Instruments and markets
US30
The common symbol for an instrument tracking the Dow Jones Industrial Average, a price-weighted index of 30 large US companies. It is quoted in index points, each worth a fixed amount per contract.
Also called: Dow Jones · Wall Street 30
GFN’s figure
Index instruments trade on GFN accounts where available, against the same limits as everything else: a $5,000 daily allowance on a $100,000 1 Step account covers a move of a few hundred index points at a modest size.
In detail
US30,explained
Because the Dow is price-weighted rather than market-cap weighted, a single high-priced share moves it disproportionately - which makes it behave differently from the broader US indices on earnings days.
Its point value and daily range are large in dollar terms, so position sizes are small relative to a forex pair for the same risk.
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.
Indices
Instruments tracking a basket of shares - the Dow, the S&P 500, the Nasdaq 100 and their international equivalents. Traded as contracts for difference, they give index exposure without owning any share.
NAS100
The common symbol for an instrument tracking the Nasdaq 100, an index of the largest non-financial companies listed on the Nasdaq. It is the most volatile of the major US index instruments.
SPX500
The common symbol for an instrument tracking the S&P 500, a market-cap weighted index of 500 large US companies. It is the standard benchmark for the US equity market.
Tick value
What one minimum price increment is worth per contract. It is the futures and index equivalent of pip value, and it converts a stop distance directly into a dollar figure.
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.
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