Anyone here that trades both Futures and Forex?

[moyes]

Do you have any recommendations for a good broker in Australia? I was going to use IBKR or AMP or IG but I'd really like a few suggestions please. IBKR have a high minimun deposit.
Is it better to trade micro futures or forex in terms of day trading(scalping)? I feel overwhelmed with the amount of information online. It has been a good 3 years since I last traded fx and back then I used Axitrader and Global Prime. I am sure things have changed since then.
I'd appreciate any feedback. Thank you very much. I am based in the GC.

 

[rcw1]

Do you have any recommendations for a good broker in Australia? I was going to use IBKR or AMP or IG but I'd really like a few suggestions please. IBKR have a high minimun deposit.
Is it better to trade micro futures or forex in terms of day trading(scalping)? I feel overwhelmed with the amount of information online. It has been a good 3 years since I last traded fx and back then I used Axitrader and Global Prime. I am sure things have changed since then.
I'd appreciate any feedback. Thank you very much. I am based in the GC.

Hello moyes

Found this to be suitable platform for Fx trading:

Trade global CFD markets. forex, indices & more. GO Markets.

Australia's original MT4 Forex Broker. GO Markets offers forex, indices, commodities and share CFDs. Powerful platforms, trading resources, demos and more.

www.gomarkets.com

Each to our own. Haven't traded Fx for quite a while now, but used gomarkets.
Three years off the tools is a long time, be careful.

Should you want a platform walkthrough, call (thinking it's the same number now):

Account Manager
GO Markets
P: 03 8566 7680 W: www.gomarkets.com
Level 11, 447 Collins Street, Melbourne, VIC, 3000, Australia

Kindly conduct your own due diligence.

Regards
rcw1

 

[tech/a]

If you find basic account funding high perhaps you should consider what your about to trade.

 

[moyes]

If you find basic account funding high perhaps you should consider what your about to trade.

I'd like to start small and then go from there. Initial deposit of 20k with IBKR is high to begin with. It has been a while since I last traded currencies.

 

[moyes]

Hello moyes

Found this to be suitable platform for Fx trading:

Trade global CFD markets. forex, indices & more. GO Markets.

Australia's original MT4 Forex Broker. GO Markets offers forex, indices, commodities and share CFDs. Powerful platforms, trading resources, demos and more.

www.gomarkets.com

Each to our own. Haven't traded Fx for quite a while now, but used gomarkets.
Three years off the tools is a long time, be careful.

Should you want a platform walkthrough, call (thinking it's the same number now):

Account Manager
GO Markets
P: 03 8566 7680 W: www.gomarkets.com
Level 11, 447 Collins Street, Melbourne, VIC, 3000, Australia

Kindly conduct your own due diligence.

Regards
rcw1

Thank you. I will have a look at the website. With new ASIC regulations, how has that affected Fx brokers? For Forex brokers in Australia; it is now 30:1 leverage for FX majors. How do CFD's compare with Futures trading?

 

[tech/a]

I'd like to start small and then go from there. Initial deposit of 20k with IBKR is high to begin with. It has been a while since I last traded currencies.

You could just paper trade .

 

[rcw1]

Hello again moyes

Thank you. I will have a look at the website. With new ASIC regulations, how has that affected Fx brokers? For Forex brokers in Australia; it is now 30:1 leverage for FX majors.

To put that into context, if you wanted to open a position of 1 Lot (100,000) USD/JPY, with a leverage ratio of 1:100, the amount of margin required to open the position would be just $200. Under the new law, which stipulates retail traders may not be given leverage greater than 1:30, the amount of margin required to open that same position would be $3,333.33.

The direct impact of these changes requires larger capital requirements from retail traders.

How do CFD's compare with Futures trading?

Hmmmm ... In a nutshell, Futures expire, CFD's do not. Trading CFDs futures works in the same way as trading futures except in the underlying market, falling or rising prices without a requirement to accept any future contractual obligations.

Bloke, not rcw1 business but you gotta know what you are doing, especially with these... maybe play around awhile as, tech/a suggested and hook in with some research mate.

All the very best with things.

Kind regards
rcw1

 

[cynic]

Additional to earlier postings, it may be worth mentioning that CFD's will normally be limited to, the range of futures instruments, over which one's chosen CFD provider, offers their contracts for difference, and that whilst there may exist some providers, whose product offerings only include CFDs over "cash" (or "spot") instruments, there do exist, a number of providers, who also offer CFDs over forwards. A few of such providers even include, some CFDs over options contracts, within their CFD product range. As such, expiry dates are a feature of some CFDs.

It is also worth noting that, many (but not all), CFD offerings, are from providers that only offer OTC (over the counter) CFDs. Such providers, typically, enjoy some freedoms with respect to pricing (pursuant to the terms of the clauses included within their customer agreement documentation, PDS etc.) and also operate in a manner akin to a bookmaker by initially acting as counterparty to their clients' trades, and then deciding whether to offlay some, none, or all, of the related exposure, via entry into offsetting positions within the underlying market, and/or correlated/associated markets. Consequently, OTC CFD providers do, at times, have a vested interest in the failure of their clients' trades.


@rcw1, please correct me if mistaken, but may I suggest you review the leverage comparison example, you so helpfully provided, as I am concerned that there may have been an accidental mishap with your calculations.

 

[rcw1]

Additional to earlier postings, it may be worth mentioning that CFD's will normally be limited to, the range of futures instruments, over which one's chosen CFD provider, offers their contracts for difference, and that whilst there may exist some providers, whose product offerings only include CFDs over "cash" (or "spot") instruments, there do exist, a number of providers, who also offer CFDs over forwards. A few of such providers even include, some CFDs over options contracts, within their CFD product range. As such, expiry dates are a feature of some CFDs.

It is also worth noting that, many (but not all), CFD offerings, are from providers that only offer OTC (over the counter) CFDs. Such providers, typically, enjoy some freedoms with respect to pricing (pursuant to the terms of the clauses included within their customer agreement documentation, PDS etc.) and also operate in a manner akin to a bookmaker by initially acting as counterparty to their clients' trades, and then deciding whether to offlay some, none, or all, of the related exposure, via entry into offsetting positions within the underlying market, and/or correlated/associated markets. Consequently, OTC CFD providers do, at times, have a vested interest in the failure of their clients' trades.


@rcw1, please correct me if mistaken, but may I suggest you review the leverage comparison example, you so helpfully provided, as I am concerned that there may have been an accidental mishap with your calculations.

Hey mate, @cynic thanks for that ... silly billy rcw1
How's about $1000 instead of $200...

One to many rumbos...

USDJPY Margin Calculator | Myfxbook

The Margin Calculator will help you calculate easily the required margin for your position, based on your account currency, USDJPY, your leverage and trade size.

www.myfxbook.com

Have a very nice week

Kind regards
rcw1