Forex Micro vs Mini vs Standard Lot
When you place orders online you should know what account you have and how you broker lets you trade. For example with some brokers out there you can have an Standard Account and still place Mini Lots. Just check out the ability of this trading lot with your brokers rules.
A Forex Lot is the amount of currency you buy or sell. For example if you wish to buy 1.000 USD, then the 1.000 is basically your trade size.
Forex Lot is basically representation of Trade Size in a different format. A Standard Lot would represent 1.000 of any currency, whereas a Mini Lot represents 100 and a Micro Lot represents 10. So essentially 10 Mini Lots make 1 Standard Lot and 10 Micro Lots make 1 Mini Lot or 100 Micro Lot = 10 Mini Lot = 1 Standard Lot.
The lower leverage accounts usually requires more money to open an account. So if you are new to trading and want to invest only a small amount then perhaps a Micro or Mini account is the way to go. However if you are planning to make a living out of it or planning to trade full-time then Standard account is the preferred choice.
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