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Confessions of a Prop Trader
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Confessions of a Prop Trader

  #1 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

Confessions of a Prop Trader

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.

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  #2 (permalink)
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  #3 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received


Here's a recap of today's action.

I'm trading the Australian SPI (which is the S&P/ASX 200 Index Futures), however the information and ideas are relevant to any market.

Holidays are generally good times to avoid as a trader. Certainly Christmas and Thanksgiving can be very poor and Easter isn't great either as I'm sure most of you are aware.

We have a shortened week in the Aussie market so I wasn't expecting huge moves.

However if you're looking to trade during these quieter times here's some thoughts.

There's going to be less people active so there probably isn't going to be the follow through on a breakout. So you can really look for false breaks.

As you can see in the chart we never really looked like breaking out and there were some chances to trade the range.

Some markets are closed just prior to the open, so they present an opportunity for a gap to potentially close. It certainly isn't always going to happen, but if a market has drifted on no real news and it's quiet I'd certainly be looking for a test of the gap, which is what we got here.

Good Trading.

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  #4 (permalink)
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Chicago Illinois USA
 
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wldman's Avatar
 
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Looking forward ...

to following along and learning from your perspective.

Dan

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  #5 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received


wldman View Post
to following along and learning from your perspective.

Dan

Looking forward to talking trading with you also Dan!

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  #6 (permalink)
Elite Member
Sydney / Australia
 
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Broker/Data: AMP
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Good to see a fellow Sydney trader. Well done. Will be following your thread.
Would be very interested to see how you trade the SPI.

Good Trading

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  #7 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received


jthom View Post
Good to see a fellow Sydney trader. Well done. Will be following your thread.
Would be very interested to see how you trade the SPY.

Good Trading

Excellent to have some Sydney folk on here. Good to hear from you!

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  #8 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

23rd April

An interesting trading day overall.

We had some big data out today in the CPI and Chinese Manufacturing which are both important for the Australian economy.

The data isn't released for a couple of hours into the session so I was expecting a slow start.

Interestingly there was some good buying early and we can see the up move prior to the data.

You could see some buying happening on the bid here on the way up and there were a couple of chances to get in on pullbacks.

The CPI came in below expectation, and the market was slow to react. As we were headed toward the highs this was a good chance to enter expecting a test of the highs - which we got.

Then the Chinese data was a little bearish and we sold off. Another clear opportunity to get on the mini trend as there was good selling on the offer.


I thought this was going to go all the way down and test the lows but the selling came to a bit of a holt.

I didn't do much as the day went on as I didn't see much I liked.

Certainly some good spots to trade around the data and with plenty of clear entry points which is always nice.
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  #9 (permalink)
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Futures Experience: Intermediate
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Good to see some Aussies on BM

Hey trentcroad

Looking forward to following the journal.

How do you find trading the SPI nowadays?? Does it seem like the volume gone out of it or still opportunity??

Also, are you trading the A$ through our day time?

Thanks

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  #10 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received



Market Sniper 88 View Post
Hey trentcroad

Looking forward to following the journal.

How do you find trading the SPI nowadays?? Does it seem like the volume gone out of it or still opportunity??

Also, are you trading the A$ through our day time?

Thanks

Hey MS

There is still opportunity but there's no doubt it can be a slow mover at times.

I will use the 6A a bit also as they often trade in sink and that creates opportunities with potential leaders and followers.

I think you have to adjust your strategy for something like the SPI to look for different kinds of trades like that, or for things like false breakouts, because of the low volume at times.

If I see better action in something like the Bund then I put my focus on to that market and trade it in the evenings instead.

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