Tuesday, 21 May 2013

Typical Day At Prop Trading Firm

I thought it would be a good idea to post about my typical day at the prop trading firm. Refreshing the mind of my readers, I am currently working at a prop trading firm dealing with futures of stock indexes. As there is limited number of firms in my country, I will not talk about the specific product I am dealing with.

I am only doing the morning shift and is simply taught how to trade in the morning markets. Morning and afternoon market movements are vastly different. I do look forward to trading the whole day in the future but for now, I am satisfied with just 1 time slot due to my schedule.

Due to the firm being relatively small, the house rules are not especially stringent. Therefore, I feel that I can make a real difference to the company should I continue persisting in this job. The company has about 10 traders, of which around 5 are trading live accounts.

0600HRS: Wake up for the day. Exercise and wash up

0650HRS: Eat breakfast and prepare to go to work

0800HRS: Reached office, start up computers and prepare the proprietary trading software

0810HRS: Prepare for the opening of the market

0815HRS: Market opens

From 0830HRS to 1230HRS: Will be watching the market and doing some data entry and seeing how the market moves

1235HRS: Morning market closes, prepare to go home

1245HRS: On my way home

My schedule at this prop trading firm might shock many. I was shocked myself as we do not really have a morning brief about the market movements, and many times, the traders are really quiet and not doing any trades. However, since the MD is the one doing most of the trades, I believe there is in fact good experiences to be gained here.

My goal is to start trading a mock account in 2 weeks time, and understand the prop trading software really well. Hopefully, by the end of this year, I will be assigned a live account and start making some real money for the company.

I will post regular updates about my experience and hopefully, people will be able to benefit from my live experiences.

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