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new to forex?
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new to forex?

  #1 (permalink)
Banned: Vendor self-promotion
hampton bays
 
Futures Experience: Master
Platform: ninjatrader , TOS
Broker/Data: CQG
Favorite Futures: FUTURES
 
Posts: 85 since Mar 2012
Thanks: 3 given, 25 received

new to forex?

hey guys been trading futures sucessfull for few months and friend of mine said i should look into forex , can someone point me in the right direction for broker and platform ? i have ninja not sure if that work with forex ?

thanks so much , and i did a search but i like updated answers sorry .

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  #2 (permalink)
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  #3 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received


Ninja works with TDAmeritrade which offers all types of instruments including forex and futures, if you'd rather not risk the forex only shops like FXCM or Alpari. Also heard MBTrading has been rated well for years, although not sure if their supported platforms include others than MT4.

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  #4 (permalink)
Banned: Vendor self-promotion
hampton bays
 
Futures Experience: Master
Platform: ninjatrader , TOS
Broker/Data: CQG
Favorite Futures: FUTURES
 
Posts: 85 since Mar 2012
Thanks: 3 given, 25 received

yea but who do u use as broker through ninja ? thanks for quick reply

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  #5 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

I have an older ThinkOrSwim account so I can't use Ninjatrader with TDA. but a new TDA account can be used through Ninja. I have a regular (stocks&options) account and forex and futures account with TOS but can only trade forex through the TOS platform and not Ninja. For futures trading, I use Mirus/Zenfire with Ninjatrader.

@TIYF mentioned Mirus also has a forex site that works with Ninjatrader.

Forex Trading Online | Forex Broker | Mirus Forex

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  #6 (permalink)
Fiddler
Nashville, TN
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IB
Favorite Futures: NQ ES
 
Posts: 468 since Feb 2011
Thanks: 323 given, 542 received

Playing a bit of devils advocate, but if you are currently in the beginning stages of being successful with futures, why would you want to wander into another category of trading where your success is unknown?

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  #7 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received


Luger View Post
Playing a bit of devils advocate, but if you are currently in the beginning stages of being successful with futures, why would you want to wander into another category of trading where your success is unknown?

I know the question was for the OP, but thought I'd like to chip in. Forex and Currency Futures pretty much look the same. EUR/USD and the 6E is not exact to the tick but it's pretty much exactly the same behavior and price action. With Forex one can size down fractionally much smaller than a futures contract. Generally the spread of the bid/ask can be much wider than a typical future spread but it's also on a relatively small size basis. And Forex has the historical retail trading problem of being much less regulated with a lot of cases of independent broker spread manipulation , stutter/delay tactics and other shenanigans since the market goes through Interbank and not a more regulated futures exchange center. Supposedly that's improving though and there should be much more reputable Forex brokers today. A size analogy could be forex as penny slots and futures as dollar slots. Although one could size up on forex (like today's videogame "slots") as well , and some do trade big solely on Forex.

An example of 6E futures and EUR/USD Forex side by side on ThinkorSwim at smallest available size of each. So one can see EUR/USD can be traded at 1/12th the size of 6E for lunch money:

Attached Thumbnails
new to forex?-6e_-_eurusd.jpg  

Last edited by Cloudy; July 28th, 2012 at 11:49 PM.
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  #8 (permalink)
Fiddler
Nashville, TN
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IB
Favorite Futures: NQ ES
 
Posts: 468 since Feb 2011
Thanks: 323 given, 542 received

Yes, if he meant just transitioning from currency futures to forex, then I agree the transition is not that big. I assumed the way the original post read, that he was switching asset classes as well. If not, forget what I said.

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  #9 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

I agree about different asset classes. Just bored today and wanted to showcase the broker account integration of ThinkorSwim/TDA

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  #10 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received



Luger View Post
Playing a bit of devils advocate, but if you are currently in the beginning stages of being successful with futures, why would you want to wander into another category of trading where your success is unknown?


The main reason to use spot is smaller lot sizes so you can scale into a position. In terms of price action futures generally lag spot but not by much at all or everyone and their uncle would play the arbitrage, so if you have figured out an edge trading currency futures then switching to spot with a good broker is not an problem.

@benrock

I use Interactive Brokers and MB Trading for forex. Both work with Ninjatrader. MB Trading is good if you are just looking for lunch money. You can go down to $1000 lots with commission also scaling up or down. You get paid a small amount for limit orders so with say Limit In/Market Out you will only pay the commission one way.

Interactive Brokers is different beast with $2.50 minimum commission and $25000 minimum lot size. But IB is great for trading news as their liquidity is several orders of magnitude higher than MB Trading.

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