Beginner questions: pips, lots, leverage and margin

No question is too basic here. If you are new to currency trading, this is the place to ask about the mechanics before real money is involved.

Good questions to ask

• How much is one pip worth on the position size I am planning?
• What happens to my margin when a trade moves against me?
• Why did my stop-loss fill at a worse price than I set?
• What is the difference between a standard, mini and micro lot?

Before you post

Say which pair you are asking about, your account currency and the position size, because the answer to "how much is a pip worth" depends on all three. If your question is about a specific broker's rules, name the broker's regulator rather than posting a link.

The guides in the news section cover many of these topics step by step. Post your question below, and experienced members, please explain it the way you wish someone had explained it to you.