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Trading mini euro ( E7) or micro euro (M6E) currency futures ???
If you need liquidity and some slippage is an issue then it's not tradeable. Same for QM. You really have to trade the big contracts.
My advice would be to trade the big contract on sim until you're confident and then trade it with real money. An intermediate step would be to open a forex account with Oanda and trade microlots where you risk pennies. But then you're dealing with a bucket shop and all the disadvantages that come with it which is why I say to do sim on the euro until you're consistently profitable.
No, but it's all based on the spot forex exchange rate. The futures follow the forex spot rate and there are arbitrators making sure it does. The big futures contract follows the euro to the tick, I'm not sure about the mini euro.
In forex you can trade any size you want. $1, $100k, $1,000,000. Micro lots let you do tiny trades of a few dollars. with the futures the minimum is determined by the contract. 125k for the big one, half for the mini.
In general the less liquid minis are there to entice non-professional traders so you want to stay away from them. Your only chance of winning this game is to trade with the professionals.
The micro size currency futures are very small, with tick values of less than $1 in some cases. An example of the contract specifications for the micro size currency futures are as follows, for the M6E (EUR to USD) and M6B (GBP to USD):
Symbol: M6E
Expiration Date: June 15th 2009 (the second business day before the third Wednesday of every third month)
Exchange: GLOBEX
Currency: USD
Contract Value / Multiplier: $12,500
Tick Size: 0.0001
Tick Value: $1.25
Symbol: M6B
Expiration Date: June 15th 2009 (the second business day before the third Wednesday of every third month)
Thanks for the response. I was under the impression that the new micro fx futures had great liquidity and was an attempt to take buisness from the spot forex brokers.
In light of the poor liquidity of the micros, why would you trade it?
