Smallest Currency Unit (point / pip) and Contract Size

Point (pip) is the smallest unit of price movements in the forex. One point (pip) for GBP / USD is 0.0001 while the single point for the pair USD / JPY is 0.01. Example: Pair GBP / USD, the movement of 1.8500 to 1.8550 is 50 points. The value per point (pip) depend on the number of contract size (lot) and the currency used.
Contract Size (Lot) is the smallest amount in forex trading. In general, the contract size (lot) is often used is the Standard Lot, Mini and Micro Lot Lot Standard Lot is $ 100,000, Mini Lot is $ 10,000 and Micro Lot is $ 1000. If your forex broker supports the Standard and Mini Lot, then it means you can trade with a number multiples of 100,000 and 10,000. For example: $ 30,000, $ 120,000, and others.

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