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Not very accurate - ECN providers show volume that is relevant. Forex has superior margin qualities (sizable, much smaller pip size) and is much more liquid. Even with volumes down on most markets, forex is still showing over $2 trillion daily. The daily volume of the ES is equal to seconds on the euro dollar. Also one tick on the ES equals severalpips on any major pair. This means slippage compared to futures is nonexistent. How many of you have made a strategy that was very profitable when you did not count slippage?
When counting overnight margin on futures, forex has more leverage. While margin on futures is technically unlimited intraday because there are no requirements on most contracts, forex in the US is 200:1 (or 50:1 for retail) which is very large. The leverage can be even higher if you use options or swaps for hedging.
I recommend forex to all beginners. Always choose an ECN, always.
Is the volume accurate enough to do volume profile studies and footprint charts using a ECN? That would make me much more intrested.
I have $1.50 RTs on the M6E contract. I am currently doing a study on M6E right now to determine if it is liquid enough for me. The E7 contract is basically useless there is really no volume there at all for this middle of the road contract. I personally trade futures because I feel more comfortable with it as well as the volumes and other market breadth indicators you can use. I have traded spot Forex through a market maker and did not like it, i had re quotes and problems with price quotes being rejected in the platform.
I did not know this. Still, I thought this subject was for retail traders, so I'm not sure which pit traders and institutions you were expecting to read this for your advice.
Do you have any references on this, or should I take your word for it?
Is there anyone else who has different brokers to compare this profile against? I know its non centralized so i wonder if there are discrepancies between brokers / feeds. Or is this really a good representation of the profile.
Here is a shot of 30 min bars of the last 10 days (to 12/4/2012) of my volume profile using MC. Feed is IQ with FXCM data