What Trading Instrument Should I go for?

Discussion in 'Trading' started by lmn, Mar 24, 2004.

  1. lmn



    Due to my timetable I am looking for another instrument to trade 24/5. I wonder what I should go for.

    Up till now I have traded stocks. I am not particularly good with technical indicators, but have found Level II information much more useful.

    I have heard that FX trading is 24/5 and wonder whether this is a feasible option. In FX, is there information similar to Level II in market depths, bid/ask and market maker activities? Or is FX based more on indicators? If the latter case is true, then maybe it is not for me. I have downloaded a FX demo, but cannot find anything similar to Level II... :confused:

    Or is there another alternative which is traded 24/5 and for which there is information about market depth, market maker activities etc?

    Can you please help me? Any information will be much appreciated. :)
  2. genejef


    Hi, imn

    What abour E-minies (Dow,Nasdaq, S&P500) ?
    Direct access, huge liquidity, low commission, big leverage, less taxes and a lot more.
    Forex is advertised "no commission" , but you "pay" at least 4-5 pipes, which is a lot of money nore than commission for E-mini.
    Just calculate the difference for 1 year.
    Also FOREX is not well regulated like exchange traded securities.
    Do some paper trading starting with mini Dow, than Nasdaq...
    Go to www.cbot.com (CHICAHO BOARD OF TRADE), click EDUCATION, than WEBINARS ( a lot of FREE online seminars ), select a seminar you want, click VIEW RECORDING and you are on your way to learn. You can see a seminar as many times you want. Be focus, take notes, reviw again and again, see what is wirking. GAPS and PIVOT are easy and good tools. Paper trade.

    Have a good trading and let me know if you need help. Just post attention to genegef.
  3. You may want to scalp trade or longer term trade fx. OANDA has a tight 2 point spread on EUR/USD and only 3 wide on USD/JPY. I scalp them both daily.

    I'd never go back to stocks, or trade anything else other than forex.

    Use OANDA - pay no commissions.

  4. try the accordion or bagpipes !! :D :D
  5. lmn


    Thanks to all of you. :)
  6. lmn


    Hi genegef,

    Thanks really for your advice.

    I have indeed considered about index futures since they are very liquid and there is futures depth which is, I believe, similiar to Level II information to some extent.

    The problem is, the opening hours of CBOT/CME clash with those of NASDAQ & NYSE, which is inconvient to me as I am looking for something to trade when the stock market is closed. Or is there another way round in the futures marekt?

    Thanks indeed.
  7. lmn


    Hi Sam,

    I am looking into day trading FX. Does OANDA offer information in market depth, market maker activities ect for FX? I have looked at FXCM and CMC, but could not find similar information in their demos. Or do I need to make specific subscriptions for such information?

    Thanks indeed.