Cant trade corn or beans because IB charges $55 for CBOT data, which will not include bid or ask meaning I cant get charts. So I looked at mini silver which trades at $1 per tick. The problm is.......the spread is 14 ticks. That is a lot to overcome. I dont mind holding for a day or two at times, but dont want to feel locked into a position as I often buy at support and if it fails, dont want to be reluctant to get out. Am I missing something there, why is the spread on mini silver so high? Mini Gold trades at $3.32/tick but the spread there is 6 ticks. http://www.cbot.com/cbot/pub/cont_detail/0,3206,1248+14410,00.html
What kind of leverage does Oanda give on spot gold & silver? How wide is Oanda's typical spread in these instruments?
50:1; 100:1 on call on gold and silver, as with all their offerings. Typical spread is $.80 during US day session.
This is why you position trade the mini corn and beans etc, where slippage is less cumbersome due to lower frequency of trades.
Wait... their market is <b>80 cents wide in gold?!</b> Was that a typo? Did you mean 8/10ths of a cent?
lol, it's $621.20 x $622.00 currently. eCBOT is $.50-wide as I type this. Of course you can mid the market with the futures. The "spotification" of gold and silver allows you to trade from 1 unit and pays/receives carry on shorts/longs. Commission is embedded in the market on Oanda.
Meanwhile, GLD is $61.68 x 61.69. Unfortunately, it's not a leveraged instrument. EDIT: "pays/receives carry on shorts/longs." Say for example I'm long gold (at Oanda), leveraged 10-1. How much am I paying to carry this position? Like 7% APR?