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Transitioning to markets available in Australia's time zone
- Thread starter CanOz
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Re: A transition to ASX Intraday Equity trading
Surely within a trader's price range newt?
Choke!!
Surely within a trader's price range newt?
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CanOz
Home runs feel good, but base hits pay bills!
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Re: A transition to ASX Intraday Equity trading
That's got to be 4-5 million?
On a positive note, I may have a couple of new choices. To join either a prop firm for their training program, or learn how to trade spreads with a mate that is a prop trader as my mentor.
The first option may be in Sydney, for on site training. Not sure how practical that might be.
The second option is quite interesting. This guy has the time to teach me and he's got years and years of experience in the field. I can work from my office. This would be on energy spreads initially, but there are endless opportunities for index spreads, commodities etc.
The prospect of trading spreads with a mentor is quite compelling. It's something I've been interested in for a while now, but having a mentor can be a game changer.
I'll decide over the weekend, I have calls with both parties tomorrow afternoon.
Surely within a trader's price range newt?
That's got to be 4-5 million?
On a positive note, I may have a couple of new choices. To join either a prop firm for their training program, or learn how to trade spreads with a mate that is a prop trader as my mentor.
The first option may be in Sydney, for on site training. Not sure how practical that might be.
The second option is quite interesting. This guy has the time to teach me and he's got years and years of experience in the field. I can work from my office. This would be on energy spreads initially, but there are endless opportunities for index spreads, commodities etc.
The prospect of trading spreads with a mentor is quite compelling. It's something I've been interested in for a while now, but having a mentor can be a game changer.
I'll decide over the weekend, I have calls with both parties tomorrow afternoon.
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CanOz
Home runs feel good, but base hits pay bills!
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CanOz
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Re: A transition to ASX Intraday Equity trading
Well after a few weeks of consideration, I've decided to pursue the energy spreads with a mentor. If i went with the Prop firm's training and it worked out, i'd have to relocate to Sydney. That's not an option right now.
At the same time i'm going to try and develop and test a longer term position trading strategy for currencies and commodities. This is also something I've wanted to do and couldn't because of the time required to trade intra-day. I've got some ideas and i just need to formalize this into a general plan, daily routine, risk plan, develop my journal for it and then start trading small size until i have a decent sample of trades to review. I should be up and running with this by next week.
With the energy spreads, i'm having all sorts of difficulties with TT and although the local support is great, they keep pushing me back to my clearer that's overseas....that's a pain. So again i'll have to think about shutting down that account and opening a MacQuarie account....another headache. TT is cheaper for spreading than CQG, by about 600 bucks a month. So i'll go with them on demo mode first before i start trading 1 lots.
So, at this stage, it looks i'm done with outright intra-day trading. This is a bonus really, although i love the analysis i wasn't really thrilled about the opportunities for trading the SPI. The SPI is a multi personality wolf in sheep clothing. Because its heavily influenced by the NK and HKFE markets, its just as likely to switch its bias at the various opens and lunch breaks as its not. I think if you watched it for long enough you could scrape up a handful of plays, but its allot of work for little opportunity really. The Hang Seng and HHI are pretty good markets. I really like the HHI. Its a little thicker and less volatile, but i really struggle to find solid levels to play off of when i cannot get my longer term volume. Also, the IB data is very hit and miss. Its can be very misleading if you're looking for big players to stop a move.
Equities are out as well. Although i might still swing a few CFDs.
I must be the only trader in Australia that has the capital to trade but can't find a strategy and market to trade....most of the time its the other way around. Europe really has the best time zone for all of this...
Well after a few weeks of consideration, I've decided to pursue the energy spreads with a mentor. If i went with the Prop firm's training and it worked out, i'd have to relocate to Sydney. That's not an option right now.
At the same time i'm going to try and develop and test a longer term position trading strategy for currencies and commodities. This is also something I've wanted to do and couldn't because of the time required to trade intra-day. I've got some ideas and i just need to formalize this into a general plan, daily routine, risk plan, develop my journal for it and then start trading small size until i have a decent sample of trades to review. I should be up and running with this by next week.
With the energy spreads, i'm having all sorts of difficulties with TT and although the local support is great, they keep pushing me back to my clearer that's overseas....that's a pain. So again i'll have to think about shutting down that account and opening a MacQuarie account....another headache. TT is cheaper for spreading than CQG, by about 600 bucks a month. So i'll go with them on demo mode first before i start trading 1 lots.
So, at this stage, it looks i'm done with outright intra-day trading. This is a bonus really, although i love the analysis i wasn't really thrilled about the opportunities for trading the SPI. The SPI is a multi personality wolf in sheep clothing. Because its heavily influenced by the NK and HKFE markets, its just as likely to switch its bias at the various opens and lunch breaks as its not. I think if you watched it for long enough you could scrape up a handful of plays, but its allot of work for little opportunity really. The Hang Seng and HHI are pretty good markets. I really like the HHI. Its a little thicker and less volatile, but i really struggle to find solid levels to play off of when i cannot get my longer term volume. Also, the IB data is very hit and miss. Its can be very misleading if you're looking for big players to stop a move.
Equities are out as well. Although i might still swing a few CFDs.
I must be the only trader in Australia that has the capital to trade but can't find a strategy and market to trade....most of the time its the other way around. Europe really has the best time zone for all of this...
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Re: A transition to ASX Intraday Equity trading
I see a lot of me in that post of you CanOz and I don't like it. Both of us need a kick in the bum sometimes. Right now you need one more than me. All you seem to be doing is looking for difficulties. Accept that the internet, trading platforms, brokers and liquidity are crap in Australia and get on with it.
This excuse doesn't cut it. If you really wanted to do it, you would have done it by now and be reviewing the results. How about getting this up and running through a journal thread here at ASF? The extra accountability might help.
There are plenty of markets to trade during the day and there are plenty of strategies available. Do you really have a belief about how markets move? Ditch all the fancy indicators. Do you see any structure or repeatable patterns in a basic price chart?
I see swing highs and swing lows. They're easy to spot. I define the trend using these swing points. Once the trend is defined all I need is a place to jump in that gives me an acceptable RR.
Good luck with the energy spreads. I hope your mentor has a large boot size. Then again, why should the mentor have to get you motivated?
ps: This "kick in the bum" applies to us both. Don't feel singled out.
I see a lot of me in that post of you CanOz and I don't like it. Both of us need a kick in the bum sometimes. Right now you need one more than me. All you seem to be doing is looking for difficulties. Accept that the internet, trading platforms, brokers and liquidity are crap in Australia and get on with it.
This excuse doesn't cut it. If you really wanted to do it, you would have done it by now and be reviewing the results. How about getting this up and running through a journal thread here at ASF? The extra accountability might help.
There are plenty of markets to trade during the day and there are plenty of strategies available. Do you really have a belief about how markets move? Ditch all the fancy indicators. Do you see any structure or repeatable patterns in a basic price chart?
I see swing highs and swing lows. They're easy to spot. I define the trend using these swing points. Once the trend is defined all I need is a place to jump in that gives me an acceptable RR.
Good luck with the energy spreads. I hope your mentor has a large boot size. Then again, why should the mentor have to get you motivated?
ps: This "kick in the bum" applies to us both. Don't feel singled out.
CanOz
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Re: A transition to ASX Intraday Equity trading
How so? You seem to be very focused...
Totally agree with the kick in the butt...I've let the frustration get to me, i'm really out of my comfort zone with intra-day indices. I've got the spreader in my ear telling me how useless i am for wasting time on outrights, i can't trade anything really with IB anymore, my accounts are not yet setup for FX or CFDs....
Its all very de-motivating....
I'll be right, just having a moment...
Appreciate the virtual kick, seriously.
How so?
You seem to be very focused...Totally agree with the kick in the butt...I've let the frustration get to me, i'm really out of my comfort zone with intra-day indices. I've got the spreader in my ear telling me how useless i am for wasting time on outrights, i can't trade anything really with IB anymore, my accounts are not yet setup for FX or CFDs....
Its all very de-motivating....
I'll be right, just having a moment...
Appreciate the virtual kick, seriously.
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Re: A transition to ASX Intraday Equity trading
That's interesting, I noticed those that spread at Propex were very much the same, they swore by it, looked at you a little funny if you traded outrights. I've never understood the point, they say it's just like creating another instrument(trading the spread between two), so why not just trade an outright? I never got into it, could never figure out what to spread and all the ratios and commissions etc. when an outright is just sitting there much simpler waiting to be traded. Whatever works I guess, I've always been interested in it, never gone much further though.
All the best with whatever you choose to do 
That's interesting, I noticed those that spread at Propex were very much the same, they swore by it, looked at you a little funny if you traded outrights. I've never understood the point, they say it's just like creating another instrument(trading the spread between two), so why not just trade an outright? I never got into it, could never figure out what to spread and all the ratios and commissions etc. when an outright is just sitting there much simpler waiting to be traded. Whatever works I guess, I've always been interested in it, never gone much further though.
All the best with whatever you choose to do
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Re: A transition to ASX Intraday Equity trading
I'll add my 2c.
Canoz, you have more bells and whistles than anyone I know! I've been able to trade ASX stocks with a single laptop hooked up to a dial up internet. In fact my biggest ever winner was done this way (AUM, now CDU on 5-7-2006... memorable day that).
Also, any mentor who calls you 'useless' ain't worth the time of day, imo. Trust yourself. You have enough screen hours.
I'll add my 2c.
Canoz, you have more bells and whistles than anyone I know! I've been able to trade ASX stocks with a single laptop hooked up to a dial up internet. In fact my biggest ever winner was done this way (AUM, now CDU on 5-7-2006... memorable day that).
Also, any mentor who calls you 'useless' ain't worth the time of day, imo. Trust yourself. You have enough screen hours.
skc
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Re: A transition to ASX Intraday Equity trading
Spread is very different to outright in the mentality required. You are often selling into strength and buying weakness... your equity curve may be smoother with many small wins but then occassionally you will suffer a large loss. You need patience to sit through further divergence in the spread, and face ongoing question by yourself whether the spread will keep blowing out.
So having a (good) mentor can make a ton of difference... best of luck.
And I was hoping that you will join the limited ranks of Brisbane based equity traders. Please add to the thread title "Considering a transition...." so I wouldn't get my hopes up next time!
Actually, most of the time these people have neither the capital or a strategy. They have somewhere between a fantasy and a goal.
Philosophical question - is someone really a trader without a market or a strategy?
Spread is very different to outright in the mentality required. You are often selling into strength and buying weakness... your equity curve may be smoother with many small wins but then occassionally you will suffer a large loss. You need patience to sit through further divergence in the spread, and face ongoing question by yourself whether the spread will keep blowing out.
So having a (good) mentor can make a ton of difference... best of luck.
And I was hoping that you will join the limited ranks of Brisbane based equity traders. Please add to the thread title "Considering a transition...." so I wouldn't get my hopes up next time!
Actually, most of the time these people have neither the capital or a strategy. They have somewhere between a fantasy and a goal.
Philosophical question - is someone really a trader without a market or a strategy?
skc
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Re: A transition to ASX Intraday Equity trading
Lol. That's what I feel like in the first year of trying to trade full time.
At least you are a well capitalised and seasoned bum. I was an underfunded green bum.
Lol. That's what I feel like in the first year of trying to trade full time.
At least you are a well capitalised and seasoned bum. I was an underfunded green bum.
CanOz
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Re: A transition to ASX Intraday Equity trading
Well some of that was leftover from my Eurex trading and quite honestly watching all the markets go bid or offer at the same time helped me execute momentum trades. There seems to be little useful correlations in that same way here in Asia, except around the opens/closes. Yeah, now in hindsight, all this screen estate is sort of wasted. I'm sure I'll fill it up. Seriously i can scale down as easily as scale up with screens. They are handy though and I'll use a section of screens to look for new ideas whist i keep an eye on trades ideas setting and executing new trades.
Well some of that was leftover from my Eurex trading and quite honestly watching all the markets go bid or offer at the same time helped me execute momentum trades. There seems to be little useful correlations in that same way here in Asia, except around the opens/closes. Yeah, now in hindsight, all this screen estate is sort of wasted. I'm sure I'll fill it up.
Seriously i can scale down as easily as scale up with screens. They are handy though and I'll use a section of screens to look for new ideas whist i keep an eye on trades ideas setting and executing new trades.
CanOz
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Well we've changed the thread title, Thanks Joe.
I'll use this, as Pete Suggested as a bit of a narrated journal of my plan to trade 'something' here in Australia fulltime.
So, at the moment I've settled on a position/swing trading strategy for currencies and commodities.
I'm currently formalizing the trading plan & risk plan. I'm going to try and use Edgewonk as my trade record and journal. i'll give some updates here but i don't plan on posting trade by trade details here as its a little unproductive.
I'll use this, as Pete Suggested as a bit of a narrated journal of my plan to trade 'something' here in Australia fulltime.
So, at the moment I've settled on a position/swing trading strategy for currencies and commodities.
I'm currently formalizing the trading plan & risk plan. I'm going to try and use Edgewonk as my trade record and journal. i'll give some updates here but i don't plan on posting trade by trade details here as its a little unproductive.
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Have you been using it prior to now?
I subscribed for their trial, but ended up giving it the flick as I realised I enjoyed the process of developing my own journal more. That said, I thought it looked very good and had some excellent features - just a bit of a learning curve to go through.
They also had some very good educational stuff they put out that I enjoyed reading.
CanOz
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I started using it when i was trading the Dax, but iwas unbelieveably time consuming. I spent more time on data entry than reviewing trades. I told them that too and asked for something where i could dump from Ninajtrader. They agreed and said they were working on something.
With this strategy i'll have more time to spend on entering trades into my journal and reviewing trades. I have the option of using ninjatrader here too, as i'm using an FXCM account through NT. So i could use NT to dump into a spreadsheet. I many do that yet, but i want to have a crack at Edgewonk first. Agree, developing and owning your own is very rewarding.
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