Also check with your tax attorney about how it will affect the amount of taxes you pay. If you are in the US, there is an article about it in the April 2004 edition of Futures magazine (pg. 36).
If you day trade the majors and there is enough liquidity in the futures for your size, stick with the futures. Switch to forex when you can afford to trade in the interbank ($250,000 for Currenex or UBS electronic platform). If you trade crosses you have to do forex. If you position trade...
ET members can get a month of simulated trading on TT's X-Trader (the premier futures trading platform) for free. You will be able to try any of the electronically traded futures. The only problem is that I don't remember the specifics of how to sign up...hopefully someone else will remember...
The same noobs will stop saying such stupid **** once they realize that you are making more $ than they are....just give them a chance to have the market kick their teeth in a few times while you are making money. The market has an amazing ability to dish out large doses of humility. :)
I have found the opposite...I'm not looking for in depth strategy discussions every time I look at ET but there have been some very in depth strategy discussions that you could spend countless hours reviewing and looking at charts to see how you would apply them. :)
When I lived on the west coast I slept from 2pm to 10pm. Was at my computer by 10:20pm to prep for the European open. I would quit at noon or one. Some day I will live in Europe and get up at a normal hour. :D
I trade and I'm a guy...As for the shouting, it was about my 20th attempt at signing up for a user name and at that point I didn't care if there was already a "traderguy" or a 'TraderGuy," I just wanted a F*#!$*g user name. :D
Read books and articles on the foreign exchange market and technical analysis. Study old and current charts to learn how currencies move and how the exchange rates have fluctuated. Then do lots of demo trading. Then open a live account and trade very small size for a while.
Newsweek states that "foreign-exchange trading volume rings in at $1.2 trillion each day." Does anyone know of any current statistics on how much average volume each component of the market has: spot, forwards, futures, and swaps?
I'll take a look. I haven't read your other posts but I would be interested in seeing what kind of risks you're taking if you have a really high rate of return. Incredibly high returns in forex can be had, but if they are achieved with too much leverage and no stops you will eventually crash...
CQG- It's pricey but top notch. I've never had the data feed go down and have never seen a bad tic.
I have used Tradestation in the past (version 7.something) and it was good but the datafeed failed several times (over the course of about a year) for about 10 minutes each time.
Refco hires new grads as traders and gives them training.
Search their web site www.refco.com for "Refco Trading services" for more info and contact
Tom Gould
Head of Training
Refco Trading Services
312.788.2489
TGould@Refco.com