Becoming a Trader in Dublin

antgal23

Hi folks

Thanks to the OP for starting this thread!

One question

What type of firm / trading should I try for?

I have been demoing for 5 years, developed an entry + exit plan based on TA and read a few books on trading psychology. I am BE trader on demo. I trade from 12 currency pairs on the Daily and Weekly TFs.

Plan is to do a short trading course in 2015 (to understand role of fundamentals,account keeping and risk amongst others) move home and get into trading.

As a trader I am more methodical than spontaneous so don't find smaller TFs attractive. I think trading from a choice of 12 pairs is difficult (options are few) and would want to get into other markets. This year I have only taken 12 trades.

Thanks

For ever odd

antgal23 wrote: »

One question


As a trader I am more methodical than spontaneous so don't find smaller TFs attractive. I think trading from a choice of 12 pairs is difficult (options are few) and would want to get into other markets. This year I have only taken 12 trades.

Thanks

Do it, prove it and if that doesn't work.... Just keep making money

greenhoff

mono627 wrote: »

No that would be on the high side.

Depends on the trader and depends on the company.

Hi there, can youy explain a bit more about how that Margin allocation of 40K works? If the exchange requires around 4000$ for 1 lot of WTI CRUDE (CL) for example does that mean you are allowed to trade up to 10 lots of CL? or is that 40K your draw down allocation or loss limit per day.

Appreciate your answers and your time

Thanks

ixus

greenhoff wrote: »

Hi there, can youy explain a bit more about how that Margin allocation of 40K works? If the exchange requires around 4000$ for 1 lot of WTI CRUDE (CL) for example does that mean you are allowed to trade up to 10 lots of CL? or is that 40K your draw down allocation or loss limit per day.

Appreciate your answers and your time

Thanks

It's kind of all them. If you hit -40k on one day you'd be done/ require more margin. The size you trade with is relevant to the funds you have behind it. As would be your daily/weekly/monthly risk.

You don't want to be risking all your capital on one trade or a days trading. Basic enough stuff.

10lots in CL would be quite manageable with that reserve. Margin rate changes if you do/don't hold overnight or spread it against a similar market e.g. CL January-February or CL v Brent. Lots of variables!

AKS

Hello.
I know this thread has been inactive for a while, but could some of the traders here tell me what assets do the prop firms trade? I know Susquehanna is/was big on options ( at least Jeff Yass was when he founded them ) and Positive makes a lot of 'low payoff, high probability' trades ( somewhere on their site ) without explicitly mentioning what constitutes their trading. Futures, options, stock, fx, swaps - do any of the firms have preferences/lean towards a specific asset? Thank you.

ixus

Anything in the futures, options, etfs and cash markets that is liquid enough generally. Commodities, equities, fixed income, fx etc

AKS

Just one more thing - what Idu described sounded like the routine of a discretionary trader. If you're working for an algo firm, how is the time broken up between trading and coding? Do you spend time coding, backtesting, implementing instead of 'trading'? Or do you switch from one to the other? Also, what's the predominant coding language in the firms? C++/C#/Python ? Thank you.

Yeager101

Hi all,
I have been trading for about 8 months now on a margin account. Im interested to know what type of margin trainees are given in GT, Tower or Myriad when they go live.
Good chat here all, thanks to the traders who contribute.

ixus

Generally speaking, you are given a downside limit on the amount you can lose/retrace in a day e.g. 1/2K The size you trade with is reflected by this.

As you display an ability to manage your risk and make p&l, your downside and the size available to trade grows.

You start out in a simulated live trading environment, show your ability while making mistakes and, earn the right to trade live

Solomon Pleasant

Hi guys,

First of all, thanks very much to the senior traders for volunteering their knowledge - it's extremely insightful, interesting and informative.

Throughout the thread, showing a passion for trading has been repeatedly mentioned as a way of helping to secure employment as a trader. What ways would you suggest to do this?

What exactly is assessed in the maths aspect of interviews? What kind of maths do they assess and how should I prepare for the mathematical aspect of an interview?