Quick pic I took of the trading floor where I work.
Realised I can now spot 7 cups of tea, yoda, some loo roll...!

I always wonder why these people don't work for themselves?

Yup, that'll do it.

So how do you like the training so far? The usual drill, stay in the market all day just scalping off the DOM, calculate the hedge ratios, or what? If you can't say thats cool. Are they're many prop shops in the UK?

I've not been btw, but have quite a few friends that have either tried out and been accepted or declined for personal reasons. All in Australia.

XS

I always wonder why these people don't work for themselves?

Not training, been at this place for 4 years now, another prop house for 4 years before that, and a lot of these guys have been trading longer than me. Lot of different backgrounds and hence styles.

Used to be a lot of prop shops in and around London, but far fewer now, many new ones keeping a lower profile, many taking on only experienced traders, and many having a toe in algorithmic or systematic trading.

Many Auzzies who trade/learn here and then go home seem to find it tricky to trade European or US products in the same way because of the speed. Are you referring to prop trading houses in Auz? Trading Auz products like SPI etc?

Yes, i was thinking of Propex...Mostly they trade the bonds.

Yes the SPI is like watching paint dry, the bonds similar...

XS

See you're out in Shanghai. Have wondered what it might be like for prop traders out that way? You're trading the Dax on Eurex so I'm guessing you must be trading a bit longer term. Do you find the Hang Seng moves in a similar way? What about the Shanghai Composite SSE (is that right?) How does that trade?

I haven't met any here, although there is a chap moving here soon from Australia. There are shops in Shanghai, the TradeTheNews rep has visited them before.

The Seng is a monster. I have a friend that is likely the largest Australian directional trader on the Seng, he's been at it for five years now think, just after the volume dried up on the SPI he moved over to the Seng.

I have another mate that's training on the Seng, he made the cut for the Shop, but couldn't afford the rent in Sydney, so he got funded through family and is trying to make a go of the Seng with some help from a bunch of us that have traded it before.

I can't get good data for it, so i gave up completely. The NK isn't too bad lately, bit more volume on that now. But yeah, the Dax is pretty much my favorite.

What do you trade most of the time?

XS

Hadn't heard of them before.

Wondered for a while what the Hang Seng would be like to prop trade directionally. And the Kospi and Nikkei. When you're looking at the NK, I'm guessing you're looking at the SGX listed contract? And the Seng listed on HKFE? How would you say the Seng and NK are on depth and volume if you had to compare them to products I might know?

Hmm, was doing gilts/bunds 10 year stuff really with the odd bit of equity index stuff. More recently it's been oil though.

The Seng is like a thin Dax, five levels though. Some days are good volume days but the big boys can sweep many levels very easily...it moves very fast, you need like a 20 tick stop. The Kospi is real nice, but no data...hoping AMP gets it soon. NK that i trade is the Yen denominated SGX contract, like a thick Dax...

XS