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FOREX trading.
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FOREX trading.

  #1 (permalink)
Elite Member
USA
 
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tickvix's Avatar
 
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FOREX trading.

I would like to do some swing trading, but with very little risk hence would like to try FOREX EUR/USD. To start with I'll do micro account to make sure I can hold my trade as long as I can. any one who is trading FOREX please let me know a reliable broker with good customer service that you are using. Thank you Gregory

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
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I have traded 6E but I have never traded Forex. I'm not against it but I have some questions about it if anyone with experience at trading both Forex and Futures could explain to me , I would be grateful.

1. Forex Dealer told me to daytrade a EUR/USA regular lot required $2750 in margin. 6E requires $500. Both instruments pay about the same. Unless you are trading micro lots, it appears to me that Forex is more capital intensive. Is this correct or did I misunderstand ( yea... it happens...)

2. Commissions: They told me you only pay the spread . The EUR/USA spread they showed fluctuated between 1.5 and 2. Does that mean at a spread of 2 your paying $25 a trade?

3. Micro lots looks like a good first step up from SIM trading. EUR/USA micro lot = $1.25 per pip, you make 10 pips on a Micro trade = $12.50 , a 2 spread on a micro lot cost you $2.50 a trade, Are these numbers correct?

4. They told me the spot market has more liquidity than the futures market. If you have a chart of EUR/USA and a chart of 6E side by side in NT , do the charts look identical?

5. Other than opening a Micro account for $500, or you are doing HUGE volumes, is there any other advantage to trade Forex as opposed to futures?

6. Since last October, the Forex market has more scrutiny, but how do you know if you are getting the best fills or if the dealer is messing with you?

7. What is a bucket shop?

8. Which Forex dealers would you recommend?

Thanks in advance.


Regards,
TMFT

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #4 (permalink)
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ThatManFromTexas View Post
I have traded 6E but I have never traded Forex. I'm not against it but I have some questions about it if anyone with experience at trading both Forex and Futures could explain to me , I would be grateful.

1. Forex Dealer told me to daytrade a EUR/USA regular lot required $2750 in margin. 6E requires $500. Both instruments pay about the same. Unless you are trading micro lots, it appears to me that Forex is more capital intensive. Is this correct or did I misunderstand ( yea... it happens...)

2. Commissions: They told me you only pay the spread . The EUR/USA spread they showed fluctuated between 1.5 and 2. Does that mean at a spread of 2 your paying $25 a trade?

3. Micro lots looks like a good first step up from SIM trading. EUR/USA micro lot = $1.25 per pip, you make 10 pips on a Micro trade = $12.50 , a 2 spread on a micro lot cost you $2.50 a trade, Are these numbers correct?

4. They told me the spot market has more liquidity than the futures market. If you have a chart of EUR/USA and a chart of 6E side by side in NT , do the charts look identical?

5. Other than opening a Micro account for $500, or you are doing HUGE volumes, is there any other advantage to trade Forex as opposed to futures?

6. Since last October, the Forex market has more scrutiny, but how do you know if you are getting the best fills or if the dealer is messing with you?

7. What is a bucket shop?

8. Which Forex dealers would you recommend?

Thanks in advance.


Regards,
TMFT

TMFT

you are right with every point. I'm going to play with micro account and risk $1000.00 to teach myself how to stay in the trade for more then my current 24 ticks per trade.
I like to play with it but not in SIM real trades. If I loose $1000.00 OK if I make $500.00 OK education.

This is why I ask who any one would recommend to work with.

Thank you
Gregory

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  #5 (permalink)
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Futures Experience: Intermediate
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Answer
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Margins between spreads are very good w/ futures in my opinion when you compare.

IBFX is a good broker.

Understand that "Market Makers"/brokers get to mess with you on the buy/sell side.

Futures are just as liquid if you consider the slippage you get when entering an order (unless limits). I doubt you would exceed the futures needs for liquidity and when considering bid/ask spread differences you will find futures is better IMO.

I traded forex for over 1 year almost full time. If you are swing trading then forex is a good platform considering mt4.

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  #6 (permalink)
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Futures Experience: Advanced
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tickvix View Post
TMFT

you are right with every point. I'm going to play with micro account and risk $1000.00 to teach myself how to stay in the trade for more then my current 24 ticks per trade.
I like to play with it but not in SIM real trades. If I loose $1000.00 OK if I make $500.00 OK education.

This is why I ask who any one would recommend to work with.

Thank you
Gregory

I think that is an excellent idea. I could never take SIM trading seriously, no matter how much I tried.

BTW... you realize there are traders that would love to make 24 ticks per trade...

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #7 (permalink)
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There are a lot of thread here on futures.io (formerly BMT) about forex and forex brokers, do a serch with this key words : forex, Dukas, MBT................

Take your Pips, go out and Live.
Luke.
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  #8 (permalink)
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1. Forex Dealer told me to daytrade a EUR/USA regular lot required $2750 in margin. 6E requires $500. Both instruments pay about the same. Unless you are trading micro lots, it appears to me that Forex is more capital intensive. Is this correct or did I misunderstand ( yea... it happens...) INCORRECT (well, maybe not with the broker you spoke with).

2. Commissions: They told me you only pay the spread . The EUR/USA spread they showed fluctuated between 1.5 and 2. Does that mean at a spread of 2 your paying $25 a trade? @2 pips on a $100k lot you are paying $20; 6E @1 tick = $12.50 + commission, say max $5 = $17.50... BUT on EURUSD a decent broker should be no more than 1 pip (I very occasionally see 0.1 pip).

3. Micro lots looks like a good first step up from SIM trading. EUR/USA micro lot = $1.25 per pip, you make 10 pips on a Micro trade = $12.50 , a 2 spread on a micro lot cost you $2.50 a trade, Are these numbers correct?
Numbers are correct, conclusion is wrong unless swing trading longer t/f (too little volume on microfx).

4. They told me the spot market has more liquidity than the futures market. If you have a chart of EUR/USA and a chart of 6E side by side in NT , do the charts look identical? Almost identical apart from adjustment for carry cost, which disappears as contract approaches delivery. Only CME FX Future with decent liquidity is 6E... but if you want to daytrade EURUSD and your account is big enough trade 6E.

5. Other than opening a Micro account for $500, or you are doing HUGE volumes, is there any other advantage to trade Forex as opposed to futures? Scaleability for MM + poss to day trade more pairs.

6. Since last October, the Forex market has more scrutiny, but how do you know if you are getting the best fills or if the dealer is messing with you? You don't until it's too late. Get a decent broker.

7. What is a bucket shop? An indecent broker... or rather one who takes the other side of your trades. You don't want one.

8. Which Forex dealers would you recommend? Small account : Oanda + MT4 ( a new combo, btw); larger account (all timeframes) : Interactive Brokers; larger account (but not short-term day-trading) : Saxo Schweiz AG. Don't waste your time with anyone else. These recs are for cash forex trading, not futures.

Edit : although I don't have an account there, I'd also recommend Dukascopy on the basis of reports from a friend who does.

Thanks in advance.
Thank-you, TMFT - I've enjoyed and appreciated many of your posts. J.

Regards,
TMFT

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  #9 (permalink)
Elite Member
Pt Vala
 
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Most problems have been addressed so far and you have been given valuable hints.

But...

tickvix View Post
... would like to try FOREX EUR/USD.

In my view that's a major problem.

Have a look at Oanda. You can have a practice account with them without paying for it.
It comes with free realtime data.

Look at the more "exotic" pairs.
Some of them behave much more predictable than EUR/USD especially when looking at longer time frames.

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  #10 (permalink)
Trading for Fun
California
 
Futures Experience: Intermediate
Platform: MT4 / TSII / Oanda
Broker/Data: dbfx, ibfx
Favorite Futures: fx
 
Posts: 61 since Apr 2010
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jtrade View Post
7. What is a bucket shop? An indecent broker... or rather one who takes the other side of your trades. You don't want one.

8. Which Forex dealers would you recommend? Small account : Oanda + MT4 ( a new combo, btw);

Regards,
TMFT

Oanda; was my first broker, is the largest marker maker and takes the other side of retail trades as outlined in their contract. So, does this make them a bucket shop?

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