It's a terrible idea to trade forex after work. Most forex trading takes place between the Frankfurt open and the New York close. The 24 hour market that is supposed to be a big benefit of trading forex isn't a benefit at all. Who wants to monitor a market 24 hours a day? Stock index futures, which have an open, a middle and a close are far better. As someone else has pointed out you could trade Asian markets or even the DAX and FTSE opens assuming you're in the US and you can stay up late. I don't think it's a good idea to trade at all unless you can do it full time (or unless you have a specific position trading strategy).
i`ve been looking at forex recently as an addition to the ES & signed up for a simulator account with FXCM & noticed 3 pip spreads on the EUR/USD........checked IB`s spreads out of curiosity & noticed 1/2 to 1 pip spreads......why would anyone pay a 3 pip spread with FXCM?? is there something i`m missing here?
The IB price isn't being requoted. In both cases you have to take the good with the bad. FXCM spread will always be 3 and won't spike when liquidity is pulled from the market. But if it's the standard fxcm you are buying through their dealing desk and they will probably trade against you and collect the spread. Although i read FXCM have a non dealing desk solution now.
I'm just providing the simple idea behind the non-central exchange of forex and how each broker has their own liquidity provider. I didn't feel the OP needed to know the details on exactly how the brokers fill your trades because he is probably not an institutional investor and will not be trading directly on a intra bank level.
thanks for the feedback jack.......funny thing was,i was contacted by a rep the next day & was informed of the amount of money i could make......LOL.....but got her to admit they will take the other side of most trades.