NoRhino's Trading Journey

This is a discussion on NoRhino's Trading Journey within the Trading Journals forums, part of the Reception category; First Day Trading! So yesterday I didn't even get a desk, I just socialized and watched some people trade. Some ...

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Old May 5, 2010, 6:11pm   #15
 
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Re: NoRhino's Trading Journey

NoRhino started this thread First Day Trading!

So yesterday I didn't even get a desk, I just socialized and watched some people trade. Some guy was up 1k by 11 am.. I saw he was trading pretty big volume until they next day when they sat me next to a guy who is trading like 4-5 times that amount. Everyone is really laid back, a lot of young guys mostly in their twenties all joking about or cursing at the screen ^^. The atmosphere is great and I am so glad almost everyone is wearing casual clothes and that I have been put on a team that gives you a lot of freedom.

So today, I was trading by 12.30 and by 2.45 I had hit my daily profit target, which was insane. I was out with a girl till gone midnight so felt pretty tired and after hitting my target I just laid back and went to the shops and chatted to various people. I left at 4pm and that was my day! No way I expect to just go in and be profitable so I will try and prepare my mind to expect to lose but it was great to have a good first day.

The trades themselves involved going long the June11 TED spread, in the morning the Euribor had shot up and the spread was at a high and I wanted to short it at about 11am but I hadn't been given the all clear to trade. Before I traded the guy I report to asked me what my strategy was and I just said sell 10's and buy 8's and he said great. Then when it broke down to 8 and went to 7, I was trying to buy 6's and the guy came over and goes I see you didn't get the 8's, a good thing too etc. So by the time I got in I had chat with the guy next to me and he kind of helped me establish good entry levels. The 8's became too easy to get too fast and so I kinda of waited to see what would happen. So I went long 6's and sold 6.5's for 1/2 a tick profit i.e 25 euros and was a bit annoyed because 7's were really easy to sell and it soon went bid at 8. I waited for it to retrace as I didn't fancy getting involved around the 8.5 to 9 mark when the high was about 11 and the low 7.5. 1 hour later it had come down and I tried to buy 5's and soon as I got filled on the Euribor I hit enter and picked up 4.5's! and sold them for 5.5. I did 1 other trade profitably but nothing too interesting.

Anyway I will be in at 6.30am and can't wait to trade the open. Today was really crazy what with the rumours about Portugal's ratings and at one point it was so tense having my finger poised on the mouse button whilst everything bounces around super fast, so was very pleased to not get caught.
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Old May 8, 2010, 1:15pm   #16
 
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NoRhino started this thread Friday was insane, I was quickly told what had happened after I left, loads of big stocks had hit 1c and shot back up and the DJ had dropped 900 points and liquidity had dried up immensely and it was so hard to trade. I jumped in at about 7.30 and it ripped through me and I averaged my position for a better price and it continued to go against me... I managed to sell half of my trade for a profit and averaged in again and it still dropped and my profit and loss was printing -500 euros at one point... I made a mistake by buying the euribor but not selling the schatz when I tried to average for a third time and the euribor moved 3 ticks and I sold everything and legged out the schatz, such a messy trade but I was down 238 euros which was a whole lot better than 500!. Considering if you lose 5k or more you generally get asked to leave... but the markets were just mental.

From then I made a series of trades making between 25 to 63 euros and finished -75 euros, which was pretty cool considering. The first 2-3 days of trading went good overall and I learnt a lot and made some money. The graph is a bit weird cause its showing my balance twice between each trade so I actually did 22ish trades instead of 45.

Click the image to open in full size.
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Old May 10, 2010, 1:37am   #17
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Wow a baptism of fire indeed. What are the chances that we'd see the the biggest drop in the DOW since 1987 days after your first trading. Never average down you could have been walking that day alone. I worry about your history with poker I have to say. But nice post I will check back often.
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Old May 10, 2010, 6:34pm   #18
 
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NoRhino started this thread Week 2: Day 1

On the open the schatz plummeted and I watched for 20 minutes before getting involved, the TED spread which had rallied a huge amount looked to be turning as the schatz was retracing and so I sold it, it almost immediately took off again and I was 5 ticks offside and I averaged my position by selling more. It continued to go against me and I dumped it about 2 ticks from my last sell. I fat fingered on my first trade too and was down 675 euros within 40 minutes of the open, which seemed disastrous. The spread continued 10 or so ticks more but I didn't get involved and I waited for the guy I report to, to get in the office to see If I could still trade or not. It seemed almost everyone was down huge amounts. I was told I joined at the best time possible because I am seeing the extreme side to trading and spreading, I just hope my account can take the hit.

I had a chat with him and he said I could trade but soon as I had a losing trade I was to stop. Luckily I put together 5 winning trades and finished around 5.30pm and finished -493 euros, not soo bad considering I was actually showing -800 euros at one point whilst still in a trade...

I felt a little de motivated after losing 500 euros in 1 trade but feel quite positive knowing I can take ticks out of the market, so I just need to work on averaging and knowing when to use it. I have been told I could average up to 3 or 4 times but I still have to know when to puke it and get out the trade. I learned from last time to not average so tightly but the move was just too big and if I continue to average you run the risk of busting your account! Hopefully I'll get the hang of averaging as it is useful.
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Old May 10, 2010, 6:35pm   #19
 
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NoRhino started this thread
Quote:
Originally Posted by Mr Flibble View Post
Wow a baptism of fire indeed. What are the chances that we'd see the the biggest drop in the DOW since 1987 days after your first trading. Never average down you could have been walking that day alone. I worry about your history with poker I have to say. But nice post I will check back often.
Could you please explain why you should not average down. I still feel a little unclear about how good it really is, but I have been told to do it. Yes indeed a crazy time to start
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Old May 11, 2010, 8:01pm   #20
 
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NoRhino started this thread Week 2: Day 2

Spent just over 11 hours at the office, I made steady money but not much. I was already in a trade and was considering buying more but I accidently clicked buy instead of "trade ticket" and I was trying to re-hedge myself at the price I wanted and lean on a number in the euribor, which ever became available first and also trying to scratch the miss-bought lots. It was a lot to think about and I ended up legged and was long on the euribor and there were about 50 on the offer, 6 were mine (2 were filled) but no one was taking them. The guy sitting next to me bought them off me, haha.. but he said he needed them. The range was much much tighter today and I picked the top and bottom almost perfectly, just I only took 1/2 tick each time and I should really have given it room and took at least a tick. Therefore I need to work at letting my profits run for a little longer. Since being down 675 on Monday morning I have recouped over a 1/3 of my losses, which isn't too bad.
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Old May 13, 2010, 5:11pm   #21
 
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NoRhino started this thread Week 2: Day 3 and 4

Didn't get time yesterday to blog, but it was my best day so far! I ran my profits 1 tick which really helped increase my profit for the day. Today was a more interesting day as always I was trading the TED spread, euribor - schatz spread., by early morning I was up 125 euros and then I went long on the low of the day, for a second time, this point had held many times before although it was making lower highs so even though I wasn't as convinced for some reason I got in and someone flipped the euribor and I got filled on the schatz and had to take the next price in the euribor. So I didn't get the price I wanted and I then averaged in when the market was highly volatile, moving between levels rapidly and I averaged in at the same price unfortunately.... I was kinda annoyed and a better price came on so I took that as well. I then was told to unwind my position because it was quite big, so I scratched the last average and took a half tick loss on my second average in. It wasn't really going my way, nor was it really going against me but at one point I was down 300 euros for the trade, so I decided to take a loss. I had infact legged out when I took a half tick loss,otherwise it would have been a whole tick and then I had realised the schatz was going up and down around the same place, so I bought it back at the low of this movement but soon as I did it broke through it and as I was leaning on the bid on the euribor and I hit it just before it vanished. So I took a 1.5 tick loss for my original trade, so 2 ticks overall, which wasn't bad especially considering it broke down further and I got a pretty good price for what was available. It did pop up briefly 1 hour later about 1 tick above where I went long but it didn't last and it soon tried to break through the low of the day.

I saw loads of selling in the euribor (a 5000 lot was sold) and I decided it was pretty weak and sold the low of the day and the schatz moved up 3 ticks and the euribor didn't move. Therefore I had so far sold the euribor and bought the schatz, so I could sell the schatz 3 ticks higher for 75 euros in profit but I would then have to go at market on the euribor otherwise I would be unhedged, going at market and closing the position would give 50 euro loss on the euribor and so 25 euros profit for the trade. Therefore as the offer on the euribor was 5000 (pretty big) I decided to sell the schatz before it retraced back down and I queued on the bid in the euribor, if I got filled I would make 75 euros otherwise if the offer started to go I would get ready to lift it and take just 25 euros. The schatz came back down and the euribor held steady so I decided to rebuy the schatz and it once again went back up and I sold it again and the euribor started to go bid and I lifted the offer and locked in a nice profit bringing me back up to where I was in the morning. This was the first time I had done something quite like that and it makes trading a lot more fun.
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