(Mostly) Short Term Interest Rate Trading

"Converting $100k to $500k" challenge.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for Q1 2025 was $70378. It is always nice to end the quarter at the highest P/L in last 3 months. Larger sizes in good trades also played part in making it the best quarter in absolute P/L terms. Total equity is now $375834. It has taken 7 quarters to reach here from $100k.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

And we have Jackson Hole this week. I must not forget that.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $5548. Current drawdown is -$5269. Can't wait to reach a new high in equity curve. It's been a while. No major data from US this week but we get UK and Canadian CPI, European PMIs. Let's be sharp and make new highs!

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at -$7090. A better start to the month with a significant reversal in options P/L. Almost a $13500 P/L NFP day which certainly helped the cause. UK MPC meeting & Canadian jobs data this week. P/L curve has not made a new high since June 11. Let's go!!!

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

...positions which will most likely expire worthless and I have paid 0 (or close to 0) premium for these. Nonetheless, it is still a loss for now. No one claimed this challenge is going to be a smooth ride. That's why it is called a challenge. Looking forward to Aug now. (2/n)

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the month of July was -$20607. This is, by far, the worst P/L in a month since the beginning of 100k to 500k challenge. Not a catastrophic setback but it is never fun to lose money on a monthly basis. Majority of it (-$13485) is an MTM loss in far OTM options... (1/n)

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $38. Always good to be back in black. It has been quite a while since the equity curve has made a new high. Current drawdown is $10799.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for quarter stands at -$6318. Not a great start to the quarter but I suspect half of this loss is due to unfavorable settlement. We have US and UK CPI and US retail sales this week.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

It has been exactly 2 years since the start of 100k to 500k challenge. Total equity currently stands at $383655. It is not bad but it could have been better. A lot better. I need to be sharper and more prepared. Onto the next quarter. Let's get closer to final destination.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for Q2 2025 was $7821. Lots of hits and misses. I ended up losing more than what I had planned for in some of the trades. I certainly lacked planning in those trades. For one reason or another, I wasn't as sharp this quarter as I usually am. And I paid for it. A lost quarter.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $6108.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $17732. Lots of swings this week with P/L eventually going nowhere. This has been an odd quarter but the good thing is that I have not lost any money. Not losing any money when things are not going great is a win.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $15123. We have Fed, BOE and SNB rate decisions this week.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the month of May was $4731. P/L for the quarter stands at $7590. Last two months have not been productive as far as P/L is concerned. But I have not lost any money either. That's certainly a win in my book. Total equity is now $383424. Only about 120k left to reach 500k.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $9921. P/L growth in this quarter has been haphazard but it is still a positive number. I will take it. I have no issues with my approach. That's all that matters.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $6309. Current drawdown is $5356. Last week went alright with about $7k profits. There was decent volatility in STIRs to make use of. We get US ISM, UK rate decision and Canadian jobs data this week. I am looking forward to build some positions now.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at -$707. In spite of all the volatility, few losing trades have resulted in a close to zero P/L month till now. It could have been a lot better but I can live with a 0 P/L month. Always something to look forward to. Looking to end the quarter in black.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $-6348. Last week was the worst in terms of weekly P/L. I got caught in some illiquid moves and had to book some losses. But losses are still manageable in the large scheme of things. But I could have certainly saved 10-12k if I were more ruthless.

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the new quarter stands at $11665. I could've been more ruthless in getting rid of losing trades quickly and saved 3k which would've reflected as money made. I should've also sized up in some no-brainer trades. This weekend is all about preparing for upcoming volatile week

[(Mostly) Short Term Interest Rate Trading @Lets_Trade_STIR]

P/L for the quarter stands at $69791. As has been the case for last 1 month, two medium-sized positions in the long end are settling 1-1.5 bp away from LTP & it has lead to $10k fluctuation in P/L almost on a daily basis. Only one trading day left in this quarter now. Godspeed!!