|
On October 04 2011 17:36 iansanew wrote:
have you closed your position on the dollar index?
the head trader at the firm is betting on dollar index short on a break of the 80 level.
20 pip target 20 pip stop
20 pip target lol
Different time horizons
I'm going to take some profit before bernanke opens his mouth on the 12th, but i intend to run this for several more months
|
Is anyone here a professional trader at an investment bank or fund or the like?
|
Banks arn't allowed to have their traders disclose any relevant information, and certainly they cant trade their own money
Funds are generally the same
We might see a few guys from prop shops post here as they do a lot of intra-day stuff but for any long term views they could just do it at home
I've worked at a few different banks but only on a summer basis. I do know a few prop traders both intra and long term and a couple of retired traders whom i regularly ask for advice. I met most of them just working at different banks and chatting
Best way to learn imho is just to find out what other people are doing and why
|
On October 04 2011 19:58 searcher wrote:
Is anyone here a professional trader at an investment bank or fund or the like?
those guys probably dont have enough time to post on TL lol
i expect most of the traders in this thread to be independent or from smaller funds
also, prop shops? ive heard of them but unfamiliar. i guess im propping in a way?
|
Can you guys maybe share some of the technicals you use?
I have just gotten into trading and have been a big fan or MACD, RSI, the fib's, various channels, and good ole patterns and trendlines. What do you guys use, if any?
Also, do you guys have any tips for trading forex? I opened a practice account on Oanda the other night, but a lot of the currencies seem to be stuck sideways, or my technical indicators have not been offering much assistance.
Maybe for myself and all the other lurkers, can someone maybe go step by step thru an entire trade? From picking a candidate, to setting an entry/exit, etc.
|
edit: dont think i am allowed to recommend places
as for technicals that i use,
i use pretty much all of them (that you mentioned) when i was manually trading, fibs are actually pretty crazy. amazing how fibs work really.
as for line drawing i only used horizontal support and resistance, trend lines and channels were a bit too subjective for me.
on the automation side, rsi and macd are completely useless for me. ive found they are total trash and cant reliably filter anything. its just noise. but i didnt use them in any convergence/divergence related way so that could be their discretionary value. i also havent found much with respect to overbought and oversold rsi.
|
On October 04 2011 20:39 BrTarolg wrote:
Banks arn't allowed to have their traders disclose any relevant information, and certainly they cant trade their own money
Funds are generally the same
We might see a few guys from prop shops post here as they do a lot of intra-day stuff but for any long term views they could just do it at home
I've worked at a few different banks but only on a summer basis. I do know a few prop traders both intra and long term and a couple of retired traders whom i regularly ask for advice. I met most of them just working at different banks and chatting
Best way to learn imho is just to find out what other people are doing and why
recently at university during a careers event i asked one of the recruitment advisors for a bank, he said you can trade at home. you just cant trade during work. although they mentioned they might be able to make exceptions to automated trading while at work.
|
Also, I am currently beginning to apply jobs and I was wondering where you think someone interested in trading should apply? I've been looking at prop trading firms (but they all require a proven track record and I don't have enough capital to trade, only invest :[ ) and I want to stay away from operations as I've heard it's impossible to transition to the front office and you become a lifer..
Should I try trading forex lightly or just forget about the prop trading firms.
And I'll try to throw some trade ideas up soon so I don't hijack the thread. Thanks again.
|
Avoid anything intra-day unless you are experienced enough to create strategies revolving around including transaction costs which as a retail trader are extremely high
Thats pretty much it - personally i think its important to learn a fundamental understanding of market economics and psychology
Also in terms of technicals, i pretty much look at key moving averages (200 day MA is a big one) fibb levels
I also draw trend channels and trendlines
I don't really look at any other technicals
|
yeah transaction costs are the only thing you are trying to beat. you arent trying to find strategies that work (without costs) because thats easy.
as a retailer, if you can succeed intraday, you are better than the majority of bank traders.
i wish i had direct access to interbank, the things you can do.... but that means i need to work from 6-6....
|
hmm i was browsing around today and i may have found a direct access broker, but there are many brokers who claim true direct market access. ill email them to confirm this is true. if it is, jackpot.
edit: forex, futures has direct market access as a standard
|
On October 05 2011 07:50 iansanew wrote:
yeah transaction costs are the only thing you are trying to beat. you arent trying to find strategies that work (without costs) because thats easy.
as a retailer, if you can succeed intraday, you are better than the majority of bank traders.
i wish i had direct access to interbank, the things you can do.... but that means i need to work from 6-6....
You can goto a prop shop and pay a 4-10k a month desk fee and you will get direct access. You can ask them to set it up so it connects to your home also.
Essentially the prop shops i'm applying for have this as their business model as they start up. It is only in recent times they actually financially back people and produce traders - originally they just provide a platform with direct access.
You also still pay some transaction costs (i think they are very small though, like 1$ a trade)
|
Ok guys so trading update
After our fantastic week, stocks saw a HUGE rally yesterday when bernanke opened his mouth. We also saw dollar drop quite a bit also.
This was quite an unexpected movement, and its setting up some ugly rally technicals - fundamentally i'm still very bearish, however we could be seeing a bear market rally
I have no opinion on the next few days, so i think i might reduce all my positions and just see how the market moves - i'll be very careful about the NFP numbers coming out on friday however! This could be a turning point where we begin to see the big selloff or the false rally.
So for now, i'm going to take a little bit of profit and keep my positions small until i have a bit more conviction.
|
Hi, it's nice to see people sharing their opinions on the market or experience they have had. Are there any websites or forums on trading that anyone could recommend? OP is right in that it's best to learn from looking at what others are doing (and the reasons behind their actions). Thanks for all the great insight so far.
|
I still think we're breaking below the bear flag (or what used to be a bear flag and is now some grotesque H&S). These rallies are coming with such little volume... it's only a matter of time unless something epic comes out of Europe.
IMO.
|
View: tomorrow trichet and BoE will rally markets, NFP will come down on friday and shit goes DOWN
So far i'm glad i reduced all my positions as stuff is rallying, i plan to short at the peak of the rally before NFP comes out
|
On October 05 2011 18:54 BrTarolg wrote:Show nested quote +On October 05 2011 07:50 iansanew wrote:
yeah transaction costs are the only thing you are trying to beat. you arent trying to find strategies that work (without costs) because thats easy.
as a retailer, if you can succeed intraday, you are better than the majority of bank traders.
i wish i had direct access to interbank, the things you can do.... but that means i need to work from 6-6.... You can goto a prop shop and pay a 4-10k a month desk fee and you will get direct access. You can ask them to set it up so it connects to your home also. Essentially the prop shops i'm applying for have this as their business model as they start up. It is only in recent times they actually financially back people and produce traders - originally they just provide a platform with direct access. You also still pay some transaction costs (i think they are very small though, like 1$ a trade)
nice, ill check it out. alternatively i was thinking of setting up with an institutional broker but i would need 1million usd minimum deposit lol
|
![[image loading]](http://i.imgur.com/TW3gw.png)
lol right after the drawdown in the middle i was in hospital. coincidence? im sure it was but others might not agree.
going to receive a big boost in capital soon, will be trading "up to" 20x the amounts im testing now.
at least thats the plan... (personal funds)
then again, my parents have been known to change their minds a lot.
|
Stoxx is getting close to topping out, i'll be putting my short on soon. After reducing my origional shorts at 2140 and then flattening out at 2160, i'll be looking to put it on before jobs numbers
I'm pretty sure that jobs numbers are going to come out lower than consensus, so theres a lot of $$$ to be made there
|
On October 05 2011 01:10 Sweepstakes wrote:
Also, I am currently beginning to apply jobs and I was wondering where you think someone interested in trading should apply? I've been looking at prop trading firms (but they all require a proven track record and I don't have enough capital to trade, only invest :[ ) and I want to stay away from operations as I've heard it's impossible to transition to the front office and you become a lifer..
Should I try trading forex lightly or just forget about the prop trading firms.
And I'll try to throw some trade ideas up soon so I don't hijack the thread. Thanks again.
I currently trade Forex at a small prop firm on Wall st. Do you understand the business? Let me know if you need advice. I've been at several prop firms so far in my career. Most prop firms will let you join as a junior trader, where you trade your own account. After proving competence you typically will be promoted to trading the firm's or a client's account.
As far as prop or retail... you should seriously ask yourself if you want to pursue a career in the markets. If you are positive that you do then you should most definitely go prop, you will learn a lot more and actually meet people. If you just want to dabble then just stick to retail.
|
|
|
|
|
|
EPT
