The Prop Trader's Chronicles: Short-Term Proprietary Trading Strategies for Both Bull and Bear Markets

Overview

HOW TODAY'S MOST SUCCESSFUL PROP TRADERS USE DIRECT MARKET ACCESS AND THE LATEST TRADING TECHNOLOGIES TO GARNER BIG RETURNS—AND HOW YOU CAN TOO!

Part trader's memoir, part day-trading how-to, The Prop Trader's Chronicles takes you inside the fast-paced, "you eat what you kill" world of proprietary trading to offer an unparalleled look at who the prop traders are and how they operate. In a compelling narrative, author Francis James Chan relates his experiences at some of the most...

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Overview

HOW TODAY'S MOST SUCCESSFUL PROP TRADERS USE DIRECT MARKET ACCESS AND THE LATEST TRADING TECHNOLOGIES TO GARNER BIG RETURNS—AND HOW YOU CAN TOO!

Part trader's memoir, part day-trading how-to, The Prop Trader's Chronicles takes you inside the fast-paced, "you eat what you kill" world of proprietary trading to offer an unparalleled look at who the prop traders are and how they operate. In a compelling narrative, author Francis James Chan relates his experiences at some of the most prestigious prop trading firms on two continents, clearly describing the strategies and techniques used by today's most successful traders.

An indispensable source of practical, real-world insight, advice and guidance for independent traders and aspiring professionals alike, The Prop Trader's Chronicles:

  • Offers a priceless glimpse into the white-knuckle day-to-day of the prop trader's world
  • Schools you in the fundamentals of the major strategies for the rapid day trading of stocks
  • Describes how the most successful traders use direct access technologies, Level II quotes, time & sales feeds, and ECNs
  • Covers, in-depth, scalping, rebate trading and statistical arbitrage
  • Clearly explains advanced reading of time & sales transactions to detect short-term swings
  • Shows independent traders how to adapt the strategies used at the most successful prop trading firms
  • Provides a solid foundation for those looking to break into the exciting world of proprietary trading

Don't miss this rare opportunity to benefit from the story of a young trader's education and rise during the most tumultuous and revolutionary era in the history of the global securities trading industry.

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Product Details

  • ISBN-13: 9781118241080
  • Publisher: Wiley
  • Publication date: 10/30/2012
  • Series: Wiley Trading Series , #545
  • Edition number: 1
  • Pages: 155
  • Product dimensions: 6.36 (w) x 8.98 (h) x 0.71 (d)

Meet the Author

Francis James Chan is a Canadian-born proprietary trader who specializes in U.S. equity markets with experience in index futures, foreign exchange (currencies), and options spreads. His career began at Swift Trade Securities in 2006 where he learned the craft of modern tape reading, double auction market theory in practice, and destination selection techniques. Having lived and worked in both Toronto and New York, the major financial centers of Canada and the United States, he has customized and implemented semi-automated trading systems for branches of notable proprietary trading firms including World Trade Securities, Hold Brothers, and Title Trading. Mr. Chan currently lives in Hong Kong where he trades U.S. stocks for Delta Capital Group and serves as managing director of Atrium Asset Management.

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Table of Contents

Preface ix

CHAPTER 1 Eat a Percentage of What You Kill 1

CHAPTER 2 A Swift Reality Check 9

CHAPTER 3 The Basics of Double Auction Markets in the Real World 21

CHAPTER 4 Introduction to the ECN Platforms and Order Routing 29

CHAPTER 5 Dark Pool Liquidity and Alternative Trading Systems 41

CHAPTER 6 Combining Level 2 and Time & Sales: Reading the Consolidated Tape 47

CHAPTER 7 Week One on Live Trading 55

CHAPTER 8 Losing $30,000 in Under a Minute 71

CHAPTER 9 Trading with a Real Edge 79

CHAPTER 10 The Psychology of Profitable Trading 91

CHAPTER 11 Choosing a Proprietary Trading Firm 107

CHAPTER 12 Strategy Diversification 117

CHAPTER 13 Volatility and the Crash of 2008 127

CHAPTER 14 Building Blocks of Trading Strategies 133

Glossary 141

About the Author 149

Index 151

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