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the GBP/USD currency pair, and you decide to enter a position with one standard lot.
If the GBP/USD exchange rate is 1.3500, then the value of one standard lot for a sell position would be:
100,000 units (standard lot size) * 1.3500 (GBP/USD exchange rate) = 135,000 US dollars (USD)
This means that by trading one standard lot for a sell position at this exchange rate, you are trading a value of $135,000 US dollars against British Pounds.
Mini Lot: its 10,000 units of the base currency. Example: If the EUR/USD price is 1.2000, then the value of one mini lot for a buy position is: 10,000 euros (quantity) * 1.2000 (EUR/USD price) = 12,000 US dollars (USD)This means that with one mini lot for a buy position at this price, we are trading a value of $12,000 US dollars against euros.
Micro Lot: A micro lot is one-tenth the size of a mini lot and one-hundredth the size of a standard lot. its consists of 1,000 units of the base currency.
Let's say you're trading the USD/JPY currency pair and decide to open a position with one micro lot.
If the USD/JPY exchange rate is 110.50, then the value of one micro lot for a buy position would be:
1,000 units (micro lot size) * 110.50 (USD/JPY exchange rate) = 110,500 Japanese Yen (JPY)
This means that by trading one micro lot for a buy position at this exchange rate, you are trading a value of 110,500 Japanese Yen.
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