I do however like to swing trading forex but I do it differently than how I scalp breakouts on futures. It's almost impossible to scalp forex the way I'd do it on lets say crude oil because sometimes it takes hours for me to even break even considering spread when the currency is in a range.
On another note, spot forex doesn't have the same amount of over night risk you see with stocks if you avoid the weekend which is why I enjoy trading it for long periods of time. In addition to above spot forex is attractive to swing trade because you can trade such small size and you don't have to pay a standard flat 5+ dollars in commissions like you would with a stock.
The minimum tick size on the CME is 1 pip - and then you pay commissions. You can do a lot better than that in spot, as far as transaction costs are concerned. Also, since the 6B future(gbp/usd) is half size, you are paying 2x the comms effectively on that one.
CME Europe will start with fx contracts in September - this should be a lot better. Tick size is half-pip, and contract size 100K on all pairs, and cheaper fees than in Chicago as well. I hope that they can attract enough liquidity providers, then this will be a good alternative to spot.
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I have never looked into doing currency futures with my strats. Once I landed on forex however many years ago, I just stuck with that without putting much more thought into it. It is in my list of to one day look into currency futures to see how it would work with what I do - but that is some day...
In addition to what's already been said, another advantage to trading futures is that your account funds are consolidated with one broker so you have more product choices to trade with your capital. You also have the opportunity to trade intermarket spreads between currencies and related markets (e.g., bonds, precious metals).
in futures there's the major pairs that only have the big volume
but in spot you have the volume you need in all majors and crosses 24 hrs !!
also the leverage issue .. use ecn regulated (ctrader) brokers that have good reputation ..
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