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Trading Environment

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mickson

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26 March 2008
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Hi All

I recently migrated to Sydney and continue to be involved with a proprietary trading firm I founded. I am currently trading from home, and interact with my colleagues in a different time zone mainly via email.

What I have found being in a new country without my familiar network of friends and work colleagues is that it can be quite lonely. I have always had the vibrant energy of fellow traders around me, and now it is just me and myself.

I would be most appreciative if someone could let me know if there are any office setups that are geared towards traders.

Thanks
 
trembling - do you know of any similiar set ups in Brisbane ?
 
julius said:
trembling - do you know of any similiar set ups in Brisbane ?
Click to expand...

No. There isn't much around in Oz. I know that Propex has a few offsite traders but you have to have a bloody good record for them to take you on offsite. Then if you did would you want to trade with them??
 
Trembling Hand said:
No. There isn't much around in Oz. I know that Propex has a few offsite traders but you have to have a bloody good record for them to take you on offsite. Then if you did would you want to trade with them??
Click to expand...

Exactly, if you were that good, you wouldn't need to work for them!

Sounds like mickson is more after a trading arcade, as he owns his own prop firm already.

Would be interested to know the same questions as TH.
 
MRC & Co said:
Exactly, if you were that good, you wouldn't need to work for them!

Sounds like mickson is more after a trading arcade, as he owns his own prop firm already.

Would be interested to know the same questions as TH.
Click to expand...

No I actually looked at working WITH them a while ago. There are many advantages to using a prop shop. Plenty good reason that go beyond splitting your profit with them. But to trade offsite you need to be able to move BIG volume by the time you are at that point the only advantage is cheap brokerage and depending on trading style that may not be worth it.
 
Yes, I mean to work offsite, if you were THAT good, wouldnt you prefer to trade your own capital (you should surely have a lot) and have complete freedom. Depends on the individual I guess.

No doubt there is a STACK of good reasons to work for them! Including the experience to work with ACTUAL (not fake), top notch, successful traders!

I'm glad to see these actual firms exist! Too many making $$ out of commissions with little ability to actually give successful advice!

For clarification, you trade only their capital if you work for them, at the actual physical location? What is the split between profits? Surely, if you are using their capital, they would get a larger split yeh? Can you also trade your own capital at the same time?

I would be interested in working for a firm like this, once I got my futures trading and strategies more complete (but would be hard to get in yeh?). At the moment, I have a few, but need more forward testing.
 
You trade their capital. I'm not sure they would want me to give out the Financial details here but I got to say its very good. If you are interested and have a ongoing record give them a shot. But don't waste yours or their time unless you got something to show them (a years record??) and its all intraday trading.
 

Fair enough.

I have an ongoing profitable record with consistent trading for only 2 financial years so far. Before that, trading was very sparce, profitable, but not much actual experience.

I also barely trade intraday, but am planning dipping my fingers into the pot in the not so distant future. Only index futures to begin with.

Do you know which methods these guys use to trade intraday? Gaps, nonrepeatar, price/time, scalping etc?
 

They don't tell you how to trade or what market to trade but its all Futures. The idea would be you have a profitable daytrading system that you want to scale up or would benefit from their cheap brokerage. They will help you with risk management etc
 
I think the pro atmosphere at a place like that would do incredible things for your trading account...

day trading is a lonely game
 
Ok, thanks TH.

No doubt you would learn more than you could ever learn yourself in a place like this! Its the big thing Im lacking at the moment, a mentor, hard to find any in Canberra! Takes a lot longer and is a lot harder to learn everything by yourself!

"day trading is a lonely game" - ha ha, hence why ASF is the nest of a few day traders!
 
julius said:
I think the pro atmosphere at a place like that would do incredible things for your trading account...

day trading is a lonely game
Click to expand...

Yeah I spent 2 weeks there and it was fun. Far better than sitting in a room of your house all day.

I didn't get the gig but it was the best failure of my trading career thus far. As the trial went by I got worse & worse. After having a good look at my effort I realised I wasn't a position day trader like I went to them as but a scalper. I have hardly had a down month since that time In fact I haven't if I take full months trading only
 
Good work TH, impressive!

Did you find as the days went on, the pressure made you make brash decisions?

Gathering you had a successful position day trading history to show them before you got your trial?
 
Yeah my record was OK up to then.

During the trial I think I made 40 points each day for the first 4 days which is pretty good trading 1 contract but by the end of the second week I had a heap of trouble hanging on to trades and also entering trades. So I was going nowhere. Also I only had 2 weeks to make good as the offer was to stay in their trading room on the sim for however long it took but I simply couldn't afford to stay in Sydney any longer (I live in Melb) so the pressure was on. Bit of a gun to the head.

I now know that inconsistency is a signal that your not trading to "your" niche.
 
Guys,

Thanks so much for all the feedback, I just joined the site and it is great to know there is good community out there.

I will try out what you guys suggested, I am fortunately in a position to trade my own capital. Will tell you guys my story another time.

Mickson
 

Yeh, time limits make it near impossible!

I also agree, definately important to learn your own niche! One of the most critical aspects I beleive! Still finding mine!

So you were on a simulator? How was the trial determined then? You could stay as long as you want, learn, train and keep going until they beleived you were good for the gig? But you had to fund yourself in the meantime?

Interested to find out your story Mickson.

Cheers
 
MRC & Co said:
So you were on a simulator? How was the trial determined then?
Click to expand...

What do you mean? have you never traded a live sim?

MRC & Co said:
You could stay as long as you want, learn, train and keep going until they beleived you were good for the gig? But you had to fund yourself in the meantime?
Click to expand...

Yeah I wasn't far off but as it turned out the two biggest things it showed me was 1. I wasn't far off 2. what way I should trade. So it was a really good exercise just not for the reason I had hope for when I went up there.

Matthew O'Brein the risk manager has been very helpful since then. If your looking for a trading gig like I said if you have some results these people are well worth contacting.
 

Yes, however, I thought they may want you to trade some of your own portfolio to add in the psychology element.

A trading gig like this would be ideal, however, definately need to gain a lot more experience with futures.

Thanks for the info.
 
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