How to start trading Global Macro
Okay... at the risk of making myself sound really dumb, but hopefully helping answer some of the same questions that others on this board have... here goes...
Assume the following:
Someone paper trades US equities but not to any meaningful degree because they have to work the whole time that markets are open. This person then decides they'd rather start paper trading and eventually trading with real money in global macro markets. These markets are open 24/7 so trading can be done from home at night and the macro environment appeals to said person much more, but this person has NO idea where to begin.
I know a few answers to the questions below, but just wanted to make the post for someone who just read the "global macro" article on wikipedia and knows absolutely nothing else about it.
1 - Paper trading: can you even paper trade global macro?
a - If so, how? (besides checking currency spot rates on google and jotting it down in an excel spreadsheet) Are there sites like Investopedia or something to trade currencies, interest rates, commodities, etc. and other global macro products?
2 - Real trading: what does one need to truly get up and running? and what is highly recommended?
a - what's a good free/low-cost real-time trading platform that could be used for global macro trading?
b - how does brokerage work? what are some recommended brokerage providers?
c - what else does one need? what are some good free websites for research? what are some obvious do's/don'ts that a complete novice might not be considering?
I'm pretty interested to see the replies.. I think it's great to share some basic knowledge with each other.