Anyone here that trades both Futures and Forex?

moyes said:

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.

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tech/a said:

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

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rcw1 said:

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

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moyes said:

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.

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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.

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cynic said:

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.

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