November 2014
Intermediate to advanced
224 pages
5h 18m
English
Content preview from An End to the Bull: Cut Through the Noise to Develop a Sustainable Trading Career
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APPENDIX
Table A1 shows the characteristics of various products evaluated from the perspective of a private trader who wishes to trade intra-day as I describe in chapter 10. Each criterion has been rated between 0 and 3 ticks. I have omitted CFDs for a few reasons. First, they are not available in all countries. Second, they can differ from provider to provider, so it is harder to summarise. In general I am not a fan of market-maker CFDs because you are trading against the market-maker as well as the market and usually cannot set the price. Direct market access (DMA) CFDs can offer some opportunities but it depends on the provider.
Table A1 the characteristics of various products for intra-day trading
| Futures | Shares | FX | |
| Orders in the order book visible | ✓✓✓ | ✓✓✓ | |
| Transparent trading price and volume | ✓✓✓ | ✓✓✓ | |
| Ability to set the price, buy on the bid (sell on offer) and trade inside the spread | ✓✓✓ | ✓✓✓ | ✓ |
| 24-hour trading | ✓✓ | ✓✓✓ | |
| Same market information for all participants | ✓✓✓ | ✓✓✓ | |
| Reduced counterparty/broker risk | ✓✓ | ✓✓ | |
| Exchange traded | ✓✓✓ | ✓✓✓ | |
| Specialist independent (of broker) platforms | ✓✓✓ | ✓ | ✓ |
| Specialist brokers for active traders | ✓✓✓ | ✓✓ | ✓✓✓ |
| Transparent derivatives available to increase trade ideas and provide further information | ✓✓✓ | ✓✓✓ | |
| Ability to trade long and short with equal ease | ✓✓✓ | ✓ | ✓✓✓ |
| Ease of trading on margin or using leverage | ✓✓✓ | ✓ | ✓✓✓ |
| Low fees | ✓✓✓ | ✓✓ | ✓✓✓ |
| Intra-day tradeability | ✓✓✓ | ✓ | ✓✓ |
| Short term (a few days) tradeability | ✓ |
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