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At times, I trade gold and oil on a MT4 platform. Other than a larger spread, (4 cents on oil, 60 on gold) and thus slightly different prices, the only real advantage is the ability to take fractional positions. I heavily use volume, and it is a completely different beast in the world of CFDs. 99% of the time, I am using my NT7 futures charts to determine entries and reasoning. But ultimately, what you see in the underlying futures instrument, will reflect on the CFD chart (as far as MAs, support/resistance, etc. are concerned). Personally, I sometimes find it helpful and refreshing to see a different chart in a different platform, with different views and different indicators on it (if any), to give me a "aha" moment.
It's hard to believe brokers are allowed to get away with that. I believe it is a purposeful attempt to further decrease the odds against it's clients, and borders on criminal withholding of information. Interestingly, CMC Markets - a market maker in many CFDs - has (had?) a fancy (java) platform that provided no volume levels for ANY instrument - they simply deemed it unnecessary to let their clients see any volume, while making the platform look impressive in other ways. I let them quickly know what I thought about that; I left them speechless, but then again, that's what they pay their frontline sales folks for, which I'm sure is about as far as my feedback went.
I start out by trading stocks on CFDs with IG Index and I encourage everybody who are just starting out in this business to trade stocks on CFDs instead of trading forex, futures, options or even buy the real stock, you may get your dividend but you will need to have a lot of margin... On shares CFDs you trade with much less margin, so you can control your risk much better and you can buy more stocks. Just do not buy too many stocks or try day trade it; And trade on the montly, weekly and daily time frame.
I trade only CFDs and just the DAX. For me itīs more lucrative than trading the future. But I use IB data with NT for charting. I get a leverage of 200 and 1 point (2Ticks) spread. The CFDs rate is identical with the future rate which is rare. Just mention this because there is a lot of crap out there
Guess if you trade few contracts, spreads arenīt that expensive.
I trade Wall Stree Index. My brokers has a 2 point spread. I usually trade 3 contracts, hence, €6 (Wall Stree 1€ per point) of spread. Itīs good because if have a move of 50 points, for example, I have a good profit and a small comission. TradeStation broker does $1.20 per contract (<300 contracts). Thatīs cheaper than my broker spread for Wall Street Index.
