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Many new traders begin their trading experience on the mini Indices, with a primary focus on the mini S&P 500, as either a scalping trader or an intra-day trader. Their daily profit target is normally between three to five points (at $50 per point). For an experience scalping trader, this could possibly be done but not for a new trader.
To understand why, we need to look at the daily movement of the mini S&P. For the month of October, the mini S&P, moved on average 19.27 points per day. Therefore, if the objective is to capture five points a day, in effect, a new trader is trying to "capture" 26% of the daily movement -- quick hard for someone that is new to trading. Most days mini S&P moved less than 20 points -- making it even harder to capture the daily profit goal of five points.

Let's take a look at just one of the currency futures, the Australian Dollar (AD). (The Australian Dollar has a point value of $10 per point -- each price increment is considered a point.)
The AD moves on average of 142.09 points per day (the equivalent of 28.42 mini S&P points). Using the same goal of five mini S&P points per day, the new trader is only trying to capture 17 1/2 % of the daily movement.

Euro and Yen are the two that stand out, with an average
daily movement of 33.22 and 31.13 (mini S&P point equivalent). EC and JY as having the most movement in the currency futures, we can also adjust our daily profit target to one that is more realistic for a new trader, who has little market experience. Since the EC and JY moves an average of more
than 30 points, a more realistic expectation of capturing only 3 points per day (only 10% of the average daily movement). By changing the markets traded and setting a more realistic goal, a new trader can increase their number of profitable traders.

Additionally, the currency futures offer multiple openings -- not just the U.S. market opening. The Asian session or the European session are often better sessions to trade for a new trader because they are, quite often, smoother and less volatile than the US market opening. However, there are also more market reports, which a trader will need to prepare for when scheduling their trading sessions. There is a new study available on the futures those who are interested in Currency Future Markets.
 

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Currencies are more volatile then ES, as clearly seen on these two charts covering the same time frame (385 tick ES and 55 tick EURUSD):

http://img716.imageshack.us/img716/7642/03302010120939.png

http://img716.imageshack.us/img716/4255/03302010120945.png

ES trades all night on Globex, and while it's a bit sleepy during Asian hours, it becomes quite active when Europe opens at 3 AM ET.

Five point target for ES is a stretch, one point target is much easier to achieve.

Besides, with ES you have all kinds of extra indicators to look at, like TICK, with currencies it's just pure momentum.
 
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