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It is important to note that the lot size directly impacts and indicates the amount of risk you’re taking. In other words, the lot size determines how much you could potentially make or lose for each pip the price moves up or down. So in this example, trading one lot in the EURUSD currency pair means that for each pip the exchange rate fluctuates, up or down, you will profit or lose $10. Forex trading is becoming increasingly popular due to its ease of access online. That means that common people and investors should understand some fundamental concepts, such as pips. Pips are minor variations in currency prices that are extremely significant for effective trading.  The standard lot for spot retail trading is 100,000 units of foreign currency, but the number of contract specifications has risen in recent years. The retail spot market began to expand only when the mini lot was introduced (10,000 units). A little later, the micro lot was introduced — a mere 1,000 units! The micro lot in the EUR USD, for example, at €1,000 or $1,350 when the exchange rate is 1.3500, could be traded for as little as $135 in initial margin if the leverage ratio was 1:10. 
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In the realm of forex trading, transactions are facilitated through different online platforms, providing traders with the flexibility to engage in forex activities from any location and at any hour. This digital infrastructure not only enhances accessibility but also ensures convenience, allowing traders to closely monitor real-time market fluctuations and price dynamics. Consequently, the online framework streamlines the trading process, giving investors the ability to promptly respond to evolving market conditions.  Direct Forex Trading Not Allowed: Direct participation in the foreign exchange market (forex) is not allowed by Indian regulations. This means you can't trade forex through international platforms. Upstox is a rising player in the discount broking market, loved for its simple and affordable approach, including zero brokerage on equity delivery and affordable intraday trading. With over 10 million users, it's outpacing rivals at a valuation of $3.5 billion. Comprehensive research reports, giving traders valuable insights for smart investment decisions and lots of useful tools, make it perfect for both newbies and experienced traders.