So, would it make sense to think of lots as percentages of your capital?

I will be investing £300. If I place an order with 0.01 lot, would that mean every PIP would mean gaining 1% of £300 (i.e. £3)?

Similarly, if I accidentally choose a lot number of 1.00 and I gain 1 pip, would that mean I’d have made 100% of my £300 (which is £300 obviously).

Apologies for the simplicity of this question, I’m trying to wrap my head around trading.

Thanks.