So, let’s look at the EuroUSD gain. A hundred units of the currency pair will equal 100,000 Euros. And its value at any moment equals the amount of COUNTER currency per base currency times 100,000 When the value of the pair increases one pip from 1.1073 to 1.1074, one lot of EuroUSD will have gained $10. This movement here, which took place over a 24-hour period between November 4 & 5 resulted in a 106 pip movement. Shorting it would have made us over a thousand dollars in a day.
Now obviously, we don’t all have a hundred thousand dollars to throw away at a single position, and that’s where leverage comes in. But more about that later.

Luckily, we can also open forex positions of a mini-lot or micro-lot – 10,000 and 1,000 units respectively.

With other assets, some traders will speak of lots instead of contract size.

In shares, we speak of a Round lot equaling 100 shares. Anything above or below than that is an Odd lot. If you’ve invested in, say, 236 shares, what you have is a mixed lot. A lot of government bonds equals a million dollars’ worth. Go down a level to municipal bonds and you’re talking about a hundred thousand dollars. And in commodities, we’d mainly be referring to grains. 5,000 bushels-worth of wheat, corn, wheat or soybeans, or 15 hundred barrels.