Futures day trading after 6pm - which market?

[Gringotts Bank]

FP Markets offering $5 futures CFD contracts.

Thought it might be a good way to try my hand at futures trading.

Any good?

http://www.fpmarkets.com.au/futures/why-trade-futures

 

[Trembling Hand]

FP Markets offering $5 futures CFD contracts.

Thought it might be a good way to try my hand at futures trading.

Any good?

http://www.fpmarkets.com.au/futures/why-trade-futures

They are not futures but cfds. You might as well use igmarkets if you're going to go that way. They have AUD $1 contracts. Still not fut thou.

 

[Gringotts Bank]

They are not futures but cfds. You might as well use igmarkets if you're going to go that way. They have AUD $1 contracts. Still not fut thou.

Thanks.

IG have the Australia200 [edit]. Is that their futures cfd?

Any negatives with trading that?

 

[Trembling Hand]

Thanks.

IG have the asx200. Is that their futures cfd?

Any negatives with trading that?

If its short term trading you couldn't pick a worst market to trade and a worst instrument to trade it. If its longer term stuff then I guess its ok.

 

[Joules MM1]

Thanks.

IG have the Australia200 [edit]. Is that their futures cfd?

Any negatives with trading that?

know the instrument well before taking it on as youre trading against the maker most of the time and not the price moves of the fute or the cash......be warey of being trapped after hours, see if the spread widens.....

 

[Joules MM1]

Thanks.

IG have the Australia200 [edit]. Is that their futures cfd?

Any negatives with trading that?

you want to track the cfd especially on fast moves that appear to be terminal points, cfd makers are notorious for overshooting , they get the cheap supply or the high position short entrance beyond where the cash went....= cash level based stops are prone to being taken out.....

 

[Gringotts Bank]

If its short term trading you couldn't pick a worst market to trade and a worst instrument to trade it. If its longer term stuff then I guess its ok.

I'm thinking maybe 3+days hold. Long enough?

 

[Joules MM1]

Thanks.

IG have the Australia200 [edit]. Is that their futures cfd?

Any negatives with trading that?

and your other questions to them might consist; who sets the day prices, who sets the post cash prices.....watch how your cfd acts during and directly after the post cash 10 min auction....clues are in there so are hooks and its a game all unto itself in that period......

 

[Trembling Hand]

and your other questions to them might consist; who sets the day prices, who sets the post cash prices.....watch how your cfd acts during and directly after the post cash 10 min auction....clues are in there so are hooks and its a game all unto itself in that period......

Joules do you only have CFD data?

 

[Gringotts Bank]

and your other questions to them might consist; who sets the day prices, who sets the post cash prices.....watch how your cfd acts during and directly after the post cash 10 min auction....clues are in there so are hooks and its a game all unto itself in that period......

Wouldn't the price3 be set by traders? I assume IG would take the traders positions and deal directly in the SPI200?

 

[AlterEgo]

They are not futures but cfds. You might as well use igmarkets if you're going to go that way. They have AUD $1 contracts. Still not fut thou.

FP Markets product are DMA CFD's though, not Market Maker. What are IG Markets - are they market maker ones?

 

[Trembling Hand]

FP Markets product are DMA CFD's though, not Market Maker. What are IG Markets - are they market maker ones?

Not the indexes. They are all MM

 

[AlterEgo]

Not the indexes. They are all MM

FP Markets specifically state that the Future CFD's are DMA.

 

[Trembling Hand]

FP Markets specifically state that the Future CFD's are DMA.

How can they be $5 per tick then?

 

[AlterEgo]

Not the indexes. They are all MM

Quote from recent email from FP Markets. When speaking to one of the FPM guys on the phone some months ago, he also stated they would have DMA Futures very soon.

Access all the major futures exchanges from your existing CFD account for just $5 per contract.*
• Sydney Futures Exchange (SFE)
• NYSE LIFFE
• EUREX
• CME
• CBT

Enjoy the benefits of trading on low margin requirements, great commission rates and transparent pricing when trading DMA CFD futures from your existing webIRESS account.

 

[Trembling Hand]

Quote from recent email from FP Markets. When speaking to one of the FPM guys on the phone some months ago

Mate he's BSing you. How can it be DMA when the contacts are $10 to $25? What are they selling 1/2 a contract for you?

Thats like selling 1/2 a share. Cannot be done. As far as I know there is only 1 fut with a $5 tick size. Aussie SPI is $25.

 

[Trembling Hand]

And why would you want to trade futs through a CFD provider? Just open a futs account and get exchange protection, 1/4 brokerage and no interest charges.

CFDs are like religion. I cannot believe people still go for it.

 

[AlterEgo]

Mate he's BSing you. How can it be DMA when the contacts are $10 to $25? What are they selling 1/2 a contract for you?

Thats like selling 1/2 a share. Cannot be done. As far as I know there is only 1 fut with a $5 tick size. Aussie SPI is $25.

Don't know. Maybe that is a different product of theirs that you are referring to. My understanding is that the DMA ones are only a very recent addition to their range. But I haven't looked in to it in any detail.

 

[AlterEgo]

And why would you want to trade futs through a CFD provider? Just open a futs account and get exchange protection, 1/4 brokerage and no interest charges.

CFDs are like religion. I cannot believe people still go for it.

Just to be clear, I have not signed up for their futures. Only trading their DMA shares at the moment, as the pricing is identical to the real market, and the commissions are significantly less then trading actual shares.

 

[AlterEgo]

Mate he's BSing you. How can it be DMA when the contacts are $10 to $25? What are they selling 1/2 a contract for you?

Thats like selling 1/2 a share. Cannot be done. As far as I know there is only 1 fut with a $5 tick size. Aussie SPI is $25.

Does this sound right - £10 per index point on the FTSE? So total of 1 contract based on their example is £53,010. From http://www.fpmarkets.com.au/futures/


FP Markets offers DMA (Direct Market Access) CFD Futures which enables exposure to global futures exchanges from your CFD account.

As an example take the FTSE 100 CFD. In this case FP Markets’ prices quoted will match the underlying prices of EUREX. Each Point the index goes in your favour you gain £10 and each point the index goes against you the loss will be £10.

The FTSE 100 contract is the equivalent of £10 per index point.

The current quote for the FTSE 100 is 5300.5 – 5301.0. You wish to buy one contract at the offered asking price of 5300.0.

Opening Position – 5301.0 x 10 = £53,010