Currency pairs are always traded in “lots”. A “lot” represents the amount of the currency pair that you are buying or selling. The three most common types of lots are the standard, the mini and the micro. One standard lot is equal to 100,000 units of the base currency, which means 1 lot of EURUSD would be equal to 100,000 euros. One mini lot is 10,000 units of the base currency, which would mean that 1 mini lot of GBPUSD would be equal 10,000 British pounds. Finally, 1 micro lot is equal to 1,000 units of the base currency in your currency pair. 1 micro lot of USDJPY is equal to 1,000 US Dollars.
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Exotics are currency pair groups that involve either a currency from an emerging economy either a currency from a small country with a small developing economy. Examples would include US Dollar Mexican Peso (USDMXN), US Dollar South African Rand (USDZAR), US Dollar...
