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Impromptu question for currency traders. People trading real money, do you prefer forex or CME futures, and what are the pros and cons of your preferred product over the other one?
Can you help answer these questions from other members on NexusFi?
Hi,
I would like to get feedback on whether it is better to trade the forex or the futures markets. I have found in the past with forex trading you are really trading against SCAM brokers who steal your money, (their buisness model is designed this way). …
I was actually looking for a more directed, up to date, maybe even sophisticated discussion. I did see the other thread but there had been no responses in quite a while.
Sorry Mike, to mud things up. Please feel free to delete if you like.
not trying to be flip, but a general discussion is how I develop a strategy to elicit the information that I really want from people that are qualified to be considered. The exchange allows me to direct the discussion based on the other persons communication patterns. Folks will generally share what they feel is the most important, to them. This lets you sort of map their view in a way that provides strength or decay to their specific points.
A specific question to an unknown (ergo unreliable) person generally will get a somewhat focused answer but the basis for the answer is not revealed.
A highly specialized question will mean that some bloviate when they really don't have any idea what they are talking about while others don't speak up because they don't have confidence in what they think they know or they do not care to communicate.
Either way general to specific seems better for me.
On that particular question forex or futures most people will just parrot back what they have seen somewhere else...that is of no value to me. What I was looking for was something like I trade futures through soandso because...or I've had this issue...you know experiential things that matter. NOT johnny trader said this when johnny trader is a vendor or commission merchant and probably never really done anything substantial in the first place.
Sorry, I'll shut up now and go back to reading not typing.
Well the only thing left I can add, is that I only trade both because of position size. I like to swing trade currencies and I do that with MB Trading just because it's works well for me and the risk amount I am willing to throw at those particular trade ideas.
But I would never day trade on spot forex. That said, I do recommend a lot of traders *do* start with spot forex, but simply because they need to be risking 1% or less of their account for the first year or so while they learn the ropes.
After you are a consistently profitable trader, I don't have as many reasons to trade forex over futures any more unless you are like me and have two distinct methodologies you want to apply. One day my swing trades will "grow up" and I'll trade those on futures as well, but not there yet.