that made it harder to trade?
Yes, you have to adapt. You need to change your method of buying and selling,
because the market is
continually changing in subtle ways.
What changes have you seen in the bond market since you got in?
Well, you can trade bigger size. Now you can usually trade a couple of hundred at each tick. It doesn't move
the market as much.
How about a thousand lots?
It depends on the liquidity at the time. Lots of times you can get out. It is amazing how much liquidity there
is when you want to get out.
On average, if you had to dump a thousand, how much would that move the market?
Depending on the time of day and the liquidity, maybe 1 or 2 ticks.
Not much at all?
No, not much.
Has size been an impediment at all if the liquidity is that good?
Yes, it is harder. Generally, when you get into a big position, the rest of the floor knows about it because they
stood there and watched you. At least they think they know. They all put their hands down and wait when they think
you are wrong. It is natural for a trader to be skeptical.
I would almost think that because you have a long-term record of success, they would more often
coattail you.
Lots of times that is true, and that also makes it harder to get in and out. When you go to offer them, they
are all offering too.
How do you handle those situations?
You have to pick your spot. You have to wait for the big paper order to come in and then go for it.
Does it become like a chess game, where you sometimes want the pit thinking that you are selling
when you are really buying?
Yes, sometimes. But generally, you can't trade big size when you are doing that.
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