What is pip?
A pip is the smallest price increment in forex trading - pip stands for percentage in point. For example EUR/USD is quoted at 1.4502 bid and 1.4505 ask. In this case the spread (difference between bid and ask) is 3 pips.
Each pip is worth $10 in the Standard size contract and $1 in a mini contract.
What is a Lot?
Spot Forex is traded in lots.
The standard size lot is $100,000.
There is also a mini lot size and that is $10,000.