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Migrating from ES to EUR.USD
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Migrating from ES to EUR.USD

  #1 (permalink)
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Migrating from ES to EUR.USD

I considering migrating from the ES to the Eur.Usd. Any thoughts? Tips? Or Suggestions?

I am anticipating a several week, "get to know you phase" for the new contract, but would appreciate any insight into how the forex pair trades as opposed to the ES.


Last edited by Big Mike; June 28th, 2010 at 12:48 PM. Reason: moved from Beginners to Traders Hideout
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  #2 (permalink)
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  #3 (permalink)
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Hi mainstream,

why this choise? I have done the opposite. In my view and for my trading style ES is more simple to trade.
Anyway currencies like EUR/USD and GBP/USD move in different manner from ES. They usually do not dwell much up/down on the same price , but they move faster, tend to trend more and for more ticks.

Luke.

Take your Pips, go out and Live.
Luke.
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  #4 (permalink)
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Hello

I have made a change from ES to the currency futures and now trade Euro and British Pound. I made my change because ES just would not move in April-May much and I was having very hard time and lost money a lot. Someone suggested and I decided to try. By the way I have been trading ES for about 3 years.
Please note I do not trade Euro/US combnation I trade futures because I like to know how much volume has traded. I think currencies pairs are a lot more manipulated and harder to trade.
From my 2 months of experience trading 6E and 6B I have found that both are tranding a lot harder then ES. Range normaly 3 time larger in ticks then in ES and I can trade less and make the same amount that I made in the past but trading only from 8AM-11AM. My risk in 6E is the same as ES $12.5 per tick and my risk on 6E is $6.25 per tick which is 1/2 then ES. Now I do not trade after lunch.
By the way someone from this forum suggested at one time a free room tradershelpdesk. I signed up and I like the room a lot. Moderator in the room does know trading at list I think she does. So all in all I feel it was very good move if you like to scalp, or swing day trade. I continue to trade ES but only looking for larger moves and I try to learn how to hedge my trades on ES with OEX options. I hope this would help.

TickVix/Gregory

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  #5 (permalink)
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mainstream View Post
I considering migrating from the ES to the Eur.Usd. Any thoughts? Tips? Or Suggestions?

I am anticipating a several week, "get to know you phase" for the new contract, but would appreciate any insight into how the forex pair trades as opposed to the ES.

It is extremely hard to trade FX on short time frames. Scalping is much easier said than done. On the ES, we are used to tick, range, 1m, 5m charts for day trading. On eurusd, that is very tough. There is a lot of noise. A lot. I too thought that it can be done, but have learned that the smarter, easier money to be made on spot FX is on larger time frames. Range charts on spot have really added a great new twist though. It really helps with the noise.

FX loves to break to a low, then run back up and break a high, then resume the down trend after its stopped everyone out. For me, larger stop losses and smaller contract size. It's the only way for spot FX.

The 4-hour seems to be the best to operate off of. On the 15m, you can scalp 10 pips here or there, but that is extremely dependent on volatility. If your try a 15 min time frame at the wrong hour of day, you will lose it quick. The much truer trading vehicle is currencies on the futures exchange. You can tell an incredible amount of difference with the efficiency of your trade.

My 2 cents- Larger time frame, and get stops to break even asap. The chop is a very real thing. Of course, this is all just what has worked for me. You might find your experience totally different.

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  #6 (permalink)
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Wow - this is really interesting.

I have been trading FX for about a six months now - went straight there from Shares...

I have been reading this forum for a couple of months and was wondering why everyone seemed to be trading ES or CL and not FX.

Right now, I have only been successful swing trading using the 720 min chart - scalping is too variable for me, even though I have been using the 7R charts.

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Thanks for the input.

My reasons were:

1.) easier to scale up in size. 1 lot bumps in the EUR/USD can happen a lot faster than the ES if you're winning. and visca versa
2.) no commissions... Yeah yeah. I know this will get a few GAUFFS but, if you market the ES you start -1 tick anyway... basically a 1 pip spread, right? $50 in commissions a week trading one contract twice a day goes to zero, then scale up...
3.) bigger ATR per 5 min bar... It seems you could get 12 ticks a lot faster in the currencies than the minis... I think the noise, as a few have said, can be a benefit, if you're only shooting for 6 pips at a time, considering it looks like a 5 min bar is about 6-10 pips.
4.) one additional day of trading.

Thanks for the tip about the trading room, but I think I'm going to stick to the basics - trend trades and traditional reversal patterns at key levels.

So I'm planning on starting this week for a month on the sim with the EUR/USD... If I can go 70% I'm gonna take it live...

Any thoughts?

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mainstream View Post
Thanks for the input.

My reasons were:

1.) easier to scale up in size. 1 lot bumps in the EUR/USD can happen a lot faster than the ES if you're winning. and visca versa
2.) no commissions... Yeah yeah. I know this will get a few GAUFFS but, if you market the ES you start -1 tick anyway... basically a 1 pip spread, right? $50 in commissions a week trading one contract twice a day goes to zero, then scale up...
3.) bigger ATR per 5 min bar... It seems you could get 12 ticks a lot faster in the currencies than the minis... I think the noise, as a few have said, can be a benefit, if you're only shooting for 6 pips at a time, considering it looks like a 5 min bar is about 6-10 pips.
4.) one additional day of trading.

Thanks for the tip about the trading room, but I think I'm going to stick to the basics - trend trades and traditional reversal patterns at key levels.

So I'm planning on starting this week for a month on the sim with the EUR/USD... If I can go 70% I'm gonna take it live...

Any thoughts?


You ask for suggestions/thoughts, but it sounds to me like you have your mind made up already. Do you really look for suggestions, or are you really just looking for someone to agree with you and tell you to go for it? In the end of the day, this is your money and your responsibility.

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  #9 (permalink)
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mainstream View Post
Thanks for the input.

My reasons were:

1.) easier to scale up in size. 1 lot bumps in the EUR/USD can happen a lot faster than the ES if you're winning. and visca versa
2.) no commissions... Yeah yeah. I know this will get a few GAUFFS but, if you market the ES you start -1 tick anyway... basically a 1 pip spread, right? $50 in commissions a week trading one contract twice a day goes to zero, then scale up...
3.) bigger ATR per 5 min bar... It seems you could get 12 ticks a lot faster in the currencies than the minis... I think the noise, as a few have said, can be a benefit, if you're only shooting for 6 pips at a time, considering it looks like a 5 min bar is about 6-10 pips.
4.) one additional day of trading.

Thanks for the tip about the trading room, but I think I'm going to stick to the basics - trend trades and traditional reversal patterns at key levels.

So I'm planning on starting this week for a month on the sim with the EUR/USD... If I can go 70% I'm gonna take it live...

Any thoughts?

Yes
1-one over all - is not so simple as in your view!!!
2-General advice -stay away form Brokers which don't charge commission.
3-Scalping is more difficoult than on some futures, like ES, price moves quicly in one direction.
4-What is the additional day Trading?

Luke.

Take your Pips, go out and Live.
Luke.
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  #10 (permalink)
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Uh ok........

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