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  • #101
  • Apr 7, 2010 1:34am Apr 7, 2010 1:34am
Quoting The Fool


Golly this Reuters terminal sounds like the shiz! Guess how much volume you have to do for that bigbank broker to hook you up with one?...
Get temporary (limited) access as a potential customer and check it out, or pay for it for a month (£1600 per month was what we were quoted back in 2003/4). It's information overload though, and wasn't as useful as I thought it would be, I did better with a free MT4 chart and a couple of lines!

I think the most interesting thing I got out of it was how close retail marketmakers/bucketshops streaming quotes were in relation to the underlying market, and hardly any latency to speak of, well nothing exploitable anyway.

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  • #102
  • Edited 2:02am Apr 7, 2010 1:51am | Edited 2:02am
Quoting pipmutt
I think the most interesting thing I got out of it was how close retail marketmakers/bucketshops streaming quotes were in relation to the underlying market, and hardly any latency to speak of, well nothing exploitable anyway.

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Well, damn, I thought there was Super Secret Squirrel information in there.....

Watch this Secret Squirrel episode - you can clearly see the the Reuters 3000SUX in plain view!

Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #103
  • Apr 7, 2010 2:32am Apr 7, 2010 2:32am
Quoting The Fool
Well, damn, I thought there was Super Secret Squirrel information in there.....
There may well have been, probably me not knowing what to look for, and there's just so much of the stuff!

Definitely overkill, I mean up or down, how hard can that be.....
  • #104
  • Edited 11:40am Apr 7, 2010 11:02am | Edited 11:40am
Quoting pipmutt
There may well have been, probably me not knowing what to look for, and there's just so much of the stuff!

Definitely overkill, I mean up or down, how hard can that be.....
yeah, but its made for a totally different type of trading. i know the big boys use a reuters terminal quite often, but i dont know which one, or if there is even more then one. i was on a bank trading floor after a meeting, and everyone had a reuters terminal open.

they were all about "dealing" not "trading". they were calling the prices and stuff like that. its a totally different game. it's sort of like negotiating a trade. craziest thing i've ever seen.
  • #105
  • Apr 7, 2010 11:16am Apr 7, 2010 11:16am
Reuters and Telerate terminals were great - we used them in the 80's....much cheaper than keeping a phone line open in those days. 4 simultaneous conversations, plus deal buttons with auto-confirmation of trade output etc.

Sort of early day 'instant messaging service'...I think the latest version is Reuters3000 or similar.

regards
daytrading
Enter Signature
  • #106
  • Apr 7, 2010 12:23pm Apr 7, 2010 12:23pm
Quoting blacksun1
....i was on a bank trading floor after a meeting, and everyone had a reuters terminal open.

they were all about "dealing" not "trading". they were calling the prices and stuff like that. its a totally different game. it's sort of like negotiating a trade. craziest thing i've ever seen.
Exactly....but without knowing diddlysquat I have to ask - how much more information is there for anyone to see on their way to "price discovery"? If the CB of Bumfork wants to buy a yard of USD at 1.3 and all up and down the line - can you see that open interest explicitly? Is there a more "informed" market accessible there? Information is good.

Anyway, here is the response I got from the Citi rep this morning (I told him I could scalp $10 mio per day and would increase that by 5-10x in the first year - oi! - I had also asked about a rumor I had heard that Citi imposed a minimum 90-sec trade duration - sheesh, who has that kind of time?...):

"I believe the criteria for Reuters 3000 is somewhere around a yard per month, which take it might be achievable once you start trading investor funds. Bottom line is that each R3000 licence is very costly so in order to make anything out of it we need to see strong volumes.

No minimum trade duration – as soon as the trade is confirmed you can execute again. The demo platform is working the same way and can give a good indication of this.

Currently we do not offer FX Options, however, this is something we are looking to add to the platform alongside with Forwards. If everything goes ahead as planned I believe it will be available within a few months."
"If The Fool persists in his Folly he will become wise." - William Blake
  • #107
  • Apr 7, 2010 3:39pm Apr 7, 2010 3:39pm
Quoting blacksun1
yeah, but its made for a totally different type of trading. i know the big boys use a reuters terminal quite often, but i dont know which one, or if there is even more then one. i was on a bank trading floor after a meeting, and everyone had a reuters terminal open.

they were all about "dealing" not "trading". they were calling the prices and stuff like that. its a totally different game. it's sort of like negotiating a trade. craziest thing i've ever seen.
What we had was 3000 Xtra, it wasn't a terminal as such, it was software if I remember correctly (few years ago now), but definitely no hardware.

You're right it's probably intended for institutions and principals, in fact I don't know how we ever got a trial of it to be honest, my social engineering skills must have been better in those days, plus I think it was around the time of fierce competition between Reuters and Bloomberg.

It was fun to have for the month or so that we had it but it was a bit like having a Veyron just to nip up to the local store!
  • #108
  • Apr 7, 2010 3:50pm Apr 7, 2010 3:50pm
Quoting daytrading
Reuters and Telerate terminals were great - we used them in the 80's....much cheaper than keeping a phone line open in those days. 4 simultaneous conversations, plus deal buttons with auto-confirmation of trade output etc.

Sort of early day 'instant messaging service'...I think the latest version is Reuters3000 or similar.

regards
daytrading
I've just been trying to find the link to a youtube clip of some 70's traders in action, it was really funny.
  • #109
  • Apr 8, 2010 11:10pm Apr 8, 2010 11:10pm
Nice post Dopey, I now have good information about managing OPM. This is my ultimate destination in trading career.

By using Oanda .. are you using FxManager or do you login into each account separately when trading .. ?

Do you claim your profit portions monthly or annually .. ?

Thanks dopey ...

Quoting Dopey
How many clients (investors?) Three.

How long in the business? Trading OPM, in 4th year.

How much AUM? 600k USD


What kind of business structure? What kind of registration do you have? None, really. I and my clients are outside the US.

Who is your broker(s)? [color=navy]Only Oanda, now....
  • #110
  • Apr 9, 2010 4:56am Apr 9, 2010 4:56am
Quote
Nice post Dopey, I now have good information about managing OPM. This is my ultimate destination in trading career.

By using Oanda .. are you using FxManager or do you login into each account separately when trading .. ?
Yes, I do use it.

Quote
Do you claim your profit portions monthly or annually .. ?
Monthly.
  • #111
  • Apr 9, 2010 7:37am Apr 9, 2010 7:37am
I have been thinking about doing this myself but i dont know. i dont want a headache however someone asked me to invest money for them and i agreed but to show them a 6 month track record for 2010. so far Jan 15%, Feb 4%, March 9% and so far this month im up 8%. If i continue and show the numbers to investors then we'll see. I knew someone a while before asking me to invest for them but he wanted 50% a month lol hey it can be done but i would need a crystal ball first.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #112
  • Apr 9, 2010 7:48am Apr 9, 2010 7:48am
Quoting NYWallSt

....he wanted 50% a month lol hey it can be done but i would need a crystal ball first.
"The impossible we can do right away, miracles take a little longer!"
  • #113
  • Apr 9, 2010 7:55am Apr 9, 2010 7:55am
Quoting pipmutt
"The impossible we can do right away, miracles take a little longer!"
lol I told him "50% a month is pretty high guy" he said with an aggressive approach it can be done, i said no. He then was telling me about this no losing EA. Get Rich Quick much anyone?
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #114
  • Apr 9, 2010 8:49am Apr 9, 2010 8:49am
Quoting NYWallSt
lol He then was telling me about this no losing EA. Get Rich Quick much anyone?
Why would he even ask you if he has the EA LOL.
  • #115
  • Apr 9, 2010 11:13am Apr 9, 2010 11:13am
Quoting NYWallSt
lol I told him "50% a month is pretty high guy" he said with an aggressive approach it can be done, i said no. He then was telling me about this no losing EA. Get Rich Quick much anyone?
Please, this is just silly. If you could reliably make 50% per month why would you bother with investors? Compound 50% per month on even a trifling stake & see how fast it takes you to get to ridiculously large and unattainable numbers.

Anybody who has expectations of more than a few % a month returns is an idiot and should be avoided.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #116
  • Apr 9, 2010 11:18am Apr 9, 2010 11:18am
Quoting The Fool

Anybody who has expectations of more than a few % a month returns is an idiot and should be avoided.
I agree, those are the people who will drive you nuts, they don't understand investing, risk, returns, or markets. They're usually small time anyway, not worth the time and trouble in my opinion.
  • #117
  • Apr 9, 2010 12:41pm Apr 9, 2010 12:41pm
Quoting pipmutt
I agree, those are the people who will drive you nuts, they don't understand investing, risk, returns, or markets. They're usually small time anyway, not worth the time and trouble in my opinion.
You can educate most serious investors.

I explain risk to them and how I trade.

If they say... I'm looking for 20% month... I tell them to keep playing the lottery.

By the way... I use FXManger and it works but it could get a lot better.

Mike
  • #118
  • Apr 9, 2010 12:57pm Apr 9, 2010 12:57pm
Quoting acumen

If they say... I'm looking for 20% month... I tell them to keep playing the lottery.
lol, don't they get pissed though, "what do you mean you don't think your fund is suitable for me and you'd rather I invest somewhere else!".

I still think the best way is being a trader for a fund manager as opposed to being a fund manager oneself, they are two different jobs in some respects, let the fund manager have all the grief and I'll do the easy bit, click buttons all day!
  • #119
  • Apr 10, 2010 9:30am Apr 10, 2010 9:30am
Quoting Dopey
Yes, I do use it.

Monthly.
If its not too much to ask, how much does the fund grow permonth? Sounds like theres no drawdown visible at the end of the month
  • #120
  • Apr 10, 2010 12:57pm Apr 10, 2010 12:57pm
Quoting luqmanz
If its not too much to ask, how much does the fund grow permonth? Sounds like theres no drawdown visible at the end of the month
Lol, I just went through a 5 month drawdown! If I can make 3-5% per month, everyone is very happy. My clients are very realistic. Besides, they all have money elsewhere being risked at different levels. I guess I'm the safe guy, because even after the 5 month dd, no one was crying about it (except me, of course).
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