MAYBE THERE IS LIGHT IN THE ABYSMAL MT4 CAVE

 

“I hope you like sleeping on the couch!”

“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