Lot size defines how many units of the base currency a trade represents. A standard lot is 100,000 units, a mini lot is 10,000, and a micro lot is 1,000. Lot size is the main lever traders adjust to control how much a given stop-loss distance will cost them in dollar terms, which is why it's set after — not before — the risk calculation.
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TRADING GLOSSARY
Lot Size
The number of currency units in a single forex trade — standard, mini, or micro.