Lots 

A lot is a unit of measurement traders use to describe order and position sizes.

A lot is a unit of measurement used by forex and CFD traders. In other financial markets, the term contract is used instead.

Lot sizes can be different depending on the asset class. For example:

In forex, a lot is 100,000 units of the base currency or base asset. Therefore, 1 lot of USD/JPY means 100,000 US dollars, and 1 lot of EUR/GBP means 100,000 euros.

1 lot of gold is 100 troy ounces

1 lot of silver is 1,000 troy ounces

1 lot of oil is 1,000 barrels

1 lot of NASDAQ is 1 index

Depending on the product, lots are divisible by as much as 100 times. For example, you can trade forex in increments of 0.01 lots, known as micro-lots. Ten micro-lots, i.e., 0.1 lots, is known as a mini-lot.