How to Start Trading DAX 40 Futures

DAX 40 Futures Trading in South Africa

The DAX 40 is Germany’s main stock market index. It tracks 40 large German companies selected primarily by free-float market capitalisation and is calculated from prices on the Xetra trading venue.

South African traders searching for DAX 40 trading, GER40 trading or Germany 40 index trading can access its price movements through different instruments, including exchange-traded futures, spot index CFDs and CFDs based on DAX futures.

FxPro provides a CFD whose underlying reference is a DAX index futures contract. The trader does not purchase the DAX index or hold an exchange-traded Eurex futures account. Instead, the trader opens a contract with FxPro based on changes in the price of a specified DAX futures contract.

Table of Contents

• What Is the DAX 40 Index?
• DAX Index vs Futures vs CFDs
• FxPro DAX 40 Contract Specifications
• DAX 40 Point Value and Lot Size
• Examples of DAX 40 Trades
• DAX 40 Margin and Leverage
• What Moves the DAX 40?
• DAX 40 Trading Hours in South Africa
• DAX Futures Expiry and Rollover
• How to Trade DAX 40 with FxPro
• DAX 40 Trading Strategy Example
• DAX 40 Fundamental and Technical Analysis
• Risk Management for South African Traders
• EUR/ZAR Currency Conversion
• DAX 40 Trading FAQ

What Is the DAX 40 Index?

The DAX, also called the Germany 40 or GER40, represents 40 major companies listed in Germany. The index includes multinational businesses from sectors such as software, industrial manufacturing, insurance, automotive production, healthcare, chemicals, banking and consumer goods.

Companies commonly associated with the index include SAP, Siemens, Allianz, Deutsche Telekom, Airbus, Mercedes-Benz, BMW, Volkswagen, Bayer, BASF and Deutsche Bank. The exact composition and company weightings can change during index reviews.

The DAX is weighted according to the free-float market capitalisation of its constituents. A company with a larger value of publicly tradable shares generally has a greater effect on the index than a smaller member.

A Total-Return Index

The commonly quoted DAX is a performance index. It assumes that dividends paid by constituent companies are reinvested. This differs from many widely followed international indices that are normally quoted as price-only indices.

As a result, a long-term DAX chart includes both share-price movements and the assumed reinvestment of dividends.

Although the index is associated with Germany, many DAX companies earn a significant proportion of their revenue outside the country. The DAX therefore responds to global growth, China, the United States, exchange rates and worldwide industrial demand.

DAX Index vs Futures vs CFDs

A DAX futures CFD can trade above or below the current cash index because the futures price reflects factors such as expected dividends, interest rates and time remaining until expiry.

FxPro DAX 40 Futures Contract Specifications

FxPro identifies its DAX futures CFDs with a symbol containing the contract month and year. For example, the September 2026 contract is listed as #GER40_U26.

The published specification for this contract states that one full lot has a value of €25 for every one-point movement. The minimum position is 0.25 lot, equivalent to €6.25 per point.

Specifications can change between contract months, platforms and account configurations. The current order ticket should always be checked before opening a position.

DAX 40 Point Value and Lot Size

DAX traders often refer to the monetary result of a one-point movement as the DAX point value. It should not be confused with a forex pip.

At FxPro, one full lot of the DAX futures CFD represents €25 per index point.

The minimum 0.25-lot position can therefore produce substantial changes in account equity. A 100-point adverse move would create an approximate gross loss of €625 before spread and slippage.

Examples of DAX 40 Futures Trades

Example 1: Profitable DAX Buy Trade

Example 2: Losing DAX Buy Trade

Example 3: Profitable DAX Sell Trade

Example 4: Tick Movement

DAX 40 Margin and Leverage Example

Margin is the amount reserved to support the position. It is not the maximum amount that can be lost.

Assume the DAX futures price is 24,000 and one lot represents €25 per point. The notional exposure of one lot is:

For the minimum position of 0.25 lot:

What Moves the DAX 40 Index?

European Central Bank Policy

ECB interest-rate decisions affect borrowing costs, bond yields, the euro and the valuation of European companies.

Lower expected rates can support equity valuations, particularly when inflation is under control. Higher rates may pressure companies with high financing needs, although banks can sometimes benefit from improved lending margins.

German Economic Data

DAX 40 analysis commonly includes:

• German GDP;
• consumer price inflation;
• industrial production;
• factory orders;
• exports and imports;
• unemployment;
• ZEW economic sentiment;
• IFO business climate;
• manufacturing and services PMI.

Weak German data does not always make the DAX fall. Investors may interpret weaker growth as a reason for the ECB to reduce interest rates.

EUR/USD Exchange Rate

Many DAX companies generate revenue outside the Eurozone. A weaker euro can increase the euro value of overseas revenue and make German exports more competitive.

A stronger euro may create the opposite effect, although the impact differs by company and its currency-hedging policy.

US Stock Markets

The DAX often reacts to movements in the S&P 500, Nasdaq and US futures. German multinational companies are exposed to global risk sentiment, technology demand and the US economy.

A strong US equity session can support the DAX, while a sharp Wall Street sell-off can pressure European markets.

China and Global Manufacturing

German automotive, industrial, chemical and engineering companies depend heavily on international demand. Chinese growth, manufacturing activity and consumer spending can therefore affect the DAX.

Automotive Industry

Mercedes-Benz, BMW, Volkswagen, Porsche and automotive suppliers can be influenced by:

• electric-vehicle demand;
• Chinese competition;
• tariffs and trade restrictions;
• battery and raw-material prices;
• vehicle sales;
• emissions regulation.

Energy Prices

Germany’s manufacturing sector is sensitive to electricity and natural-gas costs. Higher energy prices may reduce margins for industrial and chemical businesses.

Company Earnings

Large DAX constituents can move the entire index when they publish results, update guidance or announce major restructuring.

DAX 40 Trading Hours in South Africa

Different DAX-related instruments have different trading schedules. Traders should distinguish between Xetra cash-market hours and the hours offered for the FxPro futures CFD.

Xetra DAX Hours

The main Xetra session runs from 09:00 to 17:30 German time.

South Africa remains on SAST throughout the year, while Germany changes between CET and CEST. The South African equivalent therefore changes seasonally.

FxPro GER40 Futures CFD Hours

The FxPro contract page lists trading from approximately 00:30 to 20:00 GMT, Monday through Friday. Converted to South African time, this is approximately 02:30–22:00 SAST.

Best Time to Trade DAX 40 in South Africa

There is no single best time to trade DAX 40. The preferred period depends on the strategy:

• Opening-range traders may focus on the first hour after the European cash-market open.
• News traders may focus on German data, ECB announcements or the US market open.
• Liquidity-focused traders may prefer the overlap between European and US sessions.
• Swing traders may use four-hour or daily charts and avoid short-term session noise.

DAX Futures Expiry and Rollover

DAX futures contracts normally expire quarterly in March, June, September and December. FxPro symbols identify the relevant expiry month.

A futures CFD does not remain open indefinitely. Before expiry, the trader may need to close the current contract and open the next contract if continued exposure is required.

Rollover Price Difference

The new contract may trade at a different price from the expiring contract. This does not necessarily represent an immediate profit or loss opportunity. It reflects the different time to expiry, expected dividends and financing conditions.

Traders should check FxPro’s specific expiry and rollover procedure instead of assuming that positions will always transfer automatically.

How to Trade DAX 40 with FxPro

1. Visit the official FxPro website and register or log in to FxPro Direct.
2. Complete the required profile and identity verification.
3. Create a compatible live or demo trading account.
4. Open the platforms section inside FxPro Direct.
5. Select the platform linked to the account.
6. Search for GER40, Germany40 or the active contract symbol.
7. Confirm that the selected instrument is the spot CFD or futures CFD required.
8. Check the contract month and expiry date.
9. Review the current spread, margin, minimum lot and trading hours.
10. Calculate the euro value per point.
11. Select a buy or sell position.
12. Set the intended stop-loss and take-profit.
13. Review the total exposure before confirming the order.

Instrument availability can differ by platform, account type, regulatory entity and jurisdiction. The symbol shown in one account may not be identical to the symbol available in another.

A demo account can be used to practise GER40 order placement and DAX point-value calculations before risking real funds.

DAX 40 Trading Strategy Example

The following DAX 40 strategy is an educational example and not a current trade signal.

Hypothetical Bullish Breakout

• The DAX futures contract trades between 23,800 support and 24,000 resistance.
• The daily trend remains bullish.
• European economic data is stronger than expected.
• The contract closes above 24,000 on increased momentum.
• The price retests 24,000 and remains above it.
• A hypothetical buy entry is placed at 24,020.
• A stop-loss is placed at 23,960.
• A take-profit is placed at 24,140.

The stop distance is 60 points, while the target is 120 points. This produces an illustrative risk-to-reward ratio of 1:2.

Failed Breakout

If the DAX briefly trades above 24,000 but closes below the level, the breakout may have failed. Buying the first price spike can expose the position to a rapid return into the previous range.

Technical levels must be calculated from the current chart. The prices in this example are not current support or resistance levels.

DAX 40 Fundamental and Technical Analysis

DAX Fundamental Analysis

DAX Technical Analysis

DAX 40 Risk Management for South African Traders

The relatively high value per point means that risk calculations are essential before entering a GER40 trade.

Risk Calculation at the Minimum Position

If €312.50 exceeds the trader’s acceptable risk, the position cannot be made safe merely by depositing less margin. The minimum contract size may simply be too large for that account.

Main DAX Trading Risks

• Leverage risk: a relatively small margin controls a large notional position.
• Minimum-contract risk: 0.25 lot may still be too large for a small account.
• Gap risk: the contract can reopen beyond the requested stop-loss.
• Economic-news risk: ECB and US data can produce rapid moves.
• Expiry risk: the active futures contract has a fixed closing schedule.
• Basis risk: the futures price can differ from the cash DAX.
• Currency risk: results in euros may be converted into ZAR.
• Spread risk: spreads may widen during volatility.
• Slippage: a stop-loss is not a guaranteed execution price.
• Correlation risk: several European or US index positions may represent the same underlying market exposure.

How EUR/ZAR Affects DAX Trading

The DAX futures CFD is denominated in euros. South African traders measuring their performance in rand must consider the EUR/ZAR exchange rate.

Profit Conversion Example

The same euro profit is worth more rand when the euro strengthens against ZAR.

Loss Conversion Example

The exact conversion method depends on the account currency and applicable platform conditions.

DAX 40 Pre-Trade Checklist

• Confirm whether the selected instrument is a spot DAX CFD or a futures CFD.
• Check the active GER40 contract month and expiry date.
• Verify the minimum position and value per point.
• Calculate the euro risk between entry and stop-loss.
• Convert the potential loss into ZAR if necessary.
• Check the live spread and margin requirement.
• Review German and Eurozone economic events.
• Check whether an ECB announcement is scheduled.
• Monitor US index futures before the Wall Street open.
• Review major DAX company earnings.
• Confirm that the market has not entered closing-only status.
• Set the stop-loss before confirming the position.
• Avoid increasing the stop distance after entry without recalculating risk.

The checklist cannot prevent market losses, but it helps reduce errors involving the wrong contract, expiry date, lot size or point value.