I've always referred to the smallest amount of a futures contract as being 1 lot or 1 car.
I have 4 years trading experience and 2 years of futures full time.

This trader on another site keeps correcting me every time I say 1 lot.

I would like to clear this up.

Does 1 lot = 1 car = 1 contract? Yes or No. Thank you!

Massive l 

I've always referred to the smallest amount of a futures contract as being 1 lot or 1 car. I have 4 years trading experience and 2 years of futures full time and 1 year being very profitable. This trader on another site keeps correcting me every time I say 1 lot. I would like to clear this up. Does 1 lot = 1 car = 1 contract? Yes or No. Thank you!

is Earth 70% Water ?

Massive l

You don't have a issue with being right do you?

Maybe the guy is a used car salesman, maybe he has many cars on his lot.

I agree, 1 lot = 1 car = 1 contract Now, let it go, and get back to "being very profitable." Nice

pre-mini that was universal language.

To a CME, CBOT floor trader a one "lot" is one "car" and could be referred to as a "contract". Most of the time though, in my experience just a number was used. "short 30", for example.

Contract specifications are available on the CME and CBOT web pages. Corn for example...contract size is 5000 bushels about 127 metric tons. 1/4 of one cent per bushel is $12.50 per contract.

Contract size for 6E is 125,000 Euro with each tick being $12.50 per contract.

In my opinion when talking about regular size contracts no qualifier is necessary. A 3 lot is 3 contracts and 375,000 euros. The mini or the micro are again IMO, the non standard size and in normal discourse should be referred to as mini or micro. a 3 lot mini or three tiny ones would be appropriate...imo

well ummm he's saying that's not the proper usage when talking to a broker lol

oh well. I guess his head is too dense.

It's from the old days when a contract would equal a railroad car of a particular commodity (e.g. live cattle or wheat). It's since been used as "trader slang" for all kinds of futures.

"Car lot" was used for commodities such as eggs, butter and milk -- which were not transported by rail, but by automobiles.

1 car = 1 lot = 1 contract

Massive l 

well ummm he's saying that's not the proper usage when talking to a broker lol oh well. I guess his head is too dense.

Yes, his head is.

I use 'car' all the time. If you have a futures broker that does not understand what a 'car' is, I would be afraid.

Now go back to being very profitable.

So what does this mean?

"Still short copper, in 3 lots, with 5 contacts each lot."

If 1 lot = 1 contract then...ummm IDK.