A lot is a standard trade size. One standard lot is 100,000 units of the base currency, a mini lot 10,000 and a micro lot 1,000. The pip value is how much one pip of movement is worth for that size.
Example
On EUR/USD, one standard lot is worth about $10 per pip, a mini lot $1 and a micro lot $0.10. A 20-pip stop on one standard lot risks about $200. On USD/CAD, one standard lot is worth 10 GBP per pip, about US$7–8.
How prop firms apply it
Prop firm platforms let you trade fractions of a lot; SabioTrade allows sizes down to 0.001. Indices and gold use points or dollar moves rather than pips, with values set in each firm’s contract specifications.
Practical tips
- Always size from stop distance and pip value.
- Check contract specifications for indices, gold and crypto.
- Use our position size calculator.
More terms in our prop firm glossary.
Quick reference
| Lot | Units | EUR/USD pip value |
|---|---|---|
| Standard (1.00) | 100,000 | ≈ $10 |
| Mini (0.10) | 10,000 | ≈ $1 |
| Micro (0.01) | 1,000 | ≈ $0.10 |
Pip values on other pairs
When USD is the quote currency (EUR/USD, GBP/USD), the pip value is fixed at about $10 per lot. When USD is the base (USD/CAD, USD/JPY), the pip value changes with the exchange rate. For crosses such as EUR/GBP, convert through the quote currency. Your platform’s contract specifications, or our position size calculator, handle the maths.
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FAQ
What is a standard lot?
100,000 units of the base currency.
What is the pip value of EUR/USD?
About $10 per standard lot.
Do indices use pips?
No, they use points, with values set by the firm.