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Don't know if this has been asked in the past, I searched "6C" and found nothing.
I have been trading USDCAD for a while and have got used to reading its price action. Since IB no longer allows leveraged forex trading effective September 1, I'm thinking about switching to 6C. The good thing is its tick size has been reduced to half pip. The bad thing is given the current USDCAD price, a 20 pip move in USDCAD is about 12 pip move in 6C, and round numbers (00/50) in 6C may not be as meaningful as those in USDCAD.
If somebody has gone through this transition in the past could you please share your experiences? Is it possible to look at a USDCAD chart on the side and trade 6C with ease? Is it possible to display the reciprocal of 6C price in NinjaTrader and use ChartTrader? Any other solutions?
Right now I want to stick with IB since FXCM's commission is twice as high.
Thanks!
Cha-ching
Can you help answer these questions from other members on NexusFi?
Your trade range will be slightly smaller since it's now CADUSD (6C) instead of USDCAD.
Your trade also settles in dollars instead of CAD.
If you're already proficient in reading USDCAD, then maybe just do the mental switch, see the trade on USDCAD, but take the 'opposite' trade in 6C.
I will trade USDCAD and 6C and EURCAD in the search for proper liquidity for Canadian dollars. You'll be fine. Just practice the inverse switch in your mind for a few days or 1-2 weeks. (And just be sure you don't end up going the wrong direction!)
