System Development Workshop On-demand

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Session #6: Day Trading with Steve Lucas

Steve started in 1979 at CBA London – as a trainee for 6 months and then accepted onto the US$ depot desk. They were interesting times as rates were in Double Figures under Volker and inflation and money supply were the main financial concerns. There was also a technicality of the Thursday/Friday window dressing. In 1980 he joined the forward FX desk and ran the Swiss arbitrage book – again very technical as Swiss also had window dressing where day to day rates were tiny compared to longer-term rates. His main role was to provide cheap US$ or pay higher rates for the US$ book which at the time was the main income provider. He did this for one year before being promoted to senior trader and transferred to Sydney for a year to train up the local staff and run a Swiss book from Australia.

On his return to London he was sent to LA from time to time to cover the trading room, covering everything including what was then a fixed AUDUSD. He was then asked to take over an ever increasingly volatile spot AUDUSD BOOK following the float at the end of 1983. He traded the AUDUSD until his transfer to run CBA New York office, trading and sales for four years at the end of the 90’s, returning to Sydney to trade prop and back to London to do the same in 2000. Increasingly using technical analysis to prop trade he was exposed to all the asset classes and their relationship with each other. He was then offered an opportunity at DRKW in 2001 to leave trading and focus solely on research and technical analysis. Seeing this as an opportunity to extend his financial market career he took it and was part of a very successful TA team of four.

It was so successful they were encouraged by clients to go independent which they did in 2004 – 3Ca is their company today working with Alan who was also at Dresdner. He covers all the asset classes, but share Forex with FX Renew. He has also managed clients’ money, but with regulation becoming increasingly onerous they now lets others manage using their signals.

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