“The perfect metaphor for the offshore brokerage world!”
It has ALWAYS been this way … don’t think for one second it hasn’t, cuz I can tell
you from experience, that the world of trading financial derivatives since the start
of the modern era in the mid 1970’s, and now includes “spot” markets plus CFD’s
& “spread betting”, is one of ever changing brokerage house qualities that either
make you love them or hate them rather quickly.
Up until 2010, the U.S. led the world in financial trading innovation … then came
the socialists into power in D.C., and besides the monstrosity of Obamacare,
lesser known to the public came “Dodd / Frank”, which gutted financial trading,
led to the rise & influence of “offshore” brokerage, and in 10 short years has
made U.S. residents and/or citizens financial pariahs across the world … “A
Saudi terrorist can open a foreign bank account and/or brokerage account with
ease, but if you’re from the U.S., you have “Financial Leprosy”, and 95%+ of them
will kick your ass out onto the street within seconds … and don’t come back”!
Of course, they all promise the moon … and they all fall short when it comes to
reality … everybody boasts the lowest spreads anywhere … it’s all bullshit, cuz
even if their spreads are wonderful, what are the commissions? … and if their
spreads suck, why on earth would you trade there and hand them & the scumbag
LP banks free money? … “do you drive down the road with the window open
throwing out $10 bills onto the highway? … trading is trading and fills are fills,
and getting filled by house “A” that costs more than house “B” makes no sense
whatsoever … I’ve done the math before, and on a small account it adds up to
thousands of dollars per year.
But it’s not just spreads & commissions that matter … are the bid/offer quotes
real or are they phantom? … and that leads to slippage on fills … you can have
the tightest quoted spread in the world, but if slippage is horrendous, and your
consistently getting filled, for example, in the DOW30 2 - 4+ index points off the
market, who’s the dope here? … the definition of a “moron” is somebody that
keeps doing the same thing over and over and expects a different result.
And it doesn’t stop there either … take “Core Spreads” for example … they
advertise the LOWEST spreads available in the world on the DOW30 [1 index
point, no commission] and the SP500 [0.14 index point, no commission] during
NYSE hours … WHOA!!, sounds great doesn’t it? … until you investigate their
policy on “scalping”, which is at the link directly below.
“Oh, so they don’t like you making money trading “short term” [whatever the hell
that is defined as, cuz they don’t tell you, it’s simply “at their discretion”], and
since they “monitor” your trading activity, any guess as to what happens next
when they deem your trades to “short term” and you make money? … right, they
take the profitable trades away [in their “discretion”, of course!] and then maybe
close your account … still want to trade here”? … and if that’s not enough, the
only way to deposit / withdrawal is via bank wire transfer after you’ve gone
through the bullshit of complete KYC … so, they can take your profitable trades
away at their discretion, and you get to pay ridiculous bank fees for the privilege
of withdrawing profits … GTFO with this bullshit!! … no way would I ever trade
here under any circumstances, cuz they’ve told you in “black & white” what they
are about to do to you should you make money on their trading platform!
Quite frankly, I find the “hubris & condescension” of places like Core Spreads
reprehensible … “so let me get this straight … you make a market and give me a
bid/offer quote … I buy the DOW30 and 30 seconds later I have a 10 point profit
and sell … you’re the one making the fucking market, not me … and so now, just
cuz it went up and you poor dears are clutching your pearls cuz you’re on the
losing end of the trade, and somehow you think that gives you the right after the
trade is over, to come in and say “not so fast, we’ve invalidated the trade cuz
you scalped it”? … who the fuck is gonna go along with that bullshit”? … NOT
ME, I CAN ASSURE YOU!
So I awake today, and find emails from the head of trading at Core Spreads, as
yesterday I wrote them about what I find appalling about their complete ANTI
scalping attitude, and why I think it’s full of shit … and bottom line is, I’m
“assured” that scalpers aren’t the problem, and that nobody ever has had
scalping trades taken away from them at Core Spreads “discretion”, and what
they’re really against are those that “game the system” by using server farms to
increase latency over and above what Core Spreads is capable of … mind you,
these are places that have the capability to utilize “nanoseconds”, while the rest
of us are stuck with milliseconds … “OK, then why have the policy? … I’ll tell you
why ...cuz they never know when they’ll need it! … and they still reserve the right
to do it! … sorry Skippy, that’s bullshit, cuz you’re taking the “lawyer approach”,
which in the final analysis only fucks me at some point down the road … as to
your reply that you don’t do it, what else would you say? … so why not change
the policy? … NO? … Ok then, I know exactly where I stand, which is I’m the one
who could be fucked at your “discretion” cuz it’s your “official” policy, all the
while your “assurances” are nothing more than bullshit … like I said, why would
anybody ever trade at this shithole”?
Right now, the very best place in the world, when you examine EVERYTHING, to
trade the DOW30 is FX CHOICE, and it’s why the PAMM / MAM is there trading it
… and using the same criteria, the very best place in the world, when you
examine EVERYTHING, to trade FX pairs & crypto [small accounts] is
PRIMEXBT … I can assure you, each and every week I’ve got my eye on world
“offshore” brokerage houses, and the developments surrounding them, and I
keep very close tabs on where the very best places to trade are … it should come
as no surprise, that no brokerage house is perfect … they ALL have their quirks,
and no house has the best trading conditions in ALL markets … they ALL have
markets that are a joke if you trade them there … it’s called homework, and I do it
cuz I’m a professional trader.
Again overnight, especially at the European open, ‘vapors” hit the stock indices
and it’s “elevator up” in seconds … the worse the news is, the more this shit goes
up, cuz as I said yesterday, and in the thinking of Morgan Stanley [MS], it means
MOAR!!! QE and higher stock prices in the positive feedback loop of FED QE
bullshit … and that’s ALL THAT MATTERS! … “Dear investors: buy & hold all the
bubbles”!! … [Pssst: thanks, but I’ll scalp and make 100%+ per year with very
little risk to my capital, but by all means go “all in” and then think when the
party's over, you’ll be able to get out … you won’t!]
And here we go, more stupidity on the NYSE open … when the world ends and
there are no more humans cuz we’re all dead from disease or nuclear war, the
HFT machines will have the DOW30 at recorder-er-er-er new all time highs
… and wasn’t that an interesting first 40 minutes of trading? … “suck the Chumps
in and then pull the proverbial plug, and now sit … now what”? … [umm, an hour
later] “I was told there’d be a market … where”?
Noon in Gotham … “feel the stupidity yet? … I sure do”! … good grief is this
pathetic trading or what? … nothing but chop & stop hunts from the “protect &
defend” crowd of usual suspects … thank goodness I’m not trading at Core
Spreads, cuz if I didn’t like my position and wanted to get out rather quickly, they
might not like it and void the trade … despite what their trading manager says,
there “policy” statement says something quite different … “hypocrites much,
wanting it both ways?”! … it’s always nice to know that your brokerage house
retains the right to “officially” fuck you if they deem it so … what a bunch of
losers.
Kind of hard to make money trading when there is ZERO going on … EKG’s at
the morgue have higher heart rates … is it Christmas Eve and nobody told me?
… WTF is this bad! … ughhhhhhhhh!
Here in the early afternoon in Gotham, at 19:31 server time is why trading off of
“breakouts” is a dangerous and money losing proposition … run the buy stops
and then reverse it with a “thump” … you think banks don’t read charts? … think
again!
One decent algo buy signal today … FX CHOICE PAMM / MAM UP SLIGHTLY
MORE THAN 0.2%
Another shit day of trading action … “Plunge Protection Team” [PPT] with their
fingerprints all over about 99.9% of all the up action … they refuse to let price fall
even the slightest amount most days, and the only time they back away is when
headlines paint a particularly bad picture of world economic or geo-political
conditions, and price can fall slightly … other than that, they must give the
impression “All Is Well”!! … what utter bullshit … trading range once the initial
blast higher off the scam open occurred about 70 points or so, and that’s from the
tips … simply terrible trading conditions once again … by the same token, nothin’
else is movin’ either, so there isn’t a market today worth a shit to trade … gold
with an $8 range, how pathetic is that? … even GBPAUD doesn’t even have a 100
PIP range … so, nobody is gettin’ rich today that’s for sure … “very much looks
to me like if anything is going to happen, it’ll come in the last hour, and as a short
term scalper, this is the absolute worst time of day to make new trades cuz of the
time factor … thanks, no thanks.
Outta here … until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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