Question about Lots

[CharlieM]

In the section The Currency Position Lots are discussed. Is 1 Lot = 1,000,000 industry standard?
I also have accounts with FX Solutions and MIG and the Lots are as follows:

Standard 1 = 100,000
Mini 0.1 = 10,000
Micro 0.01 = 1000

[Dennis]

Hi Charlie

Nice to hear from you.

Yes, I reckon that 100000 is the standard lot in retail trading.

When the first generation of Rumus and IDsystem was being developed in the late nineties, it was still pioneering days in Forex retail trading and I don't think a standard had been established as such.

I think the guys just cast around and saw that 1000000 USD was the standard on the London exchange and used that as a lot size. And we have had it ever since.