Baruch's Forex System Journal
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Keen prediction indeed! It turned around shortly after that, I exited the other 1/2 @250, at -5 pips.Quote from Scientist:
Just look at that entry at 255 now!
I'm not too confident about continuation though, all the pro's (large tape prints) seem to've taken their long profits, so I've taken 1/2 off at +15 pips. Might add again later on if things go stronger.
Thanks for the prompt reply - sory Baruch for using your thread for this...
1) www.interactivebrokers.com
>>Thanks I'll give them a go
2) Liquidity; Liquid enough for you (LOL unless 150-300 contracts on each side of the market don't serve your size needs, in which case you might have to take a little bit of slippage).
>> Sounds good I've gone maximum 20 lots/contracts?
3) Slippage: That depends on you and your order type. I never have slippage, because I don't use market orders, and don't know any smart traders who would.
>>Do they honour stops even in volatile times e.g. announcements etc.
If the futures market is new to you, I recommend you open your IB account with a $5,000 deposit, and play with that. When you lose the $5K, stop trading, revise your strategy, and deposit another $5,000. Then do this 20-30 times, until you start turning profitable.
Seriously though, this is the best way to go about it. Don't put it all in at once, or you'll blow it soon. Futures are a very very serious and competitive business, and it takes time to learn. But hey - if you can trade forex, what am I telling you, anyway?
>>Thanks for the input - I've been along this road already in spot FX - 3 years down the road already.
The leverage for 6E (Globex EUR FX) is $12.50 per pip, the spread is usally 0-2 pips, the commission is $3 per side, the performance bond with IB is $1,620 intraday initial, $3,240 overnight initial, the maintenance margins are about 35% lower. But I would never advice to margin yourself that highly.
>>OK - sounds a bit like greek although I'll do some reading up. Thanks again for the information.
All the best
Cliff
1) www.interactivebrokers.com
>>Thanks I'll give them a go
2) Liquidity; Liquid enough for you (LOL unless 150-300 contracts on each side of the market don't serve your size needs, in which case you might have to take a little bit of slippage).
>> Sounds good I've gone maximum 20 lots/contracts?
3) Slippage: That depends on you and your order type. I never have slippage, because I don't use market orders, and don't know any smart traders who would.
>>Do they honour stops even in volatile times e.g. announcements etc.
If the futures market is new to you, I recommend you open your IB account with a $5,000 deposit, and play with that. When you lose the $5K, stop trading, revise your strategy, and deposit another $5,000. Then do this 20-30 times, until you start turning profitable.
Seriously though, this is the best way to go about it. Don't put it all in at once, or you'll blow it soon. Futures are a very very serious and competitive business, and it takes time to learn. But hey - if you can trade forex, what am I telling you, anyway?
>>Thanks for the input - I've been along this road already in spot FX - 3 years down the road already.
The leverage for 6E (Globex EUR FX) is $12.50 per pip, the spread is usally 0-2 pips, the commission is $3 per side, the performance bond with IB is $1,620 intraday initial, $3,240 overnight initial, the maintenance margins are about 35% lower. But I would never advice to margin yourself that highly.
>>OK - sounds a bit like greek although I'll do some reading up. Thanks again for the information.
All the best
Cliff
I'll reply in my favourite colour...
Thanks for the prompt reply - sory Baruch for using your thread for this...
>> Sounds good I've gone maximum 20 lots/contracts?
20 lots on EUR? Well, if you're experienced enough. At your peril, bro. At your peril.
>>Do they honour stops even in volatile times e.g. announcements etc.
Honour? This is Globex, there is no such thing as honour. It's 100% computerized order matching. If your stop gets hit, well the market order will hit the closest guy willing to buy or sell. If there's no-one wanting to buy for a few hundred or thousand points, you might lose several million dollars, but that happens only every decade or so, usually after a long, strong bull market.
The leverage for 6E (Globex EUR FX) is $12.50 per pip, the spread is usally 0-2 pips, the commission is $3 per side, the performance bond with IB is $1,620 intraday initial, $3,240 overnight initial, the maintenance margins are about 35% lower. But I would never advice to margin yourself that highly.
>>OK - sounds a bit like greek although I'll do some reading up. Thanks again for the information.
If this stuff sounds greek to you, then you shouldn't even be trading. Do your homework, and make sure you really understand the implications of this stuff. It's more important than you might realize. There are upsides to buying $150K worth of underlying for only $2K down. But there are also downsides.
Best Regards
Thanks for the prompt reply - sory Baruch for using your thread for this...
>> Sounds good I've gone maximum 20 lots/contracts?
20 lots on EUR? Well, if you're experienced enough. At your peril, bro. At your peril.
>>Do they honour stops even in volatile times e.g. announcements etc.
Honour? This is Globex, there is no such thing as honour. It's 100% computerized order matching. If your stop gets hit, well the market order will hit the closest guy willing to buy or sell. If there's no-one wanting to buy for a few hundred or thousand points, you might lose several million dollars, but that happens only every decade or so, usually after a long, strong bull market.
The leverage for 6E (Globex EUR FX) is $12.50 per pip, the spread is usally 0-2 pips, the commission is $3 per side, the performance bond with IB is $1,620 intraday initial, $3,240 overnight initial, the maintenance margins are about 35% lower. But I would never advice to margin yourself that highly.
>>OK - sounds a bit like greek although I'll do some reading up. Thanks again for the information.
If this stuff sounds greek to you, then you shouldn't even be trading. Do your homework, and make sure you really understand the implications of this stuff. It's more important than you might realize. There are upsides to buying $150K worth of underlying for only $2K down. But there are also downsides.
Best Regards
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