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The "pip" is the smallest unit in Forex trading. By default, each currency pair is specified with 4 decimal places (example EUR/USD 1.1234). The 4th decimal place is called the "pip". If the rate of EUR/USD has risen from 1.1234 to EUR/USD 1.244, then the rate has increased by 10 pips.

There is one exception to this rule, namely the Japanese YEN. Here the pip is already at the 2nd decimal place.

What is a solder?

A lot is a standardized unit of measure in Forex trading. A lot is equal to 100,000 units of a base currency. For example, if a lot is traded from the EUR/UDS currency pair, then one pip (4th decimal place) has a value of 10 USD (100,000 x 0.0001 (1 pip) = 10 USD). To avoid having to use 100,000 units of a base currency in Forex trading, brokers offer different lot units.

This includes, among other things:

 One lot corresponds to 100,000 units

 Mini Lot corresponds to 10,000 units;

 Micro solder corresponds to 1,000 units;

 Nano solder corresponds to 100 units.

With the help of this division, smaller quantities can also be moved in Forex trading. In this case, the price changes have a much smaller effect on the invested capital. For beginners or novices it is recommended to trade with a smaller lot size.