Instruments and markets
Natural gas
A traded energy instrument priced per unit of gas, known for volatility well beyond any other commodity. Weather forecasts and weekly storage data drive most of its movement, and daily ranges regularly dwarf those of currency pairs.
GFN’s figure
A single session in natural gas can exceed a GFN daily loss limit at a size carried over from forex - $3,000 on a $100,000 Instant account, $5,000 on the 1 Step and 2 Step.
In detail
Natural gas,explained
Natural gas regularly posts daily ranges that would be extraordinary in any other instrument, and it gaps between sessions more often than most.
It is the clearest example of why position size has to be set per instrument. A size that is conservative on a major pair can be reckless here.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
Commodities
Raw materials traded as instruments - energy, metals and agricultural products. Prices are driven by physical supply and demand rather than by interest rates, which makes them move on a different calendar from financial instruments.
Crude oil
The two benchmark crude grades - WTI in the US and Brent internationally - traded as instruments priced per barrel. Both are volatile and both respond to inventory data and production decisions.
Position size
How many lots a trade is placed in. It is calculated from the dollar amount being risked and the stop distance, not chosen first - which is the reverse of how most traders approach it.
Liquidity
How much can be traded at a given price without moving it. Deep liquidity produces tight spreads and reliable fills; thin liquidity produces wide spreads, slippage and gaps.
Slippage
The difference between the price requested and the price filled. It appears when the market moves between order and execution, and it is most pronounced around news and at thin points in the session.
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