Futures and Foreign Exchange trading questions

I've been asking a lot of questions on here lately hope no one minds. This is a great resource for me
So I have been trading stocks for a while and have always been more interested in the concept of futures and foreign exchange. I like to focus on the world economy and the bigger picture. I like the Idea of Global macro. So what I'm really asking here is
1. Is 5000 dollars enough for A futures and FX account

  1. What platform do you recommend? I currently use TD Thinkorswim (is that good enough?)

  2. Are there any research sites you recommend that will really help me out in finding my information?

  3. are there any books you recommend? I've read a lot of the obvious ones for Stocks but there doesn't seem to be as much on FX and Futures

  4. What method do you use for your trading? I hear that a lot of it is technical now but there is also a lot of fundamental stuff. I prefer fundamental but am good at learning the technicals.

  5. Do you even recommend spending my time learning to trade futures and FX or do you think they are better to just learn on the job?

  6. Do you master trading certain currency pairs and futures or do you just trade all of them.

Thanks a lot in advance.
Forgive me if I sound like a tard

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Comments (10)

Jul 31, 2012 - 12:25am

1) Futures? IDK, I would lean towards no. Forex? Yes
2) Completely subjective, i have used forex.com, decent spreads, software, and execution speeds (not perfect, but whatever)
3)&4) Babypips.com do the whole school, then do it again,then use fake trading a account for a while.
5)I guess I am a macro short holding trader. (I dont give a shit about names.) So all I use is a macro econ text book (I prefer robert murphys intro book, just understand what money IS)read it all twice (simple econ text bk, free online if you search). But i use technicals when doing the actually execution for better pricing
6)If you live in a free'r country not the US like Australia you can still trade cfd's/nds (future/fx swap) but other wise i just know currencies.
7)I trade only 2 mostly, sometimes others if they obvious events (ie a QEx call means long metals short dollars) Otherwise its just AUS and SGD for me. I also trade at night during their markets, and never never trade when the US is open.

WSO Vice President, Data@JustinDDuBois
  • 3
Best Response
Jul 31, 2012 - 12:50pm
Commuter:
1) Futures? IDK, I would lean towards no. Forex? Yes
2) Completely subjective, i have used forex.com, decent spreads, software, and execution speeds (not perfect, but whatever)
3)&4) Babypips.com do the whole school, then do it again,then use fake trading a account for a while.
5)I guess I am a macro short holding trader. (I dont give a shit about names.) So all I use is a macro econ text book (I prefer robert murphys intro book, just understand what money IS)read it all twice (simple econ text bk, free online if you search). But i use technicals when doing the actually execution for better pricing
6)If you live in a free'r country not the US like Australia you can still trade cfd's/nds (future/fx swap) but other wise i just know currencies.
7)I trade only 2 mostly, sometimes others if they obvious events (ie a QEx call means long metals short dollars) Otherwise its just AUS and SGD for me. I also trade at night during their markets, and never never trade when the US is open.

Thanks so much man I really appreciate your help here. Have you been profitable with your trades? I know that may seem like a dumb question it's just that I hear it is quite difficult to start off. Thanks buddy
Jul 31, 2012 - 10:52pm
Commuter:
1) Futures? IDK, I would lean towards no. Forex? Yes
2) Completely subjective, i have used forex.com, decent spreads, software, and execution speeds (not perfect, but whatever)
3)&4) Babypips.com do the whole school, then do it again,then use fake trading a account for a while.
5)I guess I am a macro short holding trader. (I dont give a shit about names.) So all I use is a macro econ text book (I prefer robert murphys intro book, just understand what money IS)read it all twice (simple econ text bk, free online if you search). But i use technicals when doing the actually execution for better pricing
6)If you live in a free'r country not the US like Australia you can still trade cfd's/nds (future/fx swap) but other wise i just know currencies.
7)I trade only 2 mostly, sometimes others if they obvious events (ie a QEx call means long metals short dollars) Otherwise its just AUS and SGD for me. I also trade at night during their markets, and never never trade when the US is open.

This Babypips website is a fucking treasure trove, Thanks a lot buddy
Jul 31, 2012 - 1:04pm

Yeah it's my main source of income (I work for WSO). I trade at night when Asia is open since its less volatile and reactionary, ie easier for me.

Do a practice account for a few months. (Read all of babypips.com too) No matter the product, it is nerve racking to start (and still is). Adjust your leverage down when you start and maybe just stay at a low level. (I trade at 50:1, so I piss my pants on a regular basis)

WSO Vice President, Data@JustinDDuBois
  • 2
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Jul 31, 2012 - 3:19pm

1) For most brokers if you're under 23, I think 2.5K in the minimum for futures. Anything goes for FX spot.
2) Interactive Brokers. ToS has rip off fees.
3) google.com
4) Futures: http://www.amazon.com/The-Futures-Game-Wins-Loses/dp/0070647577/ref=sr_…
FX: http://www.amazon.com/Foreign-Exchange-Practical-Markets-Finance/dp/047…
5) Quantitative macro.
6) If you want to trade, trade.
7) Everything liquid.

Aug 1, 2012 - 4:25am

Yes thank you commuter for linking that site, would you recommend anything else for reading on forex?

Also do you engage in the stock market (actively or long)?

Thanks great input from everyone as always !

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