Day Trading Forex
By Joe Ross
If you are going to trade the cross rates, you must trade them in forex; volume liquidity in the minor currencies are not good in the futures markets.
If you are going to trade any of the majors against the U.S. dollar, then it’s safer, more regulated, and more transparent to trade in futures. By majors I mean pound, franc, euro, and yen, along with Canadian, Australian, and New Zealand dollars. Other currencies could at any time become major.
Certainly, the Chinese Yuan will become a major if it is ever allowed to float. The Brazilian real and the Indian Rupee may also be headed for status as a major.
If you have limited funds, you are better off with a mini account with a forex broker than you would be with a mini forex account trading at the CME.
If you want to get some of the best moves, the most bang for the buck, try the cross rates. They move a lot more than do the majors, but don’t try to day trade them; the spreads are too wide for you to make any money.
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