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假如我们不能去帮助客户完成某个事情，那么我们可以从其他方面帮助他。支持

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帮客户炒黄金，最终赚了吗

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虚拟的世界需要真诚的对待!

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真的,真誠去對客戶,幫他們解决問題,真的可以交到許多朋友嗎?
期待這一天..
新手上路..多謝指點...

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hehe

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 真的想想 80后曾经那个时候 班里组织做活动 ，去给孤寡老人打扫卫生啊 每天写日记的时候 还写了 上学路上帮人推车啊！
现在想想都很不　一样！

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予人玫瑰 手有余香

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really？

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值得学习

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心情同 你一样的！

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超自然的生活态度和生活方式会让你的人也变的超自然！~

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JUST BEFORE CHRISTMAS,

a group of around 30 London prop traders

gathered in a comfortable suite at the Guildhall

complex for a seminar being given by

fixed-income analytics firm GannCorner.

A handful of locals began chatting about a

notorious Eurex own-account trader known

in European trading circles by a not-soflattering

nickname, “the Flipper.”

O ver the past year, dozens of prop traders

had engaged in a sporting manhunt aimed at

u n c overing the identity of a mysterious, supposedly

Ireland-based trader accused of st e e ring

German government-bond futures markets

in a tactical manner — posting substantial

lot blocks, not all of which are traded upon,

and doing so on both sides of the order book in

numerous but nonetheless interconnected

markets — that birthed the Flipper moniker.

Using the anonymity afforded by the cyber

realm of screen-based dealing, traders say,

this unknown figure lured others into a costly

game in which he held the cards, through

sheer volume and shrewd maneuvering.

Eventually, in a fervent chase akin to

the decades-long search for the identity of

Woodward and Bernstein’s Deep Throat, a

single name had emerged. Right before the

GannCorner seminar was about to start, one

attendee asked the firm’s Juliette Clark, the

Is Paul Rotter a devious market

machinator or a victim of his

own success? The biggest trader on

the Eurex and the most controversial

man in electronic trading speaks out

By Imogen Rose-Smith ■ Illustration by William Duke

Flipping

Out

without ruffling some feathers. “Paul has

sometimes played a controversial role,”

Kinski acknowledges. “Some traders didn’t

like him because he was changing his

position so quickly.” In 2001, Rotter formed

Rotter Invest and eventually moved his

operations to Zug, Switzerland, an affluent

town that’s home to its share of traders —

and its share of notoriety: For the past two

decades, it has also been the home of fugitive

financier Marc Rich.

IT WAS EARLY 2004 when

traders of the schatz, short for the German

two-year note, or bundesschatzanweisungen,

began noticing something funny happening

on their screens. “You would see giant orders

on one side of the market that would flip and

go the other way,” says one Eurex trader.

The traders, and a former Eurex official,

say someone was posting massive buy

orders, waiting until the market moved

toward that price and then selling instead —

a massive head-fake. Many believed the

alleged Flipper was playing the same trick

on the German five-year notes (known as

bobles) and 10-year notes (bunds). “The

Flipper does so much volume in the bund,

the boble and the schatz that he’s able to

influence the whole yield curve and catch

people out,” adds another outraged trader.

“The Flipper is the market.”

If a trader posts a bid on the Eurex and

someone hits him for it, according to the

rules of the exchange, the trader is dutybound

to honor the transaction. There is,

however, nothing to stop a trader from

posting a price for a large volume and then

taking it down if no one bites. And while it is

illegal to trade with oneself, it is perfectly

OK to switch back and forth between the bid

and the ask. The only requirement is that the

trader be sufficiently well-financed to honor

the bid if someone hits him up for the entire

lot (the par value of one underlying schatz

bond is ¤100,000).

R otter admits to handling l a r ge volumes

on both sides of the book but insists he wa s

n ot trading the s c h a tz inappropriately. He

says his trading style — best described as

82 TRADERDAILY.COM

woman who was leading the session, if she

had ever heard of Paul Rotter.

“Yes, I know Paul Rotter,” Clark said

plainly. “He’s one of my clients. And he’s

sitting right behind you.”

A gog, the roomful of traders spun around

in unison. They couldn’t have been more

shocked if Queen Elizabeth herself was sitting

a m o ng them wearing a tube top and leather

chaps. Rotter, a clean-cut, smartly dressed 32-

year-old, sat quietly wa i t i ng for class to begin.

That an unassuming guy like Rotter

could rise to such infamy in the electronictrading

world while remaining such an

enigma is testimony not only to the power of

suggestion but also to the complexities and

rivalries within this burgeoning global

arena. In this world, Rotter is a lightning

rod. The mere mention of his name — or his

nickname, for that matter — among Eurex

traders can inspire bilious hatred, reverence

or even fear. To those who despise him,

Rotter’s strategy is upending livelihoods and

undermining the Eurex. His fans call him

the single most successful individual futures

trader on the planet.

Rotter dismisses the tempest out of hand.

“ There’s just this one group of unlucky

traders in London who somehow found out

that I’m doing the most volume in Eurex debt

futures,” says Rotter, who until now has

remained silent about the “Flipper” issue but

agreed to conduct a series of i n t e r v i e wswith

Trader Monthly, appropriately enough,

electronically.

“They’ve tried to blame me for their

trading losses,” he says of the people he

calls “funny guys.”

But many locals aren’t laughing.

BY ANY ALIAS, the mercurial

Rotter is a hugely successful trader. Though

he wouldn’t confirm any compensation

figure beyond saying that he takes in more

than $5 million per year, some say he pulls

down at least that much per month. He’s a

surefire candidate for this year’s Trader

Monthly 100 list. His Switzerland-based

firm, Rotter Invest AG, employs a dozen

people, two of whom are traders. Currently

he’s managing outside money on behalf of

wealthy individuals and some institutions

(the minimum investment is ¤1 million), but

he won’t say how much.

All of this success has coincided with the

rise of the Eurex, the German/Swiss electronic

futures exchange, which has taken

international derivatives trading by storm

since its creation in 1996. A Czech native

who moved to Germany at age 9, Rotter

started out as an apprentice on the bond

desk of a German bank in Frankfurt.

Borrowing from a corporate credit card,

Rotter quickly went broke buying options,

only to resurface in the Frankfurt office of

Daiwa Securities.

Nearly bankrupt, Rotter worked his way

up, and within two months was trading the

bund in lots of five, crafting his own style

with little guidance from his superiors. By

the time he left the bank in 1996 for Dublinbased

Midas Trading House, Rotter was

already the biggest single trader in German

debt futures on the DTB, Germany’s precursor

to the Eurex.

“We couldn’t believe our eyes when we

saw how quickly he’d change positions from

one side of the book to the other,” recalls

Oliver Kinski, a former managing director

with Midas and the man who hired Rotter. In

January 1998, Kinski, Rotter and some other

traders formed a Dublin-based prop-trading

firm, Greenhouse Capital Management.

Rotter’s balls-to-the-wall modus operandi

helped Greenhouse prosper, but not

without some tense moments. The firm

began life with $1.3 million in seed capital

and featured, in addition to Kinski and

Rotter, two other standout own-accounters,

Pino Curcio and Florian Albrecht, the latter

one of Rotter’s closest boyhood pals. As a

unit, they worked well together, though

Rotter was clearly the star. “It was do or die,”

Kinski recalls. “We knew Paul would have

these large positions — in one day we could

have been out of business.”

By the end of its first day, Greenhouse

was up $526,000. Within three months the

firm had made $6.5 million, though not

“I probably stepped onthe tail of some

TRADER MONTHLY 83

aggressive scalping, only done on a massive

l e vel — benefits the market. “I am a kind of

market maker who provides liquidity with

m a ny orders in different market s,” Rotter

say s. “When I’m active, I am permanently

invo l ved in market t r a n sactions through fills

at both sides in different contracts.”

Rotter stresses he never pulls orders

quickly but rather “leaves an order working

for a couple of minutes.” He also insists there

are other big fish, and therefore it’s unfair to

attribute every large post to him.

“The problem for the locals,” says the

former Eurex official, “is that the herdlike

mentality they learned in the pits is very

hard to break. And the Flipper was taking

advantage of that trading style. A lot of the

locals probably made a good deal of money

in the pits just following the crowd, and now

they can no longer do that.”

Rott e r, characteristically, is more blunt: “I

probably stepped on the tail of some monke y

who was making great money on the s c h a tz

and couldn’t compete anymore,” he say s.

MANY TRADERS ARGUE that

placing offers on the market and then

canceling them is a bush-league ploy sometimes

referred to as “spoofing” — the spoofer

has no intent of trading at that price; rather,

he’s simply showing a sizable offer to entice

traders to take the other side just before

canceling. Rotter counters that he’s able to

trade at the prices he’s offering, per the

exchange rules, and his volume shows that

he’s more than willing to follow through.

For an individual, Rotter’s scale is stunning.

Last year, his personal trading volume

alone accounted for about 180,000 contracts

a day, or almost $70 billion on peak days,

dwarfing all but the very biggest institutional

players. “My average market share

in the German bund was around 10 percent

for many years,” he claims (the bund is the

world’s second most-traded futures contract

after the Eurodollar). “I didn’t trade the

boble and the schatz that heavily; I used

them mainly for hedging purposes.”

Yet until recently, few even knew Rotter’s

name. A group of London own-accounters,

led by prop trader Chris Eldred, took the

investigation into their own hands. Rumors

began spreading among Eurex traders in

London that the Flipper was actually an

own-account trader in Dublin (they apparently

didn’t get his change-of-address cards)

who was making nearly $7 million a month

trading German debt futures. (Eldred

declined to comment.)

“They somehow found out that I am

doing the most volume in Eurex debt futures

and made me responsible for their losses,”

Rotter says. “Eldred invested so much time

writing in forums, talking to Eurex officials,

sending me e-mails, crying and talking about

market ethics. He could have made millions

in the market in that time and with that

effort. But he is probably a monk and is not

interested in money.”

IT TAKES A mighty big trader to

personally prompt a market to change its

tick size or value. Yet Rotter may have done

that. While Eurex wouldn’t comment on the

possibility of one trader or a group of

traders gaming the system, one of the key

selling points of electronic exchanges is

their claim that they’re a more level playing

field. The Eurex needed to act.

According to a well-placed market

participant, many locals and at least one

investment bank, ABN AMRO, complained

either formally or informally to Eurex.

Neither Eurex nor the bank would confirm

any involvement in the dispute, though a

source with knowledge of Eurex operations

says that Ralf Danielski, head of global fixedincome

products there, has been personally

involved in handling complaints about the

Flipper. Danielski declined comment.

Last April, the Eurex announced it was

h a l v i ngthe minimum tick size for price

movements in contracts on the s c h a tz from

¤10 to ¤5. Ac c o r d i ng to a Eurex spokeswoman,

the change in tick size had not h i ng to

do with complaints over alleged market

shenanigans, but instead was designed to

reduce hedging costs by producing tighter

spreads — thereby making the bond future

more attractive. A trader who met with

Danielski and the Eurex to discuss the Flipper

i n s i sts he was specifically told that the change

in tick size of the s c h a tzwas implemented in

an effort to thwa rt the Flipper.

These two views can be reconciled: The

former Eurex official explains that while the

new tick policy, which went into effect this

past June, was in the works before the

complaints emerged, the timing of its

implementation was in part influenced by

the hue and cry over the Flipper. For his

part, Rotter says he was never contacted by

the exchange as part of any investigation.

Regardless of the reasons behind the

tick-size change, it seems to have worked:

Rotter soured on the schatz. “After the

schatz went to half-ticks, I almost completely

stopped trading it,” he says.

NOT ALL TRADERS view Rotter

as a villain. “There is no Flipper,” says Eurex

trader Martin Duncanson, who has been

impressed by the Czech’s strategy. “I personally

think that what Paul Rotter has achieved

as a trader should be everyone’s ideal —

starting as a small guy and building up to

a huge size. I admire his success.”

Yet there is a part of Rotter that obviously

enjoys the role of m a r ket bogeyman. He began

receiving antagonistic messa ges last March as

rumors of his identity emerged. “There were

some anonymous letters and some phone

calls,” Rotter says. One e-mail he was sent

read, “I hope you have to spend the rest of

your days looking ove r your shoulder.”

R otter says the threats j u st turned up his

heat. “Of course it was motivation for me to

get more invo l ved in the markets and set

more competition for these funny guys,” he

says. Simultaneously, however, he insists that

he’s taking things a bit easier now. “I have

p r etty much reached all my go a l s,” he says.

“I don’t want to spend all day in front of the

screen anymore.” The 32-year-old who has

spent as many as 11 consecutive hours in the

m a r ket now says he’s down to around four

hours a day.

Then again, he might be bluffing. .

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The Worlds most Successful Trader -

Paul Rotter - aka "the Eurex Flipper"

--------------------------------------------------------------------------------

Trader Monthly Magazine interview January 2005

--------------------------------------------------------------------------------

Trading platform Paul Rotter uses. "TT's MD Trader is the fastest, most reliable scalping tool

available on the market. I would not use anything else. " -Paul Rotter, Trader, who averages

150,000 round trips a day on Eurex.

The Worlds most Successful Trader

Traders Magazine Interview 2004

10/2005

Paul Rotter - aka "the Eurex Flipper"

Paul is arguably the single largest and most successful individual futures trader on planet

Earth, executing trades on the Eurex exchange primarily in the Bund, but also in the Bobl and

Schatz interest rate futures. He trades between 200-300,000 round turns daily using the

X_Trader platform, and clearing through GNI Touch.

Every trader can aspire to imitate Paul's success as he is proof that it IS possible for a

small trader to build on his success and grow into the biggest most active speculator around.

Interview introduction (translated from German language interview with Traders Magazine):

Paul Rotter has made it - he belongs to the best traders in the world and counts as a real big

player. he usually does 150,000 rt/d, sometimes up to 250,000 mostly in BUND/BOBL/SCHATZ

futures. in the hall of fame of celeb EUREX players he's top notch end even leaves Tom Baldwin

(bonds) or Lewis Borsellino (S&P) behind. he had to work hard to make it. he blew up in the

beginning of his career, which was painful but also educational - he learned his lesson and

with lots of research, seeking improvement all the time, he became the man.

q: was there any key event that brought you into the game?

a: no, no key event like 'buying my first stock'. took part in some trading contest while at

school.

q: how did you get to professional trading?

a: when I was apprentice in a German bank I had to work on the DTB (now EUREX) execution desk

for several weeks. this attracted me a lot. during that time I was doing gamble trades on my

private account, losing pretty much all of it. when it was deeply in the red, I had to leave

the bank but shortly after, I was allowed to start trading in a Japanese bank. I was very

lucky here, since I was allowed to gain knowledge through learning by doing.

q: did the bank give you any mentor?

a: not, I didn't have one. in the beginning I was exchanging ideas with the chief trader Ajiasaka,

who was constantly profitable. he sometimes even hedged the positions of his boss, when

he thought that his boss was wrong. I had many conversations about market psychology, which

proved to be very helpful, especially after bad losing days.

q: how was your trading back then? have you been constantly profitable from the very beginning?

a: I was doing 100 - 150 round turns a day after a short time... I had no losing month with

the first 3 years of my trading. later on with bigger position sizes i took occasional hits,

especially after EUREX allowed terminals in the US and big players like Harris Brumfield /

Chicago were entering the field.

q: there is a saying that every trader has to completely blow up his account at least once

before he can become successful. what did you learn out of it?

a: like I earlier said, my private account saw some bad times during my apprentice in the

bank, although I must admit, that back then I had absolutely no idea that there was something

like 'risk-management'.

later on I found 7-digit losses to be cumbering. on day I had a blackout and after losing 2,5

million ? I was seriously thinking about stopping. I still had enough capital left to live

without having to worry about financial issues and i just wouldn't want to take those psychological

hits anymore. after taking 4 weeks off, I regained my motivation and returned in the

ring. I was able to make up the loss in a relatively short period of time, so that I came out

stronger than before.

q: has this changed the views of the market in a way?

a: with the experience of bigger losing days coupled with good phases right afterwards, I'm

not so sensible for losing days anymore. I know that I can make it back. this has lead to

being able to switch off the screens on a day with medium/small losses more easily, instead of

forcing the way back into positive territory.

q: what are your strengths as a world-class trader and where are the differences between you

and other traders?

a: it's the ability to get more aggressive in winning phases, taking bigger risks, and scaling

back in losing times. this is against human nature. the best thing is to have somebody around

who is neutral to trading, that switches the terminals off, when a certain loss level has been

reached for the day.

q: you are known as a order book-scalper, could you please explaining to our readers what you

are doing and what your strategies look like? what is your tactic?

a: it's some kind of market making where you place buy and sell orders simultaneously, making

very short-term trading decisions b/c of certain events in the order book (level2). for

example, I usually have lots of orders in different markets at the same time, pretty close to

the last traded price. the resulting trades are usually a zero sum game, but I get a pretty

good feeling for what is going on and then ultimately can make a decision for a larger trade.

q: how long are you usually in a position?

a: since I do trend plays very seldom and actually scalp the market, i constantly get fills in

different markets on both sides which can cause constantly changing positions for hours. sometimes

i change my opinion several times within a couple of minutes, which is not pretty hard

for me, since I'm only looking for the next 3-5 ticks.

q: during your professional career, have you always been a scalper or did you try other strategies

(momentum/swing) as well?

a: yes, I have always been a scalper, but I am adjusting my strategies to different market

situations all the time. on volatile days I of course have less orders in the market and do

more 'single trades', although I usually hold them only for a couple of seconds.

q: your strategies only work on electronic exchanges?

a: yes, b/c you cannot handle that much orders in a pit, looking for counterparties and so on.

computer exchanges grant fast order flow and are not as easy to manipulate.

q: as a scalper, are you trying to run stops?

a: well, yes, but because of the increase of liquidity in the last couple of years, the fast

spikes caused by stops are not happening that often anymore. apart from that, that stops often

are not where you would suppose them to be, because the other market participants are not

silly either or learned their lesson in the past.

q: what role plays risk-management in your trading?

a: i set daily goals for my p&l, whereas the most important thing is the stopping limit, the

maximum loss I take, before I switch off the screens. my biggest positions are 5 digit number

of contracts. I don't use any specific money-management rules.

q: what are you doing when a position goes against you? are you using stop-loss orders?

a: I strictly close my position when they start going against me. with bigger positions this

is not that easy, because I move the market against me, which could cause other traders to get

in the same situation like me, which could accelerate the move. however, most of the time I am

able to make some of the losses up, b/c I know what caused that move and therefore take the

opposite position.

q: why don't you have any problems with closing out the position and even taking the opposite

direction? shouldn't a trader stick to his opinion?

a: no, definitely not. an analyst or some kind of guru has to stick to it, but as a trader you

should have no opinion. the more opinion you have, the harder gets it to get out of a losing

position.

q: what role plays market psychology?

a: I constantly try to read the psychology of the market and base my decisions on it.

q: how do you handle distracting thoughts and emotions?

a: when it gets really bad - taking a cold shower or jumping in a cold swimming pool.

q: how do you prepare for the trading day? do you follow any routines or do you take it as it

comes?

a: before the open I check all the economic reports that are about to be released, speeches of

central bankers - simply anything that could move the market. then I try to define important

levels in the markets I trade. I do this through my own analysis and through reading analyst

commentaries. that's how I get a picture of the market and its important levels. I am not

interested in opinions of other market participants as this would influence my own opinion.

q: any kind of mental preparation?

a: nothing specific. actually I am motivated all the time...I see trading more as a sporting

challenge and try to erase the thought of the money.

q: how many hours do you spend in front of your screens?

a: usually 5 hours, that's when i trade actively...in case of special events i can be up to 11

hours

q: isn't it hard to spend that much time in front of your pc's? how do you stay concentrated

for such a long time?

a: that is what my Japanese colleagues asked themselves as well...well I take it as some kind

of game where i forget the time. therefore the real troubles are more physical (eyes) than

psychological.

q: what do you do to calm down / relax?

a: i do lots of sports and take lots of vacations.

q: what equipment do you use?

a: MD-trader from TT, Reuters, Bloomberg, CQG and a USD-squawkbox.

q: why a USD-squawk box?

a: i use it because ?/$ had some effects on the interest rates over the last couple of months.

those effects change, right now it influences oil prices and the DAX.

q: what timeframes are you using on your charts?

a: usually 5- - 30-min charts for trendlines and indicators. I prefer p&f charts because they

give me a clearer view on patterns (triple tops). for indicators I like the CCI because it

also shows the volatility of the markets.

q: do you think is it possible for a single player to manipulate the market?

a: no, in my opinion a single player cannot influence the market around the clock. there are

always several big players in the market. take the BUND for example - there are one million

contracts traded a day. when a trend starts out of the blue with only slight pullbacks, I

could trade against it, but with no effect. I couldn't stop the market from going up, because

there would be more money needed that I could bring in. apart from that, so-called 'Analytics'

computerized scalpers have made it tougher for me lately. as far as I know they are analyzing

the behavior in the order book and create a fully automated system. since they act in several

markets at the same time, I think these computer freak come from the fully automated arbitrage-

and spread-trading.

q: what has one to do if he wants to become a scalper?

a: he has to watch the order book for a very long time.

when asked for advice for the readers, Rotter says that everything can happen all the time, so

you better have your toilet close to your trading desk.

...another Interview

source unknown

Q: What are your strengths as a world-class trader and what are the differences between you

and other traders?

A: I have the ability to get more aggressive in winning phases, to take bigger risks, and to

scale back during losing times. This is contrary to human nature. The best thing is to have

somebody around who is neutral to trading, who switches the screens off when a certain level

of loss has been reached for the day.

Q: What role does risk management play in your trading?

A: I set a daily goal for my profit and loss, with the most important thing being the stopping

limit, the maximum loss I take, before I switch off the screens.

Q: Shouldn't a trader stick to his opinion?

A: No, definitely not. An analyst or some kind of guru has to stick to it, but a trader should

have no opinion. The stronger your opinion, the harder it is to get out of a losing position.

Q: Do you do any kind of daily mental preparation?

A: Nothing specific. Actually I am motivated all the time... I see trading more as a sporting

challenge and try to eliminate thoughts of money.

Q: Isn't it hard to spend that much time in front of your PC? How do you maintain your concentration

for such a long time?

A: That is something my Japanese colleagues asked themselves as well. I think of it as a kind

of game and I forget the time, so the real trouble is more physical (eye strain) than psychological.

Q: What does one have to do to become a scalper?

A: He has to watch the order book for a very long time.

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赞一下！

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我注定以这样的心境，阅读晚霞，静静怀念你的容颜，在古老单纯的时光里，步入另一种黄昏！

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让美国人把我们的钱吐出来    大家努力  ##392214037

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 支持~！

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顶~
lz很真诚，想和lz交流，可以加我##么？##：449011223

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顶

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顶。
正确

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不错.受益不少

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碰到贵人是福气！

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