Fixed income trader goes ES

Discussion in 'Journals' started by nhbtrading, Mar 18, 2010.

  1. Background: Have traded fixed income prop for a firm for 5 years. I have now taken the giant leap of going solo, quitting my job in a few weeks. I have a few year's salaries to lean back on if this shld fail.

    Nhb stands for no holds barred, which describes my trading philosophy - as long as it works, anything goes. I do everything from long term investing to swing trading to day trading. My base is hwvr in short term macro trading, i.e. trading seconds to minutes after govt data is out, on what I believe to be excessive moves. Besides that I also perform the good old art of flo trading.

    I will give this project six months, if I am not profitable after 6 months I will accept that I don't have an edge without the info I get from my professional network, and head back to the office life without any tears.

    I will use a very conservative approach to money management, starting with a maximum open position of 2 lots. Every three weeks I will add one lot to the maximum limit. The purpose is clearly not to try and make a living out of this from day one. I expect the first weeks/months to be a learning period, for which I will have to pay the market off. Hopefully I will get a chance to take some of that back in the future.

    Disclaimer: I am not a native english speaker/writer, pls keep in mind :)

    March 18th result:

    S1 @ 1159.75 B @ 1159
    B1 @ 1159.25 S @ 1159.50
    B1 @ 1159 S @ 1159.25
    S1 @ 1160 B @ 1160.5
    S1 @ 1161 B @ 1160.5

    Total 7 ticks, which is ok, but commission-ratio to profit is too high. I blame this on the fact that this was premier day, and I was very eager to post a small gain.

    I will add funds to the account when needed, the initial 3,500 is not my total available trading funds which is around 150k.

    Account: 3,540.5 => daily p/l 40.4 => +1,157%

    Comment: a boring day in the market, starting off with rumors of imf getting involved in the greek swamp, and continuing with rumors of a hike in the discount rate. ES traded rangebound with low volume.