Hello everybody. I want to make the move to FX Futures and out of the Spot Forex world. The situation with Refco was the final straw. Before I do this though, I still have some questions about how it works exactly. I understand the basics, when you buy a future, you are buying a contract for delivery of said item. It is the details that have me confused. So if any you more knowledgeable traders can answer my questions, I would greatly appreciate it. 1. What is the Bid/Ask and how does it relate to the price you pay? Is the Bid/Ask just the spread? 2. How can Futures be cheaper than spot if you have to pay the spread and commision? Is it just that the spreads are much tighter? 3. What is the diference between the CME and Globex? If you buy a contract in one, can you sell it in another? 4. I understand there is a time cost involved with Futures. Can this be explained? 5 . What happens when the contract expires? Does it roll over into a new contract or does it just end like the way options do? 6. Can somebody explain to me the exact process involved in trading a future? Thanks in advance for your answers.