“Asia flies, the rest of the world dies”! … but even the Asian session can’t save
gold & Cable, 2 of the most pathetic trading vehicles of late I’ve ever seen for
markets “supposedly” being volatile … now, they’re nothing more than “meat
grinders”, and you’re the meat for the scumbag LP banks! … why should today
be any different?
But maybe there’s a glimmer of light at the end of the MT4 cave … just when I’m
at the point of metaphorically burning the place down, here comes Turnkey with
a glimmer of hope in crypto … Turnkey, along with other offshore brokers in the
NO KYC camp, do offer crypto in BTC, ETH, BCC, & LTC … they all used to offer
XRP, but they’ve all delisted it in the name of caution, pending SEC litigation
against Ripple … the 4 above are all standard fair across these brokers MT4
and/or MT5 platforms … the problem usually isn’t round turn [RT] commissions,
it’s the bid/offer spread … going over to the largest perpetual futures market for
these pairs [BINANCE], to make a long story short, the “total cost to trade”
Ethereum [ETHUSDT] is about $2.10 ± a few pennies either side … going over to
Turnkey, the usual “total cost to trade” is between $1.50 - $2.25 ± a handful of
pennies either side … of course, BINANCE is an “open order book” platform, and
Turnkey has scumbag LP’s … for the past couple of days, studying the two in
tandem, while there might be some pennies difference, anybody’s ability to make
money trading ETH isn’t gonna be decided by 5 - 15 cents … slippage seems to
be minimized, but don’t kid yourself, scumbag LP banks or HFT’s aren’t here to
offer “great trading deals”, they’re here to steal money … and steal it they will,
but as long as it’s pennies, I get it … if they steal dollars, there’s gonna be a
problem I can assure you.
For their part, Turnkey is caught between a rock and a hard place … there are only
so many LP’s making markets, and in crypto it’s probably only one or two HFT’s
… piss them off, and you won’t be offering crypto as a brokerage house cuz they’ll
blackball you! … on the other hand, as a broker, you got to pay them for the
privilege of them offering LP services, even if they are complete shit … and if
customers aren’t trading them, you better figure something out or you get bled to
death … so I understand the difficulty Turnkey and others face, when offering
crypto on LP based platforms … as for the other 3 pairs, for one reason or another,
they aren’t competitive enough versus “open order book” platforms to even
consider trading … maybe LTC, but it doesn’t move enough … only ETHUSDT is
competitive and volatile enough to consider.
Quite frankly, I’m getting “sick & tired” of being sick & tired waiting for either gold
or Cable to frickin’ move … ANYWHERE would be nice! … their respective trading
conditions are simply awful at present … I don’t know how Turnkey will treat us
trading ETH, but we’re gonna find out via the trading algorithm buy signals come
right now … I’m gonna go “light” at first and judge the fills, in case they are horrific
… I don’t think they will be, but if they are, a whole lotta people are gonna get an
earful … besides, I don’t see how it can be any worse than gold / silver, and we
aren’t getting “Mr. Jack Squat” from these two … so, for the PAMM, let’s see what
ETH can do … ETH isn’t as good a trading vehicle as some of the alt-coins, like
TRX, ADA, ONT, etc., over on the “open order book” platforms at PHEMEX &
BINANCE, but it isn’t chopped liver either … the only real open question is, “can
the LP’s in ETH be satisfied with only stealing pennies, and leave the dollars
alone”? … let’s be brutally frank here shall we? … liquidity providers [LP’s] are
THIEVES, pure and simple … their “vig” is like an ATM fee, only theirs is like
Vanna White spinning the “Wheel of [Mis] Fortune” to see how badly you get
clipped, and the slots favoring us on that wheel are few … so, here we
come Vanna!
Welp!, first test with Turnkey failed miserably … here a little after 10:15 AM EST.,
ETH explodes $60 higher … and there goes the spread to upwards of $8+ … I’ve
already told them this is a joke … simply greed taking over, nothing more nothing
less, and that doesn’t even take into consideration SLIPPAGE! … can you believe
these asshats? … and if you wanted to, you could trade this at BINANCE OR
PHEMEX and pay about $2.50 … apparently, Turnkey doesn’t know that $2.50 is
LESS THAN $8, or more importantly, that neither you nor I will notice giving them
money for nothing … and maybe, just maybe, that isn’t something we want to do!
… like I told ‘em, in 5 years you won’t be around to even care what crypto does, c
uz if you don’t get your LP’s to get their shit together and be competitive, you
won’t be in business any longer! … it’s up to you fellas, decide will ya?
But then after talking with Turnkey about this in ETH and also BTC, the truly
“Bizarro World” of crypto shows up [maybe George Costanza’s HFT?], and lo
& behold the bid / offer spread in Bitcoin [BTCUSD] has gone to $5 AND STAYED
THERE! … this is truly bizarre, and since crypto has come onboard at Turnkey
last December 1, I’VE NEVER SEEN THIS … EVER … make no mistake, if the
spread would stay there, Turnkey would be the “premiere” place to trade
BTCUSD … “open order book” or no, the “gas fees” on BTC are about $50 - $75
wherever you go, and even “IF” they stole a few bucks on the fill, it would still be
acceptable … now, after calling back about this wonderful development and
inquiring “WTF is going on”?, everybody is tight lipped and saying NADA … and
since then, BTC has rallied and broke twice for about $400 and the spread has
stayed at $5 … I can’t explain it, but told them whatever they did or didn’t do,
DON’T FUCKING TOUCH ANYTHING, OK?!
And here we are, these last hours seeing BTC with a $5 spread and the trade is
active and volatile, so it’s not like it’s just sitting there like Cable or gold
… seriously, I’m rubbing my eyes to see if I’m dreaming!
The “proof is in the pudding” will come tonight and tomorrow, and the $64,000
question will be, “can the BTCUSD bid / offer spread STAY AT $5”? … if it can, I
will surely be trading BTC for the PAMM … but before we pull out the
“sparkling wine” grape juice, remember who we’re dealing with … I’m hopeful,
and got my fingers crossed, but we’ll see how it holds up … BTC has dropped
another $300 in the last 10 minutes or so as I write, and the spread is staying
FIRM at $5 … this would truly be great news if it holds, but I’m fearful of the old
“bait & switch”, where they keep the spread here for a couple of days, and after
getting new traders to come in and trade it, we wake up some morning and it’s
back to the same old shit of a “nutso” spread, that could be $5 or $70+ within a
millisecond … and if that indeed is what happens next, ear drums are gonna get
busted! … but, let’s be positive for the moment, and wait to see if this is real or
total bullshit.
Meanwhile, it’s the same old story, different day in Cable & gold … and with
tomorrow’s FED meeting coming at 2 PM ET., don’t look for anything to happen
tomorrow until 2 PM EST, long after Europe is closed … can these 2 markets get
even worse than they are now? Gold today with a $12 range and Cable the usual
60 PIP-ish pile of manure we’re used to … simply awful is all I can say. No trades
today for the Turnkey PAMM.
Crypto sees most of the day’s range come in the Asian session … and after Mrs.
Watanabe & Gal Pals turn off their crypto platforms and head to the nearest
casino, trading action slows considerably … TRXUSDT has a respectable day’s
range of about 1,700 ticks, but since Europe opened and now 12 hours later it’s
only seen about 750 ticks … still good, but very wicked price action.
Multiple trades today in TRXUSDT, and “The Syndicate” is UP FRACTIONALLY.
This was a tough day … algorithm signals were unusually good, but quite a few
of them got blown throw like a chainsaw cutting a stick of soft butter … and it’s
“elevator UP” fast & vicious while you blink your eyes … it’s been a while since
I’ve seen this kind of action, and let’s hope it’s another long while before it comes
back! … “Geesh, gimme a chance to buy it will ya”? [Nope!]
As I finish today, BTC spread still at $5 … I can’t help but look back and realize, I
go B. I. Itch at ‘em about ETH earlier today, and somebody somewhere suddenly
“fixes” BTC … “wait … WUT?”! … go figure … still looks like they haven’t
touched anything! … outta here … “the future’s so bright I need sunglasses”! 😎
… Onward & Upward!!
-vegas
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