Lot
A lot is the unit of trade size in forex. One standard lot equals 100,000 units of the base currency.
Forex trades are sized in lots. One standard lot is 100,000 units, a mini lot is 10,000, a micro lot is 1,000, and a nano lot is 100. The lot size determines the pip value: one standard lot on EUR/USD has a pip value of about $10. Brokers offering micro and nano lots let beginners place real-money trades with $1 or less of risk per pip. Prop firms typically size challenge accounts in lots: a $100,000 FTMO account uses 1.0 lot positions to trade about 1% risk per stop.
Worked example
On Exness Standard a 0.01 lot (1 micro lot) EUR/USD trade has a pip value of $0.10. A 30-pip stop loss risks $3.