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Trading mini euro ( E7) or micro euro (M6E) currency futures ???
That means that the market maker on M6E or E7 keeps tracks of real forex market on EBS or DB in order to make the mkt, otherwise if the liquidity he provides is enough and the bid/ask are off-synch an arbitrager could make a free profit.
I think maybe the M6E is growing-up since some of the earlier posts in this thread . . . For the past several months, the spread is almost never more than 3 ticks, & it's usually 2.
Yes, you can find some dead times (like 7pm EST) when nothing is happening and the spread is wider, but even then I've never seen it more than 4-5 ticks (and at those times, the 6E is 2, and sometimes even 3).
I think these (Micros) are fantastic contracts for any time you want to control position size, and precisely dial leverage up & down for specific purposes (a swing-trade, or small spread, for example).
Keep in mind that the contract value is 12,500EUR - so if a person has $10k in their account, and trades 2 of these, they're still leveraged more than 3-to-1 (significantly more leveraged than if maxed-out on full-margin in a stock account - and, of course, the Euro is wildly more volatile than most stocks).
I also think they're great for trying new things without getting killed, and managing your risk/position-size by percentages.
I tried the E7 or ME7 once or twice on TOS. It was horrible. The movement was so sluggish, slippery or sometimes jumping beans and the bars were messy and stepwise forming. Forget about precise filling anywhere.
Well looking at the more recent posts, if the spread is now indeed settled to 2 or 3 for the most part , then may be worth a look again sometime..
Was just wanting to test the minis and micros as suggested by @Big Mike and @madLyfe in Richwaters thread.
With ZenFire/Mirus/NT combination I can get QM (Crude) and E7 (Euro mini), but not M6E (Euro micro).
Can anyone using ZF/Mirus/NT get M6E?
UPDATE: I may have answered my own question; I bought the instrument up on Market Analyser at 5.40pm ET Friday which is after the market has closed. My guess is ZenFire/NT do not maintain historical data for this instrument so hence no populating of fields in Market Analyser.
I will re-test when markets open on Tuesday.
I have also seen that Mirus quote M6E on their commissions/margins page - so therefore I assume they allow us to trade it.
I have been looking at E7 as an option for position sizing flexibility for my 6E trading. But it is very clear just from the volumes and spreads I have observed on E7 tonight that it will give very poor fills and most likely kill any edge on a low t/f method.
Daily Volumes as I write:
6E 85300
E7 1860
Spread on the E7 is generally 2, often 3 but spikes to up to 8 at times...unacceptable - and this is the London session.
