cent account can differ from the same symbol on a standard account. Read the specification for the account you actually use.
The conditions of the Exness cent account are described on the Standard Cent account page. Check the current contract specification in the personal area or on the official site before trading.
Ready to try it on a real or demo account?
Partner link · trading carries a high risk of loss
Precise definitions for experienced traders
Contract size: the number of units of the underlying in a lot, as set in the symbol specification. Volume in lots multiplied by contract size gives the position in units.
Position in units = lots × contract size.
Pip value in the quote currency = pip size × contract size × lots. For a pair like EURUSD the quote currency is USD, so the result is already in USD.
Pip value in the account currency: if the quote currency is not your account currency, convert the result at the current rate between the two. For cross pairs this means a third rate. See Cross rates. The pip calculator does this conversion and shows both values.
Tick value: MetaTrader reports the value of the smallest price step, which is often a pipette, not a pip. Check which step the platform is using before you compare figures.
Volume step and limits: each symbol has a minimum volume, a maximum volume and a volume step. You can only enter volumes that fit the step. All three are in the symbol specification.
Margin: required margin = position value ÷ leverage, in the margin currency, then converted to the account currency. Lot size and leverage together decide how much free margin is left and how close you are to a margin call or stop out. See What is margin and What is leverage.
Costs scale with lots: the spread cost, any commission per lot and the swap all grow in proportion to volume. See Total trading costs.
Choosing a lot size from your risk
Many traders size positions from the loss they accept on a single trade, not from a fixed lot. The inputs are your account balance, the share of it you accept to lose on this trade, and the distance to your stop loss. The lot calculator turns these into a volume:
Fill in the empty fields to see the result.
Rounded down to 0.01 lot so the risk never exceeds your limit.
How to use it:
- Enter your balance in the account currency.
- Enter the risk per trade you accept.
- Enter the stop distance in pips for the instrument.
- Read the suggested lot size, then round it down to the symbol's volume step.
A wider stop gives a smaller lot for the same risk. A tighter stop gives a larger lot, but price can still jump past the stop through slippage or gaps, so the real loss can exceed the planned one. More on this in Risk management.
Try lot sizes on a demo account first to see how pip value feels before using real money.
A note for traders in Pakistan
Per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan. Also per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read Law and regulators before opening any account.
Frequent questions
How many units are in a lot?
It depends on the instrument's contract size. Forex, gold and indices all differ. Open the pip calculator, choose the instrument and lot size, and it shows the units. In MetaTrader, check the symbol's Specification.
What is the difference between a standard lot, mini lot and micro lot?
They are the full contract size and two smaller fractions of it. The smaller the lot, the less money each pip is worth. The calculator shows the exact pip value for each.
What does the smallest lot volume mean?
It is a micro lot, the minimum trade size on most standard accounts. It keeps the money per pip small, but losses are still real.
Is a lot of gold the same as a lot of EURUSD?
No. Gold lots are measured in ounces, and forex lots in units of the base currency. Pip value and margin differ, so check each symbol separately.
Why does my cent account show such large profits?
Results are shown in cents, not whole currency units. Divide by the cent conversion to see the real amount, or set the calculator's account currency to the cent unit.
Does a larger lot increase my costs?
Yes. Spread cost, commission and swap all scale with volume. See Total trading costs.