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Confessions of a Prop Trader


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Confessions of a Prop Trader

  #61 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

May 19th

I'm going to be taking a look at the ZN for a little bit so I'll be doing a few late nights for a while.

It was nice to be back in a liquid market, but it wasn't an easy day for sure.

I hadn't traded the ZN for a little while and there was certainly some size printing. A lot bigger than I remember it.

The Bund had been really weak during the European open but right on the pit open we saw a big buyer really stepping up and buying right at the bottom.

From there on we had quite a bid in the market. There was a nice pullback a bit later and it was a hard market to do anything with other than go with the trend.

We eventually sold off, but I wasn't able to get a piece of that.

Interesting start. Looking forward to the next few sessions.

On the Aussie front we have RBA minutes but there wasn't a lot new. Aussie has been weaker since and XT is a couple of ticks down.


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  #62 (permalink)
London + UK
 
Experience: Advanced
Platform: Proprietary Analytics
Broker: Multiple broker + Multiple feed
Trading: Currently European and US equities
 
sands's Avatar
 
Posts: 443 since Dec 2013
Thanks: 246 given, 227 received

Nice couple trades in there. Got any that didn't go your way you could illustrate for us?

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  #63 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received



sands View Post
Nice couple trades in there. Got any that didn't go your way you could illustrate for us?

Hey Sands

Unfortunately I only got a couple of ticks out of those big buyers. Would've liked more

I did actually get stopped out trying to pick the top.

I don't pick tops and bottoms that much but in the ZN I think it's a good trade.

I also like to wait a bit into the session as usually if there's a trend it's there early.

In this instance I wanted to get short. I like to get short on the other side of the high.

Often if you look at the MP there will be a couple of prices at the top with very little volume and then one with a lot.

The temptation is always to short at that large MP level. However I find price loves to test the highs so I like to wait for a push through and to see size printing into the offer on the other side.

We got that here, however there was just a bit much buying and it ran back through me.

Unfortunately I was right and we did sell off - I just wasn't in it.

Hope this helps.

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  #64 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

May 20th

A tricky couple of days in the ZN.

Last night there was a ton of size printing all over the place and I was really looking for a bit of a pullback from the buying, but there was really no let up.

After we tested the highs I looked to get short after a massive amount of size printed around 265. However we just couldn't sell off and it kept on getting bid up at 250.

I held this one for an 1 hr+ before finally giving in.

Then as we broke higher and there was really only strength (and a lot of weakness in the equities) I got a nice pullback.

Classic spot for me. MP level. Size printing into the bid.

Good for a decent move.

Certainly tricky to trade atm though.

Lessons: Patience is key in this market. Don't step up too early. Be prepared to hold your trades.

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  #65 (permalink)
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
 
kronie's Avatar
 
Posts: 798 since Oct 2009


trentcroad View Post
Hi Guys

Iíve been an Australian based prop trader for a number of years now and Iíve just started trading remotely for a new firm.

Iím starting this journal and a blog to keep me honest.

Iím going to try and keep this thread updated by sharing interesting daily trades as well as speaking about prop trading and delving into the setups I like to use. I also love the psychology of trading and performance so Iíll share my thoughts on the mental game when relevant.

As it stands I trade intraday outright futures focused on:
  • Aussie SPI and the 6A
  • Bund, Bobl and FESX
  • ZN and ZB
My general time frame for holding a trade is usually between 5-30 minutes, however I will take a few scalps here and there depending on the situation. I also trade spreads on a longer term basis or what you might consider to be ďswing trading.Ē

I trade predominately using the DOM and market profile. I also put a huge focus on using the news and market sentiment to find higher probability opportunities. I like to trade markets that have a strong correlation to others as in my opinion they present us with more opportunities.

Being based in Australia we have to luxury of being able to trade a wide range of markets so I'll often trade different markets at different times.

Feel free to comment or ask me anything as Iím more than happy to share my experiences.

Good Trading.

I was so hoping this was a US based thread, with US based experiences. Then I realized, how enlightening it will be to keep up to date with this thread, to see how "prop" is defined for other traders / countries.

I am glad, its only up to 3 pages, instead of more, which means I am getting in, just after this took off, but then again, isn't that how they describe pro traders, who pile into a proven trend and accelerate it even further...

I honestly didn't know that there were proprietary shops offshore to the US, although, when I was with the Bright Brothers, they had traders in other countries. I guess all my knowledge is US centric, and US regulatory perspective, but then again, if one can't make his fortune with what he has before him, how would he expect that more would be put before him.

thanks for sharing, can't wait to see how this thread develops

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  #66 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

Hey Kronie

Good to hear from you.

Yeah there are a few around Asia/Australia for sure.

Focused on all products and markets though.

Look forward to getting your thoughts on things.

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  #67 (permalink)
Australia
 
Experience: Intermediate
Platform: NT7 and Sierra Chart
Broker: Interactive Brokers
Trading: ALL
 
Posts: 61 since Apr 2012
Thanks: 92 given, 15 received

Hey trentcroad

Are you still trading the SPI after staying up to trade ZN??

If so, curious how you are managing your concentration after a long night in US markets?

Cheers

MS

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  #68 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received


Market Sniper 88 View Post
Hey trentcroad

Are you still trading the SPI after staying up to trade ZN??

If so, curious how you are managing your concentration after a long night in US markets?

Cheers

MS

Hey MS

No I'm not trading the SPI for the next week. It's just too tough to put all those hours in.

I think you need to be even more focused with the SPI as the moves are faster.

I'm putting a lot of time into XT and YT too so I'm still focused on the action. Just not trading it while I'm doing the late nights.

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  #69 (permalink)
Sydney, Australia
 
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

May 21st

Interesting yet quiet days trade in the ZN.

We started with a weaker tone as Bund was dragging us down after a poor auction.

We ended up pushing lower on the open and pulled back a touch before a big MP level got established at 250.

I traded this twice but we never really broke through. I made 2 ticks on each in very rangy fashion, before we finally got a push lower.

We had FOMC minutes out later in the day and that is always going to help things stay a bit more range bound, so I adjusted my expectations accordingly.

A bit later in the day I took another pullback to the MP range which was now at 240. In truth this might have been a bit close to VPOC but in reality price just couldn't get up at all.

I was short and luckily we also got a comment from ECB's Weidman that was bearish for bonds.

I would sometimes hold this for a bit more of a push, but all eyes were on the FOMC so I just took my 2 ticks once again.

I actually didn't wait around for the FOMC minutes as I'm still battling the hours a bit and they were out at 4am.

There's sometimes a bit of a chance to get some nice news play on minutes but I felt that my 4am I wouldn't be sharp enough anyhow.

Slow and steady day that's for sure. Just the way I like it.


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  #70 (permalink)
Sydney Australia
 
 
Posts: 8 since Mar 2014
Thanks: 6 given, 8 received


Good to see another Sydney based trader.

I think in our timezone the Kospi is the market to look at. Similar tick value to the SPI but loads more volume - usually 100+ a side and average 150k contracts a side. Or the HK futures if you prefer a bit more volatility.

Bit confused, you said you were trading remotely for a firm, but then also talking about using AMP as your broker. I'd have thought your firm would get you onboard some decent rates due to the group buying power?

anyway, just saying hello, and posting so I can subscribe for further updates.

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