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Who Day Trades Micro Gold?


Discussion in Commodities

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  #11 (permalink)
Mozart2112
Minoqua Wi USA
 
Posts: 123 since Sep 2019
Thanks Given: 70
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Hi guys,

I'm new to this site and I come from the spot forex world where liquidity isn't an issue and position size is easy to determine. I decided to switch to futures trading because I wanted to learn order flow trading and trade on a regulated exchange.

I'm trying to find instruments that I can trade given the time period that I like to trade - 7:30am EST to 10am EST. The reason for these hours are complicated but I have made it work in forex (actually a very good time for forex).

One of the things I have some experience with is XAU/USD, so I thought maybe GC would be an option. However, MGC would offer more flexible position sizing. The question is, however, what is the liquidity like? It seems fine when I look at the charts, but again, I'm quite new to futures so I don't have the best baseline from which to judge.

Is it something that you can scalp a few ticks from or no, don't even try it? I searched for older threads and there was one from several years ago so I didn't feel it was relevant. Also, if you guys have suggestions for other instruments that I should consider instead I am all ears.

Again, I am super new so sorry for any naivety!!

I would trade GC much better liquidity and more bang for the buck. Since you come from the forex world, you can try Currency Futures!


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  #12 (permalink)
ethlen
france paris
 
Posts: 12 since Apr 2021
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i will see


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  #13 (permalink)
 
ShadowFox's Avatar
 ShadowFox 
CO/USA
 
Experience: Intermediate
Platform: TradeStation, Multicharts
Trading: Stocks, Futures
Posts: 129 since Jun 2020
Thanks Given: 70
Thanks Received: 159

One thing I have noticed trading MGC is the commissions are awful. I pay a little over $10 for 5 MGC 1 way all in. I think I would be really close to that for full size GC contracts. This is the only micro that I trade that the commissions/clearing fees really don't make sense. This is through TradeStation btw, not sure what others see. I do not have an issue with slippage though on the MGC. It's much better than YC or YW. I will be looking to get away from MGC as soon as possible only for the commissions.


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