Some days I just sit here in amazement at the brazen balls of LP’s at Turnkey,
especially in crypto, and wonder how the Frick they can look into the mirror and
not puke … of course, on the “open order book” [OOB] platforms this isn’t an
issue, cuz you got complete 100% transparency for all bids /offers and there
respective volumes … but on horseshit platforms like Metatrader, where LP’s
rule with complete abandon with bogus bids / offers and eye watering slippage
cuz they can, the greed to rip customers off never ever stops … “welcome to the
casino, how can we facilitate the transfer of your money into our pockets?
… we’re just here to help”!
Now to be sure, it’s not like this 100% of the time, pretty much only when crypto
starts to move viciously “bigly & yuge”, with an added emphasis on the downside
… then the spreads in pairs like BTC & ETH blow out to levels that are a complete
joke … on the upside the bid will be fine and it’s the offer [where you buy] that
gets totally F-ing ridiculous, and on the downside it’s simply flipped where the
offers are fine and the bid is getting mauled … meaning, if you’re on the wrong
side of this trade, it’s like salt being rubbed into the stab wound on your back
… just some added extra pain cuz we can! … and I don’t wanna hear any of this
bullshit about “DUH!, market conditions, DUH!” … they are there to provide
LIQUIDITY, NOT BE A FUCKING MARKET MAKER TRADING AGAINST YOUR
POSITION! … and all you gotta do is look at the order tick box to see the ripoffs
… directly below, 2 examples today early that shows perfectly what I mean
… take a close look and notice the jumps in the offer, or the slam down of the bid,
which simply means somebody in the system, not necessarily at Turnkey but
some house where this particular HFT is the LP, somebody is getting royally
FUCKED cuz those spikes up are customer buys, and those slam downs are
customer sells … and we’re not talking pennies here either, but multiple dollars.
On the OOB platform, the first low today in ETH came in around 4607
… Turnkey’s low is 4599 and change … “oh, only an $8 massacre for somebody
who clicked the sell button at the utmost wrong time … liquidity my ass, they
are fucking thieves! … of course, nothing new here about this FACT … and so,
the spread blows out for the losers in trades, but not the winners … and the
takeaway here is what I have said repeatedly here on the blog forever … DON’T
BUY RALLIES AND DON’T SELL BREAKS or you’re gonna get hosed by these
assholes good & hard … THIS IS WHAT I HAVE TO DEAL WITH ON THE MT4, but
is NEVER AN ISSUE ON THE OOB PLATFORM! … sure, you can B. I. Itch to
Turnkey all day long about this, but like all other houses, they don’t give a shit
either and your wasting your time cuz nothing is gonna be done about it … my
personal opinion is they share in the robbery on fills with the scumbag LP, and
receive a cut and that’s why they never go to bat for you with the LP, so they
have a vested monetary interest in seeing the status quo being maintained.
Better trading action in the Asian session bleeding into early Europe … from
there it’s wicked chop with a downside bias … now into the mid afternoon in
New York, and price action in ETH has been chaotic … not in the sense of HOW
it’s moved, but the speed of the declines when it moves lower … blistering!
… fortunately for us, the algorithm as designed has as its TOP PRIORITY to keep
us out of trouble, and when trouble is over it looks for inflection points where the
probability is the LOWEST for losing money … INDUCTION, NOT DEDUCTION!
… and since I’ve hit the screens today, the trading algorithm has been in
“buy mode” for about 20 minutes out of over 8+ hours … “when the wind ain’t at
your back, there’s no point in peeing!” … in addition, Turnkey’s LP’s noted
previously above have been less than decent today, with the spread gyrating
worse than Biden climbing stairs … which to be totally fair, happens when you
get bigger than normal down days, cuz when it starts puking in earnest, the red
spikes from Hell are something to behold, and if you get caught in this shitstorm,
it makes for messy thoughts … the trading algorithm DOES NOT GET TRADERS
INTO TROUBLE! … PERIOD! … that doesn’t mean there’s never any losses, but it
means simply the probability is very low, and if it does come it hasn’t gained
enough steam to the downside to make it hurt and hurt badly … more like a
paper cut that’s a pain in the ass.
The MOMO today, though, in crypto has been to the downside, where rallies have
been very brief, very wicked, and then price falls off a cliff … so, where’s the
advantage on the long side when 1) spreads are ballooning out, and 2) we don’t
get paid to do limit orders? … and then price plunges cuz you missed the turn
by 1 microsecond? … NO trades for the Turnkey PAMM today … we just haven’t
seen any justifiable action to get long with a high probability of making some
coin … it’s all been “coin flip” shit that ends quickly … sorry, that’s not good
enough.
Meanwhile, for “The Syndicate”, trading ETH today we’re UP a hair less than
0.2% simply cuz we get paid for limit orders, and multiple trades throughout the
day during very brief windows of opportunity yield the result … it most definitely
isn’t cuz I caught some big move to the upside cuz there haven’t been any!
… that’s the difference! … now into the NY afternoon, and here comes the rally
… sorry, too late for my blood, cya ETH on Monday!
Blog update on Sunday … DON’T MISS IT! … outta here … “the future looks so
bright, I need sunglasses”! 😎… Onward & Upward!!
-vegas
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