Andrasnm: Here's a few thoughts for your research which is geared towards retail & institional clients: Why trade foreign exchange vs futures: 1. FX: spot, fowards, swaps, options making up over 80% of all foreign exchange transaction vs. less than 20% futures. 2. This market share represents depth of the market. Is it easier to move a $100 million currency transaction in the spot market or futures market? I can't say I've personally done it but I suspect I'd get a better fill in the cash market vs futures. 3. FX pays interest, futures doesn't. 4. Much more flexibility in terms of options strike in the FX market. Basically, you can state your strike in leu of incremental strike prices in the futures market. 5. FX doesn't have a contract rollover/settlement date. As far as FX being a gamblers markets, I can't agree. The FX mkt behaves no different than any other mkt. Some days its quiet & some days I sit in awe at the sporadicness(Friday was a good example). But many days it trends beautifully right up to close of the session and these are the days when its a no-brainer to make a buck. I trade index equity, debt & FX and they all have their moments when you could say this is a gamblers market. Those are the times I walk away. Just as an aside, I've got a few friends who I might call gamblers in the markets. These guys always have a position on, never cut their losses, get out at the first 15% of a trend(cause they have to be right), trailing stops are not even in their vocabulary, listen to the "experts",and feel like the market owes them something. Their on an emotional rollacoaster but they've got these trust funds which keeps them coming back. Its the trader, not the market. Good luck with your book.