Just as stock investments are measured in shares and futures investments are measured in contracts, investments in the currencies are measured in lots.
Simply put, 1 lot is 100,000 units of the base currency (You’ll recall that in any currency pair, such as EUR/USD, the first quoted currency is the base currency, and the second is the quote currency). So if you’re trading 1 lot of USD/CHF, you’re trading $100,000 USD. If you’re trading 1 lot of EUR/GBP, you’re trading €100,000 EUR.
I know, 100,000 of any currency seems like a lot, so don’t worry—you don’t have to trade full lots! In fact, we at the Apiary Fund encourage all our traders to at least start out with smaller position sizes. Traders will be able to protect themselves from larger losses by trading fractions of full lots, such as .10 lots (also called a mini) or .01 lots (also called a micro).