Hi I have successfully traded he spot fx market for the last 6 years prop trading for a bank. I will be relocating to Toronto in the next few months and was wondering if anyone knew any prop firms in the area who were hiring. Not just fx but i wud also look at equities and futures firms. any help at all wud be great. cheers
Tell us more about your "prop trading for a bank" so that we can suggest something close to your previous job.
i traded spot fx on a relatively short term basis looking for 10-20 points a move, generally in the majors but alos the zar and the skandis. generally worked off a p+l target of 5k a day working off 2-3 million usd. also used some short dated option stuff. there was no flow business but the set up was top class with bloomberg ebs reuters dealing etc which is obviously a huge advantage. Basicly I was just wondering of there were any prop firms around interested in using this sort of approach to trading.
I'm a retail customer of the broker Questrade, and I found out recently that they own a prop firm. It's stocks only, and uses the Sterling platform. I don't know enough to comment whether they're good or not, but just wanted to bring it to your attention. They don't advertise so it's easy to miss them. If you call Questrade they'll be able to provide more info.
cheers for ur help, i guess my trading style is short to medium term and based mainly on price action. I look at short term 1 5 and 30 minute charts also and fibonnacci retracement levels to help locate my entry levels. I look at all ccy pairs and prob do about 30-40 trades a day. I used to work of a daily s/l of 20k and a monthly s/l of 80k but haved moved teams now to the longer term side and now work off a monthly stop of 150k. to be honest my teadng style is pretty simeilar still and i look for 20-50 point moves in eurusd usdjpy and simialr returns in other things. In the current market I have started using smaller amounts and running them for longer because the ntraday ranges have been particularly savage. I also think its vital to keep tite stops and on the occasion when i run stuff overnite or longer term looking for a breakout I will always leave trailing stops. As we all know tho it can get messy but overall I have only ever had 3 down months in the last 5 years and they were relatively small and i have prob averaged about 1 mio USD profit a year in that time.
Irish88: Thanks for the feedback. I know a currency shop near los angeles I am considering joining. All interbank spot trading. I think someone like yourself could do well there and run a fund.
thx, sounds fun. let me know the name of it if you know. mite be some strange hours over there on the west coast too. may have some visa probs in the USA though I think. i do have a visa for canada tho. but that is exactly the sort of thing I am looking for.
Irish88: May be changing the name and relocating because it was open to the pubic and the city fathers in this small town thought there was money laudering going on and you needed a specific license to trade currencies. Anyway, the owner is a good guy and has been trading a long time. Will send him some info on your interest. Send a resume if you have one. They trade from 3: am til noon California time.