The last two days have been both mentally draining and a complete roller coaster. On Monday the TED spread was edging to it's high and of course everyone is selling it. At first it wasn't so bad to trade, around 10 to 12 it was almost dead, but I was able to take 1/2 a tick repeatedly whilst everyone around me was just sitting back. I managed to massively improve my position. After lunch the spread continued higher it was looking ugly, but then fell back about 2 ticks which was enough to put me a couple hundred in profit. It didn't stay there for long and went higher and I continued to sell it and sell it!! and it kept going... people stopped out around me and went home and I was still selling it and jogging my position wherever possible. It broke the high and I was sitting in an almost empty office down 411 euros. I waited and waited and it was getting near to the close, within the last hour between 8pm and 9pm it came down a little but barely. I had a huge position on, 250 euros for 1 tick and it had gone about 10 ticks in total. I got rid of 40% of my position and watched the netting, no good prices came and so I held my position overnight, hoping it had just drifted and people would sell it tomorrow. Tomorrow after watching it for 10 minutes I decided to get out just 1/2 a tick better of than what I could have done last night but ran one clip down a couple of ticks and was flat bringing my PnL to +145 from yesterday. It was really nice to have survived a blow out but felt greedy to make money...
..I was tired and I quickly reversed to buying it and I probably only started selling it 2 ticks before others around me but it was so costly. The bund/bobl/schatz fly broke out massively within about 5 minutes and I sold that, the TED was just falling all the way back down and my boss gave me a nudge indicating I should stop out! I was showing over a 600 euro loss, I couldn't believe it... I felt pissed off I had worked so hard yesterday by jogging my position to avoid stopping out and now I just go and stop out stupidly. I took all but 1 clip off on the TED and sold another fly, my risk was a lot less now but the fly continued up and the TED continued down I was showing -740 euros... I jogged my TED making 25 euros improvement, which just seemed nothing in comparison to the massive hole I was in. I tried to focus and even got out of the TED and back in a tick better, made a tick for 50 euros and then the fly came down and I got out for 210 euros profit, my PnL was about -400 in total now. The TED just didn't come back and was stuck in a 2 tick range and sometimes even tighter! the markets were constantly flipping and squeezing you into taking prices you didn't want to take. I scratched one trade several times because of the markets behaviour but kept getting back in to take small amounts of money out of the market. Then there was news and the markets went crazy as everyone smashed their positions into the markets based on the news, some good spread prices appeared for milliseconds and I managed to get them selling the euribor and buying the schatz at a price so that I could sell the spread for a profit. The TED really didn't do anything but I kept scalping it and legging aggressively, making calls on the markets next move so that I could take 25 to 100 euros from it and by 3pm I had traded almost every opportunity and was up 53 euros for the day! It was incredible, fun and tiring. What will tomorrow bring?
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