NoRhino's Trading Journey

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Old Apr 2, 2010, 7:31pm   #1
 
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NoRhino's Trading Journey

Hey guys,

I have seen a few journals/blogs about people trading at a proprietary firm, but none which have followed someone from the very start of training, i.e day 1. I myself was looking for a blog a couple of months back to give me an insight while I considered quitting my job as a software developer, but never found what I was looking for. I wasn't after the analysis of the market for the day, I was wanting to know what kind of journey this would really be. I am hoping this journal will help those who are considering taking up trading but still entertain the ones who like to follow someone else's progression.

I am 23 and a graduate in computer science, I am the kind of guy who gets heavily into something (perhaps addictive personality) but who also loves to be clubbing with friends, pretty lazy outside what I want to be good at and needs a ton of sleep lol.

I see trading as my second project to master, the first was poker. It took me 4 months to make my first $5000 in poker before losing all of it back over the next 2, where I found myself broke. I went on to play profitable poker for well over a year or about 300,000 hands and paid for tuition fee's and living costs with poker winnings, I came out debt free from university I was quite poor but was truly thankful to be able to make consistent money from the game and teach others around me. Below is my net profit from 888/pacific poker, I made a smaller amount on sites such as pokerstars etc.

Click the image to open in full size.

I soon burnt out from the game after graduating and lost all ambition to improve and quickly found a job as a programmer. During that time I was becoming heavily interested in the markets and global politics. I have always wanted to do a big bet on something with a ton of risk and I thought this time was the best chance I would get, as I was single and living at home. I leveraged myself with IG and put up everything I had (5000) and on 4th feb (I recall) there was negative news about US jobs, more jobs were lossed than expected, not to my suprise. I saw this as good for gold and hadn't considered closing my bet after reading the news. Thinking about it now, it seems the US stock market plumets for obvious reasons and this causes a flood into the dollar, gold generally has an inverse relation with the dollar as it's priced in dollars so as the dollar strengthens and people also go to the dollar because of risk etc, gold takes a nose dive and people are probably shorting it too... I hadn't tied all this together, I was just bullish on gold for the very long term. Gold was already down on me and after the $45 drop that day I was closed out of gold making me broke for the 2nd time in my life. I was fully aware of the risks and thought I could afford to go broke, as I had a steady job. The following day I got an offer in London to train with a firm and there would be a small chance of getting backed by them after the training. Luckily I have savings tied away that I wasn't fully aware of and although I can make rent payments and whatever without an income I have had to budget myself massively. I do not regret anything and have spent ages mastering money management over the last 2 years and I always understood the bet could definately be considered "stupid" I am just pleased that my ability to control my emotions have really improved since 2 years ago, I hope this will put me in good shape to give myself a good shot at being a successful day trader.

So, I start a training course at a prop house on the 6th of April. I do know roughly what I am trading and what strategies they use but I will write about this once I have more of an insight myself. I do not intend to mention where I am at, but may do at a later date.

I have started to blog this at http://www.norhino.blogspot.com but will update this thread simultaneously, to keep you guys posted.

Updates to follow shortly,

NoRhino
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Old Apr 2, 2010, 8:09pm   #2
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Re: NoRhino's Trading Journey

i'll be reading this one
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Old Apr 2, 2010, 10:14pm   #3
 
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Re: NoRhino's Trading Journey

Very interesting post. Thanks for sharing your experiences in such detail.
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Old Apr 2, 2010, 10:15pm   #4
 
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Re: NoRhino's Trading Journey

Subscribed: Best of luck NoRhino with journal and new job...



Quote:
Originally Posted by NoRhino View Post
Hey guys,

I have seen a few journals/blogs about people trading at a proprietary firm, but none which have followed someone from the very start of training, i.e day 1. I myself was looking for a blog a couple of months back to give me an insight while I considered quitting my job as a software developer, but never found what I was looking for. I wasn't after the analysis of the market for the day, I was wanting to know what kind of journey this would really be. I am hoping this journal will help those who are considering taking up trading but still entertain the ones who like to follow someone else's progression.

I am 23 and a graduate in computer science, I am the kind of guy who gets heavily into something (perhaps addictive personality) but who also loves to be clubbing with friends, pretty lazy outside what I want to be good at and needs a ton of sleep lol.

I see trading as my second project to master, the first was poker. It took me 4 months to make my first $5000 in poker before losing all of it back over the next 2, where I found myself broke. I went on to play profitable poker for well over a year or about 300,000 hands and paid for tuition fee's and living costs with poker winnings, I came out debt free from university I was quite poor but was truly thankful to be able to make consistent money from the game and teach others around me. Below is my net profit from 888/pacific poker, I made a smaller amount on sites such as pokerstars etc.

Click the image to open in full size.

I soon burnt out from the game after graduating and lost all ambition to improve and quickly found a job as a programmer. During that time I was becoming heavily interested in the markets and global politics. I have always wanted to do a big bet on something with a ton of risk and I thought this time was the best chance I would get, as I was single and living at home. I leveraged myself with IG and put up everything I had (5000) and on 4th feb (I recall) there was negative news about US jobs, more jobs were lossed than expected, not to my suprise. I saw this as good for gold and hadn't considered closing my bet after reading the news. Thinking about it now, it seems the US stock market plumets for obvious reasons and this causes a flood into the dollar, gold generally has an inverse relation with the dollar as it's priced in dollars so as the dollar strengthens and people also go to the dollar because of risk etc, gold takes a nose dive and people are probably shorting it too... I hadn't tied all this together, I was just bullish on gold for the very long term. Gold was already down on me and after the $45 drop that day I was closed out of gold making me broke for the 2nd time in my life. I was fully aware of the risks and thought I could afford to go broke, as I had a steady job. The following day I got an offer in London to train with a firm and there would be a small chance of getting backed by them after the training. Luckily I have savings tied away that I wasn't fully aware of and although I can make rent payments and whatever without an income I have had to budget myself massively. I do not regret anything and have spent ages mastering money management over the last 2 years and I always understood the bet could definately be considered "stupid" I am just pleased that my ability to control my emotions have really improved since 2 years ago, I hope this will put me in good shape to give myself a good shot at being a successful day trader.

So, I start a training course at a prop house on the 6th of April. I do know roughly what I am trading and what strategies they use but I will write about this once I have more of an insight myself. I do not intend to mention where I am at, but may do at a later date.

I have started to blog this at http://www.norhino.blogspot.com but will update this thread simultaneously, to keep you guys posted.

Updates to follow shortly,

NoRhino
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Old Apr 6, 2010, 8:16pm   #5
 
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Re: NoRhino's Trading Journey

NoRhino started this thread Thanks for the comments guys.

Today and yesterday I have been feeling a little unwell but nothing too bad, enough to have an effect on me unfortunately so just hoping I feel completely fine tomorrow. So, today was my first day, it was really good and there were a lot of nice people and I met the guy who set the company up and he came across as a top bloke. Today was quite relaxed but we still got a fair bit done, including keyboard and maths tests, group work and general knowledge of the course. We have a similar test tomorrow and a huge chunk of it was on names of people that I didn't know off by heart, so I am going to have to spend tonight learning these. It seemed to catch everyone out as I did quite bad but still got a little above average. The other tests went well especially the keyboard one but I know I could have done a little better overall if I was feeling 100%. Anyway I really like the atmosphere and definitely enjoyed the day and I am looking forward to learning lots more.
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Old Apr 7, 2010, 8:07pm   #6
 
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Re: NoRhino's Trading Journey

NoRhino started this thread I am feeling a lot better today, which is good!

I decided I am not going to go into huge detail about the company or the course structure in general, at least for now as I don't know the view of others at the company. I wouldn't want to upset anyone but I will do my best to provide enough detail.

I continued to be tested and was more pleased with my results today, I managed to remember almost all the names that I was learning last night. I really don't know how I remembered 38 persons names all in a night, including their first name and surname and when many were foreign. Having stayed up learning information and revising topics ready for tomorrow I didn't get much sleep but it didn't affect me much. It's also great to meet successful traders and to hear about the money they are making, it's definitely motivating and just a great atmosphere to be in. My head feels packed full of information right now, we are learning about spreads which we will soon be using. Were focussing on things like bobl, bund, schatz etc. Just to give you some idea. I am finding the course really informative and I am so glad I applied here.

Also it's great to be back in London and to have lots going on around me, I really feel energized, something I haven't felt like in quite a while.
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Old Apr 8, 2010, 9:44pm   #7
 
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Re: NoRhino's Trading Journey

NoRhino started this thread Day 3:

Wow, I am feeling so tired, I barely have time to write this post. Although we finish at 5 or 6, I am finding I need to study right up until I go to bed. I really learnt so much today, especially what scalping with spread trading is all about. Before today I knew the facts but now I can really appreciate why people spread trade. It’s really all about working the bid and the offer and trying to make the spread (or whatever you call it) on one side of your trade so that you could potentially scratch the market right away (i.e. break even trade). Therefore I can see when I start trading it will be about waiting for opportunities and then about execution and speed, or so it seems.

I have improved my mental maths ability but it’s really draining doing it all day, right now I really need to sleep and wake up early enough to revise some figures about bund, bobl, schatz, euribor and so on.
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