Welcome all Short Sterling Traders!!!

TheBigDog said:
@Bruce...

I never saw SS when it was oringally full tick.What I have noticed is how much better the market is now that it is Full-tick. Previously nothing in the spreads would trade. there would be 3000 thousand contracts on a bid...be hit by 100 and they would all disappear. Now you have a situation like athe other day when someone sold 5000 9's in z9h10 and there were still 1000 on the bid after...this happens all the time and its great to see.

I have a sneaking suspision that SS is alright for us small locals but as soon as you try to do 250+ contracts you get screwed because the market is run by a select few banks/houses and they all know whats going on. Because of this the market gets massively skewed whenever one of them is putting on a play in a spread. For example m9/u9 going from 6s to pars when the contract was rolled over. its why spreads go too far out of whack.

Any way thats my 2 cents. At the end of the day tho the market is much much better with full ticks...altho there aint much free money
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In theory it should be better full tick for us. You can lean on paper orders in the fly book, calendars, skippers etc and if you can leg up a tick better than the paper order - @ £12.50 rather than £6.25 - well it can only be good. That's as close as it gets to free money as it gets I reckon. It just wasn't worth taking the minimum price movement out when it was half tick unless you were trading for free.

I'm gald the full tick is back bigdog but the markets have been sh1t recently, across the board nearly (fx excepted perhaps and bonds). My mate is day trading the FTSE and he says volume is rubbish. Just hope that some risk comes back onto the table sooner rather than later.

At the moment there are only a couple of opportunities a day to get anything decent on. If you miss them then it's a waste of a day. Yesterday I made all my ticks on a fill at 17:40. Was half tempted to go home early as it was so quiet. Patience is the key I guess. And a stacked order book. But we all know the risks associated with that
 
250 contracts in short sterling is not a problem at all...

I think you'd have to put on 5000 to be obviously noticed, and that by locals, not the banks - the banks basically don't trade any more, except to hedge. Although you do need to work orders above say 1000 lots I would think.
 
brucemole said:
Don't stay out of the wites per se. I normally punt the front box and front fly in small. But as sterlingtrader says you would expect more stabilty further out. You can build a postion in reds and greens with a degree of safety - its harder to run a position offside in the whites as your downside is potentially much greater.

In saying that the last year/18 months has seen much greater volatilty in the back of the curve IMO.


I haven't seen my limits reduced sterlingtrader, touch wood. Have yours been severly cut?
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You guys never do outrights then? I much prefer outrights, although I do trade the spreads as well. Probably traded flys about five times in my life and proud to say I've never touched a box :)

And when it comes to outrights I think the fronts are easier as at least one can reasonably have a fundamental view on them that links into the order flow. Past mid reds I don't think fundamentals can have anything to do with anything...
 
arabianights said:
250 contracts in short sterling is not a problem at all...

I think you'd have to put on 5000 to be obviously noticed, and that by locals, not the banks - the banks basically don't trade any more, except to hedge. Although you do need to work orders above say 1000 lots I would think.
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you're working 1000 clips arabian?

Would love to be able to trade outrights as my commisions are a large chunk out of my p&l. Just never got comfortable with them
 
unfortunately. you can't share some of yours can ya? maybe you could work some orders for me. you sold those u9z9h0 8's for me yesterday right?
 
brucemole said:
At the moment there are only a couple of opportunities a day to get anything decent on. If you miss them then it's a waste of a day. Yesterday I made all my ticks on a fill at 17:40. Was half tempted to go home early as it was so quiet. Patience is the key I guess. And a stacked order book. But we all know the risks associated with that
Click to expand...

this is so true... you dont get any second chances, but its the same in Euribor. you defo do wait all day for one thing.


Also i dont do many outrights. as I once heard someone say you have to get outrights correct about 7 times out of 10. When you call it right you take 1 or 2 ticks...and when you take a loss its a lot more...
 
TheBigDog said:
this is so true... you dont get any second chances, but its the same in Euribor. you defo do wait all day for one thing.


Also i dont do many outrights. as I once heard someone say you have to get outrights correct about 7 times out of 10. When you call it right you take 1 or 2 ticks...and when you take a loss its a lot more...
Click to expand...

with all due respect disagree with that.

Out of interest what is everyone's biggest position in an outright or a calendar? whether it be on purpose or not :)

I'm bored.
 
TheBigDog said:
this is so true... you dont get any second chances, but its the same in Euribor. you defo do wait all day for one thing.


Also i dont do many outrights. as I once heard someone say you have to get outrights correct about 7 times out of 10. When you call it right you take 1 or 2 ticks...and when you take a loss its a lot more...
Click to expand...

Unless you are Peter O'Toole :cheesy:
 
gooseman said:
with all due respect disagree with that.

Out of interest what is everyone's biggest position in an outright or a calendar? whether it be on purpose or not :)

I'm bored.
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it definitely wasn't any position i've had lately. i've become a bit of a pussy.

500 boxes was the largest, so the largest 'leg' would have been 1500 lots. the funny thing is i wouldn't have been even remotely worried about this position and would have slept like a baby. if i had that on now i'd be leaving little brown stains on my underwear.

the largest outright position was 150, and that was strictly to leg up a 12 month spread.

let the p*ssing contest commence.
 
I only do pissing contests with retail traders cause then I can win ;)

I may be able to win a contest for most ticks per lot on in a minute (39 in Euroswiss)... but anyone who was there during the December sterling stop will beat me handsomely :D
 
arabianights said:
I only do pissing contests with retail traders cause then I can win ;)

I may be able to win a contest for most ticks per lot on in a minute (39 in Euroswiss)... but anyone who was there during the December sterling stop will beat me handsomely :D
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funnily enough i was long some outrights (small) when sterling got sold down 100 ticks in dec. luckily i was at the gym at the time or else there would have been some more of those brown stains i mentioned.

and i thought i wouldn't have any stories to tell my grandkids.
 
accidentally 1500 and on purpose probably 250/300 something like that.....as a local that is.
 
never did a sim. was in the low vol days when you could load up in front months ;-)

never been more satisfied with a scratch in my entire life
 
gooseman said:
never did a sim. was in the low vol days when you could load up in front months ;-)

never been more satisfied with a scratch in my entire life
Click to expand...
i see. i take it you got filled on your entire working order unexpectedly. must have made your heart stop when you read your fill alert
 
correct. nigh on filled my pantaloons. look at your fill box and expect to see 20/1500 and realise it actually says 1500/1500.
 
i can imagine. good job to scratch. i hope you have a gone in at liffe to help you out with the costs for the round turns.

does anyone think that teh u9z9 seller is going to work his magic on the 22's and those u9z9h0 6's are going to be a distant memory?
 
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