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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 ???

  #71 (permalink)
Trading Apprentice
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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.

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  #72 (permalink)
Site Administrator
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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

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  #73 (permalink)
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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.

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  #74 (permalink)
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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?

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  #75 (permalink)
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M6E


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


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  #76 (permalink)
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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.

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  #77 (permalink)
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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

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  #78 (permalink)
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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?

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  #79 (permalink)
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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.

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  #80 (permalink)
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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).

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