Entering a volume in demo account

Beginner Questions
1

Hi
I am watching a video tutorial on basic info such as how to place a trade on my demo account.
I am watching how to open a position. And on the menu that appears it has a volume box were you are supposed to enter a number. What does this volume box mean? He goes on to say ‘lets buy 10 lots’ and enters number 10 in the volume box.
Is this correct that you should enter a lot size in the volume box? It just sounds such a big number entering 10 as a lot size! And i would of thought that the box would be called lot size instead of volume. But then i am a newbie an expert wouldn’t think anything of it.

Also does position size and lot size mean the same thing? There are alot of web pages that are implying that they mean the same thing and i just want to double check.

2

To be technically correct, position size and [I]number of lots[/I] are the same thing. Lot size could be taken to mean the size of the lot - meaning standard, mini, or micro - but it depends on the context.

As for your volume question, it would help knowing what broker you’re talking about. It does sound like volume=lots, though (but what kind of lots?).

3

Hi
Thanks for replying.
The lots i am talking about are were Currencies in Forex are traded in Lots.
Those kind of lots i mean, not the lots meaning standard, mini or micro accounts.

I am with interbank fx trader 4