What is a Lot?

A lot is the standard industry measure of volume. In the case of FX, in most cases a lot is the equivalent of $100,000 in US currency. In the case of Futures, a measure of a lot varies depending on the commodity. For example, a gold futures contact lot is the equivalent of 100 ounces of gold and a crude oil futures contract lot is the equivalent of 1000 barrels of crude.   It may differ for some FX contracts like EUR, YEN and GBP.  Before engaging in the transaction, clients are advised to make sure that the lot size is what they wish to really trade.

.01 lots
Is the equivalent of 1,000 USD

.1 lots
Is the equivalent of 10,000 USD