2018 Trading Account Experiment

Hi all,
Here is the Tuesday update for the three markets (last set out with chart in post# in brackets):

AUD/USD (post #72): Current 7878. We are flirting with danger on our Aussie 7820 short trade as the market tested 7900 today, our stop sits deliberately just the other side of the big figure at 7920. We will give it a chance to wilt at this barrier and will accept being taken out at the stop if it chooses to power on.

EUR/USD (post #72): Current 12404. After getting within 20pts of our 12250 stop, our Euro long has made an attempt to turn around and travel back up its trading range as we hoped, now sitting at 12404 and in profit. We will put an overnight limit sell on at 12450 to see if we can catch a nice 1:1 R:R trade on a thrust up overnight, so:
TRADE #11: CLOSING LIMIT ORDER TO SELL £1/pt EUR/USD at 12450, stop 12250, current open P/L +£54

USD/JPY (post #73): Current 10660. Yen has had something of a roller coaster ride today, at one point we touched 1070 and our long trade was £90 in profit before it fell back in the afternoon. We still stand modestly in profit so we will sit tight for tonight and see if it can have a second run to break through 10700 for us.

Daytrading Update: Just couldn't get in sync with the market today and ended up giving up in frustration with a scratch overall. I never like to try to force trades on days like this because it is more than likely I'll do something silly and regret it - and then compound the error in frustration/revenge etc. I've leaned just to sit through it, watch the market as if it is a practice day and only take a trade if it screams at me that I absolutely must. No such opportunity came along so we just sat it out today but I'm perfectly happy with days being wins and scratches, it's the big losing days I worry about about! We hope for better fortune tomorrow.

OK, order placed, back for an update tomorrow. In the meantime the next post is a further RANT to vent my irritation, appropriately on the topic of how to improve as a trader. The irony for today is perfect...

Account summary (closed trades): Balance £10,003 (0.0%) No. Trades YTD 10

RANT #6 - Separating The Predators from The Prey

Despite the gloomy predictions at the end of the last RANT (post #68) we are still here and now worrying that we need to become a better trader or we are liable to be the prey rather than the predator. How might we go about achieving this lofty ideal?

It all rather depends on what you imagine being a better trader actually means. A pat answer is that good traders make money, poor ones don’t, and therein lies the inevitable wealth transfer that any zero sum game brings, and one that we would like to be on the right side of. How exactly you make the money is, of course, the clever bit.

I deeply regret that I am nowhere near clever enough to answer that definitively for you. However, a few decades of market experiences allow me to offer some potential pointers to steer you toward the correct path. I have already mentioned ad nauseum the most important one: good risk control. If you can control risk and cut losers you have a chance in this game. If not, honestly, don’t bother.

Beyond that, my other worthwhile piece of advice is seek to trade with the trend, the flow, the momentum. By all means, wait for counter trend moves to get involved at more favourable prices if you want but do trade with the prevailing tide. They may well all be idiots out there but their combined buying/selling power is a lot greater than yours. Try not to forget that.

That, sadly, is about it. Good risk control and trade with the trend. They are the two things I have found to have the most enduring value. Make of it what you will and I wish you every success in your trading.

The next RANT will tackle what would be the next item on my list if I were forced to come up with a third piece of advice to be a good trader, that being sound personal psychology and emotional balance.

Hello Marc,
Thanks for your great words of wisdom in your RANT's.

I want to ask you about your intraday trading trading management. Do you have any limits on numbers of trades per day? How many losses do you accept daily and how you decide when to stop?

Let's take the next hypothetical day: you start and take a full loss, next trade is loss too. Do you usually stop or keep fighting? Third trade turns to loss too. Now you have 3 losses for the day, or -3R. Do you stop or continue to trade?

Have you any rules, regarding number of trades, max. number of loss trades etc. ?

Thanks

Hi Ihor,
Many thanks for you kind words, much appreciated, though wisdom is over generous, they are just some distilled thoughts from many years of market experience.

As for my daytrading trade management, you ask some very perceptive questions that get to the heart of the matter. My ambition is to have all days being either winners or scratches so I never go backwards. Obviously in reality I do have a fair sprinkling of losing days but I try to keep them to no more than one net risk amount (essentially 1% of my account) down.

I only ever have one trade open at a time and the dream would be the first trade each day is a full winner and I pack up for the day. This happens c.50% of the time. The rest I start with a loser so I carry on and wait for another setup to trade. If that is a winner I generally stop for the day as a scratch or moderate net profit if I can squeeze it out of the winner; this is about 25% of the time. The last 25% are then my multiple opening losers days and not quite so much fun. At two down I'll carry on to try to get back to scratch but will settle for one down net. At 3 trades down I will look for one down to quit, may even take net 2 down but that is thankfully quite rare these days. I treat each trade as an independent event and I have no set maximum number of trades I will take, but I am mindful of the running tally for the day. I NEVER increase the position size in later trades in an attempt to get back faster, that violates basic risk control requirements to keep trade risk equal and small. I do find, however, that I am more willing to let run a later winner than an earlier one - an unsurprising result of natural loss aversion, I think.

I will stop immediately as a mandatory halt if I get to 4 down for the day as evidently something is very wrong with me at that point and I need to pause, reflect and regroup before trading again. I will physically shut down the computer for the day and go for a long walk as the desire to revenge trade and get back quickly can be almost overwhelming and I don't want to succumb to it. I will generally not trade for at least the next day either, just paper trade to get my rhythm back and I'll restart trading at no more than half size until I feel I am on track again.

This on average only happens about once or twice a year these days but it's a critical moment to be ready for. It's so important not to let a poor patch beat you up too much, both financially and psychologically, just as it is so important not to let individual losers get away from you. They are both different facets of the overall risk control function, my #1 concern in trading. And remember, my basic per trade risk is 1% so at 4 net losers the account is only down 4%. I am very risk averse and conservative in my trading.

Hope that explains things OK

Hi all,
Here is the Wednesday update for the three markets (last set out with chart in post# in brackets):

AUD/USD (post #72): Current 7882. We are virtually net unchanged from yesterday but this hides the fact that Aussie ran up to 7818 this lunchtime (UK time), just 2 points from our hard stop before falling back later. In truth, the technical rationale we entered this trade on has largely gone now so I shall be looking for a reduced loss exit possibility tomorrow.

EUR/USD (post #72): Current 12371. Euro has fallen back a little today but our trade remains in profit and the technical rationale here is still intact, so I think we can risk waiting for another possible assault on the 12400 mark. If it gets there again we shall certainly move the stop to breakeven as I don't like to give markets more than two chances at a level. We shall in the meantime leave on both the initial stop at 12250 and the limit profit take at 12450.

USD/JPY (post #73): Current 10625. Possibly not the smartest trade management going on here. Yesterday we touched a 90pt open profit and I did not raise the stop to breakeven. From there it has fallen sharply and now we sit on an open 15pt loss on our Yen trade. However, the technical rationale is still OK so we shall, like Euro, give it another chance to shine for us before turning less forgiving on this position.

Daytrading Update: A bit of a mixed bag today with both winners and losers, but good control on the losers meant when the dust settled we managed to finish a net half risk up on the day. It was one of those days of missed opportunities, one of which is attached for your inspection. Correctly identified the reversal from early morning lows but late in on the trade so tried to run it a bit too hard, resulting in a missed nice profit and a frustrating scratch trade instead. Bother! (Not quite what I said at the time...).


Back tomorrow for another update

Account summary (closed trades): Balance £10,003 (0.0%) No. Trades YTD 10

Hi all,
Here is the Thursday update for the three markets (last set out with chart in post# in brackets):

AUD/USD (post #72): Current 7798. This market is surprising me almost every day. After missing being stopped out by 2 points yesterday, Aussie has duly collapsed today and we now find ourselves sitting on a 20pt open profit with the market looking very weak. I shall suspend my intention of yesterday to cut this trade and instead wait to see if it can finally go down to challenge prior lows around 7700 as we had initially wanted. No point in looking a gift horse in the mouth if this is what this trade is ultimately going to be.

EUR/USD (post #72): Current 12304. In contrast, Euro is now looking threatening for our long trade hopes. After two failed looks at the 12400 level we are back to 12300 and could now easily crack to our stop at 12250. I may well look to cut this trade on any strength tomorrow as I don't generally trust a market much more after two failed goes at a level.

USD/JPY (post #73): Current 10621. Yen is virtually unchanged on the day but, like Euro, has already had two goes at a higher level, 10700 in this case, and has failed to break through. Without any real sign of rallying today I worry now about the strength of this market for our long trade and I may also look to cut this tomorrow if we get any bounce.

Daytrading Update: With my week to date standing at +1.5R I confess today I just snatched at a little early scalp on the Euro as it reached +2R overall. As it happens, the trade did reverse without much further progress and I am happy to delude myself with the warm feeling of good trade management rather than the colder truth of random luck. The attached chart reveals all, ordinarily I would have played for the breakout looking for 1R+ and taken a scratch when it failed to deliver and fell back.
With this week now done the bonus Friday is usually demo practice. However, with Easter nearing I shall instead start tomorrow on a Friday-Thursday schedule so as to fit in two full weeks trading before Good Friday. Additionally, as things have gone well on the intraday scale YTD I find myself in a position to be able to raise the position size from tomorrow without compromising the 1% account risk condition. Happy days (until the next loser)!


Back tomorrow for another update

Account summary (closed trades): Balance £10,003 (0.0%) No. Trades YTD 10

Hi all,
Quick pre-update. Amazingly, our Aussie trade, after being within 2pts of the stop loss has turned around and shows 100pts of net profit at 7720 which we shall gratefully take, chart attached.
Full update later
TRADE #12 - CLOSED £1/pt AUD/USD at 7720 for +£100

Hi all,
Time for the Friday update. Being the end of the week I attach fresh charts for all three markets so as to get ready for next week:

AUD/USD (this post): Current 7713. The Great (Aussie) Escape. As mentioned in the pre-update, post #87 above, we have taken a 1R £100 profit here after being £98 down and 2 points from being stopped out just two days ago. Who needs Steve McQueen? (Google the famous 1963 movie if you're lost here).
Moving swiftly on, the chart shows Aussie now challenging prior lows near 7700. We shall wait to see how this pans out next week before deciding what to do next.


EUR/USD (this post): Current 12286. Our Euro long trade continues to look in danger with our stop waiting at 12250. I missed to opportunity to cut this morning for a c.20pt loss and this may well prove costly now. We shall leave things as they are over the weekend and keep everything crossed for Monday...


USD/JPY (this post): Current 10604. Our Yen long position is also looking a bit wobbly but not quite as bad as Euro just yet. Our stop is at the prior lows and we can only wait to see if the market can bounce and rally as we would like or is doomed to break down. Again, we shall leave things as they are over the weekend and look afresh on Monday.


Daytrading Update: A friendly day with a winner first up, yet another successful fake break & reverse trade. Are you getting a clue that focusing on a limited number of patterns that you feel particularly comfortable with might be a sound idea? The hopefully now familiar chart is attached. Note the modest uptrend leading into the consolidation. You could actually look to trade the range either way but it's about a 60-40 chance that the direction a market enters a consolidation will be the same direction it breaks out of it. Thus, my preference was for a long rather than a short here - though you should always ultimately be guided by the market action, not your predefined ideas.
I am on a hot trading streak at the moment, just one losing day in the last 18. Such runs inevitably do not end well and I've just raised my position size. I wish I hadn't looked now....


I apologise that I have no updated trade spreadsheet for you today as I am on the spare computer right now and the file is on my main laptop that my wife has pinched so she can use its DVD player to binge watch a box set of Glee. The price of love is high indeed! I will attach it on Monday instead.

Have a gleeful weekend all

Account summary (closed trades): Balance £10,103 (+1.0%) No. Trades YTD 11

Hi all,
Here is the Monday update for the three markets (last set out with chart in post# in brackets):

AUD/USD (post #88): Current 7707. Aussie has today tested prior lows at 7700 and is little changed on the day. We need to wait and see how it reacts now and if it gives us the opportunity for a decent trade in either direction.

EUR/USD (post #88): Current 12332. Euro appears to want to rival the impressive effort by Aussie last week to heighten my blood pressure and stress levels. Our long trade here got within 6 pts of our 100pt stop loss at 12250 this morning (UK time) before turning sharply back up. Given this show of strength I shall continue to leave it well alone and see if a worthwhile rally could yet emerge.

USD/JPY (post #88): Current 10586. The market is presently stuck oscillating in a very tight range of 10630 to 10560, worryingly close to our stop at 10540. At some point it must break one direction or the other and given where we are on this trade we will sit tight and give it the chance to go our way - or take the hit at the stop, of course!

As promised on Friday, I also attach today the updated weekly trade spreadsheet.


Daytrading Update: A fifth winning Monday in a row, almost certainly a record for me as I am usually terrible starting the week. Of late my weekend wine consumption is well down in a weight reduction effort, I’d really hate to think that has anything to do with it!
It was a slightly different trade today from our standard recent fare of FB&R (I am sure you can guess that by now) plays, this time a triple bottom reverse after an early morning fake dip. Multiple failed attempts at a level do increase the chance of a successful reverse and the prior fake dip was an extra clue, the annotated chart is attached.


Back tomorrow for a further update

Account summary (closed trades): Balance £10,103 (+1.0%) No. Trades YTD 11

Hi all,
Quick early morning update.
Both our open trades in USD/JPY and EUR/USD moved up into profit and, given the mainly negative roller coaster ride we have had with them, both have been closed at market for a few pips net profit on the the pair.
As we already had a full 1R profit in the bank from our Aussie trade it means this simultaneous trio have netted just over a 1R overall result. It could so easily have been -3R, we really can't complain. So (UK times),

TRADE #11: CLOSE 7.40am £1/pt EUR/USD at 12452, P/L +£2
TRADE #12: CLOSE 7.37am £1/pt USD/JPY at 10656, P/L +£16

Charts attached, full analysis and update later



Account summary (closed trades): Balance £10,121 (+1.2%) No. Trades YTD 13

End of Days

Hi all,
A very early update & analysis today as my daytrading has, happily, finished quickly today, more on this later. First, though, a more leisurely analysis of the recent parallel trio of trades in Aussie, Euro and Yen that was finally closed out earlier this morning.

We netted just on +1.2R for the set, though for practical purposes it was a full 1R in Aussie and two scratches. What is revealing for me is the maximum favourable and adverse moves experienced in these three trades over their life, remembering our stop loss in each case was 100pts:

best / worst / achieved
EUR/USD +61/-94/+2
AUD/USD +100/-98/+100
USD/JPY +89/-80/+16

This kind of jumping around and leaving big open profits on the table because we want them to run further is just too much for me. My core daytrading essentially works by snapping up nice profits when they are first offered, taking a small, quick loss if things don’t go as planned, or taking a scratch if a trade partially runs either way and then turns back. I am not good with watching retracements from a nicely profitable position or letting moderate profits slip to a loss, I much prefer to book the profit or take the scratch and move on.

Further illumination comes from examining the trade spreadsheet, updated copy attached. After the initial ups and downs of the first seven trades where I was feeling my way, I note the last six basically play out as two net winners and four scratches. This is very like the pattern my daytrading record shows and is clear evidence to me that all I am doing here is replicating my daytrading techniques on this longer daily timescale.


This was not my intention in starting this experiment, I wanted to try to run things for longer, with less hands-on active management, for hopefully bigger trend-style profits whilst maintaining tight risk control. It is evident to me that I am not, pyschologically/emotionally speaking, really capable of doing this effectively. Those of you who have followed my daily daytrading updates will perhaps have noted that I have been far more profitable there than here whilst trading the exact same markets. To this end I feel it is time to call a halt to this experiment and stick to my core intraday trading. I have already learned enough here and it is a convenient moment, having got out of all positions and with the Easter break approaching.

Having done this thread and also enjoyed the experience of more active posting across forums this year, I have further concluded that I have now both given and taken as much as I perhaps usefully can from FF as a whole. I first came just to view the excellent economic calendar and I think I will return to just that from now on. I would like to thank everyone who has taken the trouble to comment positively and/or like what I have posted across FF, and it is comforting to note that the truly rude or ignorant comments I have received have been even rarer than my daily timescale winning trades!

For sake of completeness and tidying loose ends I will finish here with today’s daytrading update, and the next, final post will be - appropriately enough, perhaps - a last RANT that completes the discussion of the previous one on necessary traits for a successful trader.


Daytrading update: Another opening winner today, giving us three in a row from Friday when we notionally started this week due to Easter (see post #86 for explanation). Thus, a banner week for us and for my personal accounting purposes we shall call this week done and dusted. That leaves 7 trading days left before Good Friday which I will treat as an extended week starting tomorrow. If we do well we can pack up for Easter early, if it all goes horribly wrong, well, we will at least have a chocolate egg to console ourselves with!

To finish with the details of today’s trade, different again in that I chased an explosive move, something I rarely do as they are quite dangerous with a good chance of being caught on a spike. This time, however, we had a nice test of prior lows before a straight line move up through the trading range which is a very strong suggestion of more progress. Thus, I took the trade at the first pause - shown on a 2min chart today for clarity as my usual 5min one just looks like one long vertical line! Exit on expansion and at possible round number resistance for a nice profit, chart attached for your perusal.


And that is that, many thanks for your interest, I hope at least the odd comment here or there has been of use to you.
Good luck to you all with your trading!

RANT #7 - Einstein, Pandora’s Box and Gordian’s Knot

The conclusion of the previous RANT (post #82), in suggesting the mental game is an important consideration in becoming a better trader, opens up a veritable Pandora’s box of psychological and emotional factors that we can take a quick peek inside of now.

Trading is not rocket science. You can only buy or sell to open a trade, it can only go up or down from entry, and then at some point the trade is closed. That’s it, yet we can tie ourselves into a Gordian knot of mental anguish over it. Why, exactly?

Einstein famously said three great forces rule the world: stupidity, fear and greed. He would have been a relatively good trader, I’m sure. We already know trading fear is rooted in loss aversion and we’ve looked at that in a previous RANT so let’s here focus on the other two.

Greed is an even more powerful force than fear for traders, otherwise we wouldn’t open a position in the first place. It manifests itself mostly by trading too large for your account so even a short losing run of trades causes serious financial damage. If your account drawdown is 10% you only need 11% back from there to recover fully. If you are down 50% you need to double the account from there to get back. That is very tough indeed and even more so if you imagine your emotional state when half the money has disappeared. If you bet small and control your risk you will not easily get into this sort of mess, and maintaining emotional balance will be all the easier for you.

Stupidity can also be tamed if you are willing and patient enough. At the outset of your trading you should trade in minimal size for a long time just to accumulate experience and learn. Think of it as an apprenticeship during which you won’t make any real money but you will develop the necessary skills to prosper when you graduate. You’ll know when you are ready, don’t be tempted to jump the gun. Get really good before you commit good money to the venture. But if you don’t learn as you go on you will never graduate and your stupidity will be your undoing. If you have been trading for a while but not getting anywhere, I strongly suggest you go back to square one and start your apprenticeship afresh. You should be able to manage it quicker second time around.

The message of the mind games is to keep on a psychological and emotional level. Trade in small size, have good risk control, cut losers short and accept small losses all play a vital role in helping you achieve this. They will help you conquer the unholy trinity of fear, greed and stupidity and, like Alexander, cut through the Gordian knot.

Hi marcmarc,

not sure you will read this, and this is no worries at all.

To start with, from a personal point of view, it is a real shame that you are going, as you were actually looking “real”. Not a lot of talking, no “bullsh*t”, and what you were doing made sense. Even more, in your “daily experiment” (the main subject of that thread), we could follow it live easily.

It seems that every time I find a thread of interest (at least to me), apart a very few exceptions, it doesn’t last more than a couple of months at most.
It could seem weird at first (am I a black cat, or something!! ;0), but thinking about it, it could actually make a lot of sense as well.
There is definitely a life to live outside, and life is short as you quickly discover when gently getting older. Thus you would have to be veryyyy lonely, or in need of a lot of attention to come and stay super active on FF forum once trading is just a job for you.
Anyway, enough talking.

I would like to take the advantage that you might be willing to answer another question.
Once more, no worries if you don’t answer.

To keep it very simple, I understand (or at least I think I do...) trading is probably a 50:50 action.
It is impossible to say at 100% that the price is going up or down.
All in all it is "rigged" against us on the long term, and not at break even, because of the spread basically.

Thus you need an edge that is higher than the spread in order to have any chance long term.
This edge will most probably be very small, and only achievable with the law of high numbers.

Then, from your experience with your trading, and other trading that you have seen over the years, how would you say “confidently” that a trading approach has an edge (or multiple edges whatever they are, it is not important here)?

Would you use a number of trades to give you a good idea that the approach probably has an edge?
If so, roughly speaking, how many trades would you need to give you an idea?
Fifty? A hundred? A thousand? 10 thousands?

If you think it is not really a number of trades, then from experience how would you be confident that a specific approach (whatever it is) has most probably an edge?

I have to say, with my modest experience, “the control your risk (bet small, cut loser sharp at predefined maximum risk as a simple example), let winner runs multiple R when it seems possible” makes sense.
It is like if you are losing often, but the equity seems to creep up anyway (but if I was 100% sure, then I wouldn't be on FF anymore...).
At the end, really not easy to apply (should I close here??? Nooooooooo, I should have closed!! or Sh*t I am stupid, I shouldn’t have closed!!!! I am sure every one knows the feeling ;0))))))), but it makes sense.

Anyway, enough ramble!!!

Thanks again for your thread that was very pleasant and clear to follow, and it has (with a few others) definitely helped me thinking in my struggle.

All the best.
Cheers,
J-F

Hi J-F,
Thank you for your kind words, and I can assure you I do trade this stuff for a living - hence the lack of BS, I can’t afford it if I want to eat regularly! I am ceasing posting because the evidence is in front of me that I am better off just on the daytrading. I was rather hoping I could earn a second stream of income from longer term trading as a kind of diversification. I am sure from my experience on this experiment that I could do this acceptably given time and application, but the daytrading just suits me much better as a person. I have always been one for the path of least resistance!

To turn to your question. My beliefs and experiences tell me trading is a closer to 50:50 game than most of us want to admit and, yes, you need a reliable edge to cover both trading costs and human mistakes you will inevitably make. Now, the concept of edge is a tricky one because it is very difficut to define cleanly; and most methods only have an edge in specific market conditions, they are negative expectancy at other times.

That in itself doesn’t really matter, as long as you have the ability to reliably identify the right times for your method and apply it only then. Equally, all edges are basically marginal (or else there would be many more billionaire traders out there) and so they also all rely on excellent discipline, consistency and risk control to work. Without these things, even the best edges will disappear and, sadly, human nature is not on our side for these characteristics when trading.

I hope you can see how slippery the concept of edge quickly becomes, and how many moving parts go to making it up. So you only know you have a reliable edge when the evidence is there for it, i.e. when your nice, steady, consistent equity curve tells you it is working and you are trading properly. It’s not just a function of the law of large numbers, though lots of evidence obviously helps. It took me many years, much trial and error (mostly error!) and literally thousands of trades. I hope you will do better! The good news though, is once you see your edge clearly and see it working consistently, it becomes easy just to stick to the correct narrow path because you have continuous positive reinforcement from steady profitability. Trading gets a lot easier at that point!

I will finish with three pieces of advice for you from long experience that I just know are true: make sure your method suits you as an individual; risk control is the single most important element; and working on when to take profits/cut losses is much more important than when to enter.

Good luck!

Hi marcmarc,

Thanks for sharing all of your really great information/experience with us. I thoroughly enjoyed following you. Happy trading.

Greg

Another clear answer that completely makes sense.

Thank you very much for your time, and the pieces of advice.
So simple... but definitely not easy :0)

Cheers,
J-F

Bonanza time for index day traders

You try to master daytrading on weeklies of stock index options.
Selling will get you a good chunk of income. Theta or rental income is more than normal monthly or quarterly options on a per day unit basis.
Buying is to be done when you are convinced about Outlier happening. High negative Theta or time decay will hurt you. Hit or perish is the name of weekly Buying options game.

Buying Options will give you free of borrowing fees leverage of up to 2000% depending on the instrument selected. No hassles of margin money or Stop Loss.
Assume your stoploss on spot to be investment for buying options. And just try one contract of FTSE 100 . Not from any CFD broker because they are market makers and you will lose money.

Just buy from a mainstream broker who offers future options.
Futures is the underlying. You can take a look at high low to know what could be the daily range.
Futures Options Premum prices are different from Futures Prices. Again take a look at high low to know what could be the daily range.
Implied Volatility is the Game Changer.
You can buy an option for as low as 20 points (in normal times) with sterling 100. No need for margin as long as you are not selling.
It is time to make or lose quick money by either buying calls or buying puts but you must have firm conviction of the price hitting the target in a day or two .

Sellers need deeper pocket and have to have credit facilities approved by a broker.

This excerpt from an old book and now the information may or may not be correct. But the process is correct. Now there is a wider choice of instruments available with different exchanges.