Trading mini euro ( E7) or micro euro (M6E) currency futures ??? - Currency Futures | futures.io
futures.io futures trading


Trading mini euro ( E7) or micro euro (M6E) currency futures ???
Started: by rw48gmx Views / Replies:40,720 / 111
Last Reply: Attachments:13

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Reply
 13  
 
Thread Tools Search this Thread
 

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

  #71 (permalink)
Trading Apprentice
New York, NY
 
Futures Experience: Intermediate
Platform: Mult . .
Favorite Futures: Futures
 
Posts: 47 since Oct 2011
Thanks: 49 given, 64 received

The source of the info is from Gain/FXCM's own reports to the CFTC. So if they report any of that information, it's probably available from the CFTC.


I'm sure that CME commissions would total much less - because retail traders' net losses are included in the forex brokers' numbers. CME would only be commission - without accounting for profit or loss.

That's not to say that the typical retail futures newbie loses less money than the typical retail forex noob - it just doesn't go into CME's pocket.

Reply With Quote
The following user says Thank You to ddouglas for this post:
 
  #72 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,652 since Jun 2009
Thanks: 29,044 given, 80,652 received

OK well just for sake of comparison, $2750 would be 550 trades @ 5.00/RT. Let's say the average account lasts six months, that is roughly 120 trading days and roughly 4-5 trades a day.

Since new traders always over trade, I wouldn't say it is out of the realm of possibility that new traders often spend this much on commissions when trading futures.

But it is probably on average something like half this figure, if I had to guess.

Of course the broker is keeping only $1-$1.50 or so per trade in commission costs, rest are CME fees.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #73 (permalink)
Elite Member
denver, colorado
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: ZS
 
Surly's Avatar
 
Posts: 704 since Mar 2011
Thanks: 628 given, 1,236 received



petrmac View Post
I gave it a try as well with LIMIT and STOP LIMIT orders and it seems that they get filled regardless the advertised volume is low. This instrument gives me a possibility to actually learn to manage the trade (up to 3 different targets).

The disadvantage is that SL can be easily skipped and filled at much worse price (if LAST is used). I have to watch very carefully for the spikes. Watching the BID / ASK or using either bid or ask as bar data helps.

What you've said here is not possible - at least not with any of the brokers I've used. If you have a stop LIMIT then you are either going to get filled at that price or better. You are most likely using stop MARKET orders - there is a critical difference and some platforms default to stop MARKET rather than LIMIT. Again, I don't recommend using market orders for this contract.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Reply With Quote
The following 2 users say Thank You to Surly for this post:
 
  #74 (permalink)
Elite Member
PORTLAND, OR
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Futures
 
Posts: 185 since Jul 2011
Thanks: 74 given, 165 received


Big Mike View Post
In my opinion,

Conclusion:
Trade M6E if you have a small account (under $25k), and/or you are not already consistently (months/years) profitable.

In other words, if you are a beginner - M6E is great.

If you have small account - M6E is great.

If you are an experienced trader - M6E is not great.

If you have a large account - M6E is not great.

Yes, you clearly are paying a price for the convenience of less risk, in terms of the spread. There is a cost associated with everything, nothing is free in trading.

Mike

Does this recommendation still stand, above trading micro/mini FX?

Reply With Quote
 
  #75 (permalink)
Elite Member
PORTLAND, OR
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Futures
 
Posts: 185 since Jul 2011
Thanks: 74 given, 165 received

M6E

Futures Edge on FIO

Which products do you trade?

 

gonzofist View Post
Does this recommendation still stand, above trading micro/mini FX?

Nevermind, I found your more elaborate & recent answer in another thread, thanks for the advice:


Quoting 
Question:

I'm new in the trading and right now I'm trying in the futures market, my analysis is very accurate but I always do the opposite plus my nerves betrayed me every time I'm in a position making me ending in a red result.

My answer:

Hi,

You are trading too big. Cut your position size in half. If the problem persists, cut in half again, and so forth.

If you are down to 1 contract, then change instruments. Trade a micro instrument. For 6E, trade M6E. For CL, trade QM. You can chart the big instrument and execute on the micro. If it is still too big (losing emotional control), then stop trading futures and instead switch to spot forex where you can go down to $0.10 a pip. Don't focus on the dollars. Stop trying to make back your losses. Just focus on percentage return on the trade, controlling risk in terms of percent of your account, and growing the account, even if it is a tiny dollar amount.

Over time you can increase the size back to where you are.

I'd also read the book "The Daily Trading Coach" by Brett Steenbarger.

Mike


Reply With Quote
The following 3 users say Thank You to gonzofist for this post:
 
  #76 (permalink)
Elite Member
seoul, Korea
 
Futures Experience: Intermediate
Platform: Multicharts
Broker/Data: CQG, DTN IQfeed
Favorite Futures: YM 6E
 
treydog999's Avatar
 
Posts: 883 since Jul 2012
Thanks: 289 given, 996 received

I am looking to trade M6E on a system I developed on 6E, do you think that it would be OK or just trade the large contract. I would be more comfortable with smaller risk. But because some people said if 6e prints a price m6e may not, does how would that effect my completely automated system?

I dont know if this is the right place to ask so delete if irrelevant.

Reply With Quote
 
  #77 (permalink)
Arb-Trader
Dallas, TX
 
Futures Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: YM/EURUSD
 
Posts: 274 since May 2010
Thanks: 107 given, 147 received


treydog999 View Post
I am looking to trade M6E on a system I developed on 6E, do you think that it would be OK or just trade the large contract. I would be more comfortable with smaller risk. But because some people said if 6e prints a price m6e may not, does how would that effect my completely automated system?

I dont know if this is the right place to ask so delete if irrelevant.

Hi
If I had to trade the M6E again I would trade only the most liquid times of the day ( Late London, early NY). But avoid for day trading.
Good luck
Kareem

Reply With Quote
 
  #78 (permalink)
Trading Apprentice
Smolensk, Russia
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: 6E
 
Posts: 21 since Jan 2013
Thanks: 1 given, 1 received

I understand Mirus has 2.50 commission on M6E and the same is for E7, but I guess there are also exchange fees.
Can someone who is with Mirus confirm this?

Reply With Quote
 
  #79 (permalink)
Arb-Trader
Dallas, TX
 
Futures Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: YM/EURUSD
 
Posts: 274 since May 2010
Thanks: 107 given, 147 received


egormaev View Post
I understand Mirus has 2.50 commission on M6E and the same is for E7, but I guess there are also exchange fees.
Can someone who is with Mirus confirm this?

Sorry I don't use Mirus, but pay about the same with infinity. They all should be similar. I am swing trading the micros now, and they are liquid enough to day trade late London, early NY.

Reply With Quote
 
  #80 (permalink)
 Vendor: tradingcode.net 
The Netherlands
 
Futures Experience: None
Platform: MultiCharts, TradingView
Favorite Futures: -
 
Jura's Avatar
 
Posts: 766 since Apr 2010
Thanks: 2,347 given, 646 received



egormaev View Post
I understand Mirus has 2.50 commission on M6E and the same is for E7, but I guess there are also exchange fees.
Can someone who is with Mirus confirm this?

Who would have thought, their fees (exchange, regulatory, and commission) are listed on MirusFutures.com: product info (pdf).

Reply With Quote
The following user says Thank You to Jura for this post:

Reply



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

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

2016 True Edge Awards: Voting is open until Jan 21!

Now
 

Bookmap New Indicator Panel, Cumulative Delta, Order Flow demo

Jan 17
 

An Afternoon with FIO member Massive l

Elite only

Leo Murphy: Making sense of Technical Analysis and Random Walk

Elite only
 

FuturesTrader71: Ask Me Anything

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading the Euro futures ckait The Elite Circle 3 March 22nd, 2011 09:28 AM
Japan to Buy Euro Zone Debt, Little Relief for Euro Quick Summary News and Current Events 0 January 11th, 2011 03:30 AM
Zen-Fire and NinjaTrader, getting E7 (mini Euro). zwentz Brokers and Data Feeds 4 July 20th, 2010 07:05 PM
E7 Euro live data for ninja 6.5 request ceramictilepro Brokers and Data Feeds 2 June 7th, 2010 05:22 AM
Euro Dip 'Welcome', No Euro Zone Recession: OECD Quick Summary News and Current Events 0 May 26th, 2010 05:10 AM


All times are GMT -4. The time now is 05:31 PM.

no new posts
Page generated 2017-01-17 in 0.23 seconds with 20 queries on phoenix via your IP 174.129.120.155