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For 2014 I would like to wish all of you discipline and patience in your trading!
I need your help!
I have gotten and getting great feedback from many of you and would appreciate if you can take a couple of seconds to vote at:
There are more than a few markets one can daytrade beside stock indices….
Today I would like to talk a little about the currency futures markets. I personally prefer currency futures over FOREX any day. More than a few reasons but the main ones are: currency futures trade on one, regulated main exchange ( CME) while FOREX trades through different interbanks and other means of transactions that are not necessarily regulated. FOREX are “commission free” but in reality there is a spread built in that dealer marks up each time you buy or sell which makes FOREX more expensive than futures.
The main ones I like to follow are:
The Euro, The Yen, The British Pound, The Australian. All are paired versus the US$.
Each market will have different times of higher volume which can allow for traders in all time zones to pick their market. Simply open an hourly chart, like the example i am showing below of the Australian $ and add the volume indicator to observe what times the market has the most action.
- 1 Euro tick is $12.50
- 1 Yen tick is $12.50
- 1 Aussie tick is $10
- 1 British tick is $6.25
Currency futures will often trend better than other segments and will experience different levels of volatility during economic reports in the different parts of the world.
Another point is that currencies also have MICRO contracts, which may be a great transition from demo mode to LIVE mode, as these contracts are pretty small ( one tenth of the normal size)
If you plan on following any currencies, start in demo mode, know what reports are coming that affect the specific currency you are trading, take a look at the daily, weekly charts to get a feel and monitor the action for a while.
Any questions and i will be happy to assist.
DA 6 – Australian Dollar (Globex), Equalized Active 60 Min Continuation