There are a lot of traders who would like to know. If there are any PROS out there please ENLIGHTEN us.....
It would be interesting to hear some replies from experienced currency traders who perhaps also trade NQ/ES. It would be great to glance at some currency charts during the day while trading the NQ/ES to see if there are some other $ making opportunities lurking on a flip of a chart screen. What are the comparisons / differences to NQ/ES trading ?
i am in no way experienced in forex, having only traded it for a month, but i am in NQ/ YM. the differences are smoother trends in forex, slower moves generally and very little of the ping pong action you see in ES/NQ. best, surf
In the las two weeks I have actually made a profit in the demo trade platform at Oanda.com. It is very liquid and the trades are comission free!!!! I said Free!!!
it is a great market. i have traded the EUR/USD pair and the NZD/USD pair. currently holding the NZD/USD pair with nice profits. best, surfer
Here is my experience. There is no commission. But you have to pay the spread. Depending on which FOREX brokers you use. The spread vary from 2-5 pips. If you are trading $100k worth of EUR/USD, you are paying around $20-$50 spread. That is how the broker try to make money from the spread. A while back someone post something about trading FOREX using Currency Future contract. That what I have been doing thru IB. Cost $2.4 per contract. Start really small, because if you are on the wrong side of the trade. You could potentially lose a lot of money because the higher margin. Overall it is a good market to try. Quite a lot of potential profit to be made. Best of all, you can get free graph out there.
There is a guy at my firm who made one million dollars in one week trading CME yen futures while Wall Street was liquidating LTCM positions. He gets very opinionated, and needless to say his P&L swings are not for the timid. He bullies the rest of the market into seeing things his way. All he does is pace the office floor and rant and rave while he keeps adding to his position. He doesn't bother me much because he trades Far-East and European hours. Morgan-Stanley, Bear Stearns, and HongKongShanghaiBancorps (HSBC) hate his guts and really go out of their way to butt heads with him. I would look at the bid/ask spreads between the futures and the bank cash market. If they're comparable, I'd have to think that the execution costs and tax advantages for the futures would make the CME market more favorable for the little guys like us. The richest guy at my firm trades CME currency futures. (and he's not the guy I've been talking about in this post) Used to be the top trader for a very large Japanese bank. Likes the Euro currency future. Stinkin' rich. I'm the weirdo in the shop trading interest rates.