UST and FX Basics

Spot-currency trading is conducted through pips. One pip is 1/100th of a penny. One pip is 0.0001 in the exchange rate of a currency pair.
A standard lot is 100,000 units of a currency pair. One pip move of a standard contract is 1e5 * 1e-4 = 1e1 = 10 units (for example $10).
A mini lot is 10,000 units of a currency pair. One pip move of a mini lot contract is 1e4 * 1e-4 = 1e0 = 1 unit (for example $1).
The cost of a buy and sell round trip is the size of the bid-ask spread.