For those of you thinking of scalping or Trading the News

Quote from Bitstream:

just the money u would save from price improvement and instant execution would make the transition worthwhile.
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I rarely trade fundamentals so instant execution in volatile conditons isn't an issue, quotes are reasonable, and spreads are tight most of the time.

Who was it said 'never change your sox in the middle of the world series' :)

Thanks for the advice anyway, it's always good to hear what others are doing.


Mick
 
Quote from Lon Eagle:

Never ceases to amaze me how many people think there is only one (usually there) way to trade or one firm/market place you should trade through.
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Yes we know, for big shots like you who swing 20mil blocks at a clip, spot market is the way to go. :)

But we're referring to retail fx here, and just trying to give practical advice for the typical individual trader. You could try to daytrade Google using your full service broker over the phone too -- but would you vouch for that to others, just for the sake of "choice"?
 
Quote from MickMason:

I rarely trade fundamentals so instant execution in volatile conditons isn't an issue, quotes are reasonable, and spreads are tight most of the time.

Who was it said 'never change your sox in the middle of the world series' :)

Thanks for the advice anyway, it's always good to hear what others are doing.


Mick
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i just would like to know, if u dont mind, what u think are the benefits iyo of trading spot vs currencies futs. cuz it's all nice and dandy saying u are not interested in volatility trading and instant execution, but is gonna save u money no matter what u think...maybe u are afraid of change?
 
Quote from MickMason:

You lot slag off trading spot but it's all I've ever traded and it's been very kind to me, sure as heck beats working for a living!
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Yes, please explain what you can do on the spot retail level that you can't on globex? Is it the fractional position sizing?
 
Quote from Bitstream:

i just would like to know, if u dont mind, what u think are the benefits iyo of trading spot vs currencies futs. cuz it's all nice and dandy saying u are not interested in volatility trading and instant execution, but is gonna save u money no matter what u think...maybe u are afraid of change?
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You're right, it's probably familiarity and trepidation of change. I don't understand the futures market as well as I do the spot market, maybe if there was a 'Dummies Guide to Trading Futures' I'd give it a shot!

I'm happy with my lot so there would have to be a very good reason to change what works for me, saving money wouldn't necessarily be the prime motive.
 
Quote from MickMason:

You're right, it's probably familiarity and trepidation of change. I don't understand the futures market as well as I do the spot market, maybe if there was a 'Dummies Guide to Trading Futures' I'd give it a shot!

I'm happy with my lot so there would have to be a very good reason to change what works for me, saving money wouldn't necessarily be the prime motive.
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if u know how to trade spot u know how to trade futs as well....there's virtually no difference other than getting familiar with another platform. it's your choice afterall, but maybe time to give it a try? u may be surprised by the benefits.
 
Quote from Bitstream:

if u know how to trade spot u know how to trade futs as well....there's virtually no difference other than getting familiar with another platform. it's your choice afterall, but maybe time to give it a try? u may be surprised by the benefits.
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Maybe it is time to have a look at what else is out there, no harm in looking I guess.

Watch this space, lol
 
Quote from illiquid:

Yes we know, for big shots like you who swing 20mil blocks at a clip, spot market is the way to go. :)

But we're referring to retail fx here, and just trying to give practical advice for the typical individual trader. You could try to daytrade Google using your full service broker over the phone too -- but would you vouch for that to others, just for the sake of "choice"?
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Currency futures are completely unsuitable for about 99% of "the typical individual trader." Two words: forced leverage.

Anyone who falls for such "practical advice" with a sub-$25,000-$50,000 account, will stand little chance of surviving the game long enough to actually have a shot at making it as a trader.
 
Hey there, Mick - I can't speak for others, but hoping my comments were taken solely within the context of the original idea posed in this thead's title: "...scalping or Trading the News"

I should add that I can only hope to extract profits from the mkt functioning as a scalper. So when I read or hear of b/a spreads hitting 10-20-30 pips, the "Steer clear" warning flag immediately pops up. My approach is very hit and run - any trade lasting longer than 5 min. has me reaching for the barbituates - lol. Unfortunately, my perfectionist personality dictates that I have a very high w/l ratio- all I can do is try to work in some size.

A couple of very apparent advantages come to mind when considering trading forex. First, by the very nature of forex, the currency trader indeed has a much larger universe in which to operate. And, second, trading the "spot" price eliminates the problems in historically charting the futures contracts, with their inherent "rollover" adjustments.

All this to say that no intentional slam on forex was meant - every mkt has its strengths and weaknesses. But for those desiring the fast action of trading the news, then I would still recommend Globex.

Congrats on not having to "work" for a living - that's always great to hear!

Cheers, mate ...
 
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