I'm a new member. I've been actively trading spot forex for over 3 yrs with limited results. I think these results are a by product of my internal beliefs that Forex is a scam, not real, pretentious. I think the last straw was watching AUDUSD rally off a interest rate drop for the 1st time in my trading existence. It was probably the only constant that existed for me ie: price goes up or down with an interest rate decision that I've witnessed to be reliable.
As such and with all the tape bombs, spikes and constant manipulation I think I'm over it.
Very difficult to hold a position into another session and overnight. More so over a weekend. With weekend figures out of china, G20 meetings, Euro turmoil and the FED really making things tuff to stick to.
Now I'm not winging even though it may sound like it. I just don't have any more passion that I want to invest in Forex. Even the MT4 platform looks and feels plasticky.
Perhaps I'm digging a big hole here so I'll move forward. I've had a romantic notion of day trading the SPI ever since I read Brent Penfold's book a couple of years back.
I think the validity of a real contract on an exchange in our country with a sizeable tick value and a limited range movement during our day session is very appealing to me.
However I have been reading some of the Spi threads on the forum and it is sounding like the instrument is dying a slow and inglorious death with major players pulling out and liquidity taking a nose dive.
This saddens me as I was really wanting to have a red hot go at day trading. I've been playing with the synthetic version the AUS200 cash on the GFT platform and it looks ok on the surface. What I mean is on a 5min chart there are no gaps and constant movement excluding the open which looks ferocious.
I actually like the way it moves. However I don't really trust the synthetic version enough to get serious with it either beyond a mini contract. Can someone out there tell me it is ok up to a certain dollar value?
12 months back I setup a IB account with a Ninja Trader platform through a 3rd party broker but I never got beyond the demo stage and pulled the plug on it.
What would be the premium way to trade the instrument with a modest $10K account to get started?
Is it still worthwhile? Will it only get worse ?
OH btw I was reading the Trader girl thread and it just died, was it real or fake in the end?
I likened the style to Marty Shwartz who wrote the book " Pit Bull ".
I could probably go on but I'll leave it there and I would really appreciate some honest feed back from all you experienced guys. Thanks.....