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Trading mini euro ( E7) or micro euro (M6E) currency futures ???
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Trading mini euro ( E7) or micro euro (M6E) currency futures ???

  #111 (permalink)
Elite Member
Athens, Greece
 
Trading Experience: Beginner
Platform: Sierra Chart, CQG Qtrader
Broker/Data: Amp/CQG
Favorite Futures: E-mini ES, NQ, RTY, Currencies
 
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AshleyQueenTrader View Post
Really? and what is the minimum account size at IB?

do they have free trading platforms?

10k if you go to them directly, 4k & 5k if you go through other introducing brokerages (captrader or prorealtime respectively). There are other brokerages out there for sure with might have an even lower limit.

I pay 2.34 r/t for M6E with amp/rithmic combination. Need 3 ticks for break even - spread+2 ticks for comms.

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  #112 (permalink)
Elite Member
Tunisie
 
Trading Experience: Advanced
Platform: ninjatrader
Favorite Futures: spy
 
Posts: 2 since Aug 2014
Thanks: 4 given, 1 received

M6E

I trade M6E using IB, cost of a RT is 0,64$ and I never had more than 3 tick slippage (happens during very low volume hours). Most of the time there is 0 tick slippage, some times 1 tick. I use M6E because I can scale in and out. Can't do that with EUR or even E7.

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  #113 (permalink)
Elite Member
Las Vegas, NV/USA
 
Trading Experience: Advanced
Platform: Ninjatrader
Broker/Data: IB/Kinetick
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M6E becoming more liquid now..


Seems like with the demise of IB's retail forex and FXCM, more retail traders are making their way into the M6E now. Daily volumes now average 10k/day and sometimes getting up to 15k/day. E7 still not getting much attention though. The one think I like about the M6E is that you can easily scale in/out of multiple positions and if one's uses IB, each M6E contract is only $0.64 RT.

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  #114 (permalink)
Trading Apprentice
Vancouver, BC
 
Trading Experience: Beginner
Platform: Other
Favorite Futures: MJY, M6A, M6E, M6G, N225M, MCD
 
Posts: 25 since Sep 2014
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kaotic View Post
Seems like with the demise of IB's retail forex and FXCM, more retail traders are making their way into the M6E now. Daily volumes now average 10k/day and sometimes getting up to 15k/day. E7 still not getting much attention though. The one think I like about the M6E is that you can easily scale in/out of multiple positions and if one's uses IB, each M6E contract is only $0.64 RT.

I also like the M6E with IB since, as you pointed out, the 64 cent commission makes it feasible to scale in/out.

The M6A and M6B are also decent.

Unfortunately, I find the MCD and the MJY a bit thinner. Especially if you have stops in the market and don't watch closely. Those can move past your stop point relatively easily

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  #115 (permalink)
Trading Apprentice
Milan, Italy
 
Trading Experience: Advanced
Platform: Tradestation
Favorite Futures: mini ES
 
Posts: 7 since May 2017
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I prefer the E7 since it has also options I can use to change/defend my position, actually never used the micro.

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  #116 (permalink)
Elite Member
London
 
Trading Experience: Beginner
Platform: MultiCharts
 
Posts: 236 since Nov 2010
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M6A M6B M6E

i TRADE THESE MICRO FUTURES FX from years,
all the other micro fx are not tradable because they have low volume.

E-micro AUD/USD M6A 0.0001 / $1.00
E-micro GBP/USD M6B 0.0001 / $0.625
E-micro EUR/USD M6E 0.0001 / $1.25
E-micro JPY/USD MJY 0.000001 / $1.25

My 2 cents.

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  #117 (permalink)
Trading for Fun
London
 
Trading Experience: Beginner
Platform: MT4
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Posts: 139 since Apr 2018
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bomberone1 View Post
i TRADE THESE MICRO FUTURES FX from years,
all the other micro fx are not tradable because they have low volume.

E-micro AUD/USDM6A0.0001 / $1.00
E-micro GBP/USD M6B0.0001 / $0.625
E-micro EUR/USD M6E0.0001 / $1.25
E-micro JPY/USD MJY0.000001 / $1.25

My 2 cents.

Thanks, l am learning to trade futures and want to start with the mini currency futures due to the low margin requirements so your post is timely.

Do you day trade or swing trade? The reason I ask is because l work 9-5 so cannot day trade.

Also, for the mini futures you've listed above, do you see enough volume to make trading them worthwhile?

Thanks!

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  #118 (permalink)
Trading for Fun
London
 
Trading Experience: Beginner
Platform: MT4
Favorite Futures: Forex
 
Posts: 139 since Apr 2018
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Surly View Post
I wanted to reinforce that this contract is totally fine to trade if you're trading during the Euro's busy times at the CME. The 6E contract itself always runs about 3 or 4 ticks of spread between the real liquidity during busy times - the DOM always has double digit bid/offer inside this range and triple digit bid/offer outside it. The M6E behaves the same with single digit and double digit bid/offer respectively.

If you TRY to get a poor fill (i.e., you use market orders), you can make your fill worse with the M6E than you can with the 6E but if you're using limit orders and are just slightly disciplined and patient, you can get essentially the same fills as you would in the 6E most of the time. You may pay 3 or 4 ticks ($3-4) over the course of 6 trades using the M6E as opposed to the 6E - small price to pay if you want to daytrade with reasonable leverage and your account size is less than $25k.

Just wanted to encourage beginners to use this contract if you have less than $25k - you absolutely do not need to have 20+ tick targets or anything like that to be profitable. Any strategy a retail trader would be using on the 6E can be traded profitably on the M6E and you will save yourself a lot of pain during the learning curve.

Thanks, this is a very encouraging post for us newbies! I think the key thing is what you highlight - to use limit orders rather than market orders.

I think that the trick for us newbies is developing the patience to do this. The temptation is to jump right into the action using market orders but this is probably not a good strategy.
@Surly would you recommend using limit orders in a very liquid market like spot forex or is there not much point? Thanks.

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  #119 (permalink)
Trading for Fun
London
 
Trading Experience: Beginner
Platform: MT4
Favorite Futures: Forex
 
Posts: 139 since Apr 2018
Thanks: 156 given, 73 received

Thanks this is a really insightful post. When you say

"If you must trade on stops, then just set your platform to execute your order when the bid/ask price reaches your level - versus the last price."

Are you referring to stop loss orders here (ie to get you out of the trade)?
ddouglas View Post
I wish it would lag - that would be easy money - as it always catches up. All you would have to do is get in on the lag, & out when it's caught up. Talk about an edge . . !

In reality, I've never seen a lag at all. Ever. The last price lags, just because there are fewer transactions than in the 6E. All secondary contracts behave this way. That doesn't mean that you can get in at the last price & make your easy-lag-money. Nope, sorry, you will find that the actual price at which you can get in/out of the market (the Bid/Ask) will be where the 6E is. At all times.

Why does any other price matter? I only want to know what I can get in or out at.

If you must trade on stops, then just set your platform to execute your order when the bid/ask price reaches your level - versus the last price.

This is very easy to do, and does not require code on most platforms.

Once that issue is out of the way, M6E trading is identical to that of the 6E, except that you only have 1/10th of the risk and 1 or 2 ticks more spread.

I personally use 6E, E7, and M6E interchangeably - with no concerns other than how large of a bet-size I am going to need in order to execute the idea I'm looking at.

Sometimes you need more room, and having different contract sizes allows you to have it.

I wish all contracts had these sizes - it's kind of a luxury, really.




P.S.: Regarding spread, remember that you're dropping $12.50 in spread (minimum) per 6E contract - even though it is "tighter." Yet your total gross dollar spread in M6E will probably be $2.50-$3.75 per each - even though it is "wider." Does that make the M6E spread "untradeable?"

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  #120 (permalink)
Trading for Fun
London
 
Trading Experience: Beginner
Platform: MT4
Favorite Futures: Forex
 
Posts: 139 since Apr 2018
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JohnS View Post
second that! I traded the E7 for a while and finally moved over to the M6e simply because I wanted smaller size...the E7 takes a while to fill. The m6e is not too bad. But in general when your targets require a few hours or days to hit then the slippage & fills don't really matter.

Are you swing trading M6E? If so what are your pip targets? Thanks.

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