Trading Micro Silver & Gold

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Transcript:
Hey, hey, I’m Mindie Kniss. This is The Daily Rage. Ruben posted a comment on the blog yesterday. He says, “Hello, Mindie, you certainly are a champion to me as an individual. I am a fan of yours. I can probably be your grandpa.”

So first off, thank you for the kind words. And you know what? I will take all the surrogate grandparents that are out there because I don’t have any. All of my grandparents have passed away at this point. So I will certainly take another one. Anyway. His question is, “On Apex, we cannot trade micro silver nor micro gold, right? Only e-minis? Thank you.”

Well, Ruben, you are half correct. Let’s talk first about micro silver. Now, micro silver is not offered on Apex in either Rithmic or Tradovate. But I’m not a big fan of trading micro silver anyway, and there are two reasons why that is.

One is it’s super, super thin. So a lot of times if you were going to enter a trade in micro silver and you were doing a market order, it might get you in somewhere that’s like not even close to the price, the current price that it says that it is based on the bid-ask spread. That can be really, really wide in micro silver. So you could enter a trade and the price hasn’t even moved yet and you’re already down like tens or however many dollars. which I don’t love when that happens. I wanna basically be able to get in and be approximately where I think the price is. In other words, what is the current price? I don’t want a huge spread. So that’s reason number one.

Reason number two is even though it’s called a micro compared to all the other micros, it doesn’t really act like a micro. In other words, it’s like a big contract. And I go into this in detail in Micro Trading Masterclass because I’m like, I don’t even recommend this thing just because it doesn’t act like a normal micro. And in this case, we can’t trade on Apex anyway, so who cares?

But let’s talk about what we can trade on Apex, which is micro gold. And micro gold is an awesome contract. You can see right here, it has tons of volume, 171,000 some based on TradeStation. That’s just volume today. This is micro gold. So it’s MGC. And then the current contract is June, 2024. So if you were doing that in NinjaTrader, you would put 06-24 instead of these goofy letters that trade station uses like M24, which means June for whatever reason. So all that is to say that absolutely yes, you can trade micro gold. And I think micro gold is a great contract. It is fairly volatile. I would say gold is even crazier than trading the NASDAQ and that’s pretty crazy. So micro gold can give you a really nice entry point to look at learning how to best trade the big gold if you wanted to do that eventually, or you can just stick with micro gold.

So to answer your question, Ruben, absolutely, you can trade the micro gold. They don’t have micro silver, but who cares? We don’t want that anyway. And once again, thank you so much for the question and especially for your kind words. I’m Mindie Kniss. Thanks so much for watching.