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Forex or CME Futures
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Created: by wldman Attachments:4

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Forex or CME Futures

  #1 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,070 since Aug 2011
Thanks: 967 given, 2,626 received

Forex or CME Futures

Impromptu question for currency traders. People trading real money, do you prefer forex or CME futures, and what are the pros and cons of your preferred product over the other one?

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received


Hey Wildman, there is a discussion here about this:
https://futures.io/traders-hideout/1302-forex-futures-trading.html
And
https://futures.io/traders-hideout/15800-forex-vs-futures.html

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  #4 (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: 46,240 since Jun 2009
Thanks: 29,351 given, 83,223 received

I also looked at this in the webinar:

Webinar: Where to start as a trader? (Part I: Instruments and Brokers)

Mike

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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.
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6)
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  #5 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,070 since Aug 2011
Thanks: 967 given, 2,626 received

Thanks Guys..

I was actually looking for a more directed, up to date, maybe even sophisticated discussion. I did see the other thread but there had been no responses in quite a while.

Sorry Mike, to mud things up. Please feel free to delete if you like.

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  #6 (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: 46,240 since Jun 2009
Thanks: 29,351 given, 83,223 received


wldman View Post
I was actually looking for a more directed, up to date, maybe even sophisticated discussion. I did see the other thread but there had been no responses in quite a while.

I'm sure if you ask specific questions, someone can discuss with you.

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
 
  #7 (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: 46,240 since Jun 2009
Thanks: 29,351 given, 83,223 received


wldman View Post
People trading real money, do you prefer forex or CME futures, and what are the pros and cons of your preferred product over the other one?

I trade both. I prefer futures for day trading, and forex for swing trading.

Futures pros - tax advantages, you know exactly what you are getting (no "questionable" slippage)

Forex pros - trades 24/7, can control position size more than with futures

Futures cons - secondary market, so volume analysis isn't as good as it could be

Forex cons - decentralized market, so volume analysis virtually impossible

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:
 
  #8 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,070 since Aug 2011
Thanks: 967 given, 2,626 received

Mike..

not trying to be flip, but a general discussion is how I develop a strategy to elicit the information that I really want from people that are qualified to be considered. The exchange allows me to direct the discussion based on the other persons communication patterns. Folks will generally share what they feel is the most important, to them. This lets you sort of map their view in a way that provides strength or decay to their specific points.

A specific question to an unknown (ergo unreliable) person generally will get a somewhat focused answer but the basis for the answer is not revealed.

A highly specialized question will mean that some bloviate when they really don't have any idea what they are talking about while others don't speak up because they don't have confidence in what they think they know or they do not care to communicate.

Either way general to specific seems better for me.

On that particular question forex or futures most people will just parrot back what they have seen somewhere else...that is of no value to me. What I was looking for was something like I trade futures through soandso because...or I've had this issue...you know experiential things that matter. NOT johnny trader said this when johnny trader is a vendor or commission merchant and probably never really done anything substantial in the first place.

Sorry, I'll shut up now and go back to reading not typing.

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  #9 (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: 46,240 since Jun 2009
Thanks: 29,351 given, 83,223 received

Well the only thing left I can add, is that I only trade both because of position size. I like to swing trade currencies and I do that with MB Trading just because it's works well for me and the risk amount I am willing to throw at those particular trade ideas.

But I would never day trade on spot forex. That said, I do recommend a lot of traders *do* start with spot forex, but simply because they need to be risking 1% or less of their account for the first year or so while they learn the ropes.

After you are a consistently profitable trader, I don't have as many reasons to trade forex over futures any more unless you are like me and have two distinct methodologies you want to apply. One day my swing trades will "grow up" and I'll trade those on futures as well, but not there yet.

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 2 users say Thank You to Big Mike for this post:
 
  #10 (permalink)
Membership Revoked
British Columbia
 
Futures Experience: Advanced
Platform: NINJA
Broker/Data: ZEN
Favorite Futures: Crude
 
Posts: 1,091 since May 2010
Thanks: 192 given, 484 received


BigMike, are you still trading crude intraday? I notice you have changed your favourite instruments.

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