THE “SCUMBAG ARMY” IS AT IT AGAIN

 

“Turnkey distinguishes themselves yet again, but NOT in a good way!”

All anyone has to do to find the bid/offer spread you’re REALLY gonna pay to

trade, versus the maybe phantom quote you’re looking at, is to watch the pair in

question for 5 minutes, and remember the HIGHEST spread you see in that

5 minute period … that’s gonna be your spread + any slippage the scumbag LP

decides to add on cuz they can … since the open last night in Asia, Turnkey’s

illustrious LP’s have decided they aren’t gonna allow scalping gold, cuz despite

much quieter trade conditions today, the entire Asian & European session has

seen a gold spread of between $0.70 - $1.10, and with New York just coming in

as I write, nothing is changing here as well … so quieter conditions but a higher

spread … WTF is the deal with that? … well for starters it has nothing to do with

trade conditions, it has to do with quick market moves you can scalp and pick

the LP off when they make their market … with gold hopping around, they

absolutely don’t like it when anyone buys / then sells all within seconds and

picks their pocket … to combat that, they raise the spread.

And while Turnkey has a group of CFD LP’s that are borderline criminal in their

fills and spreads [crude oil a perfect example], for the most part FX, which gold

falls under, is usually very good … not now, not in gold … the purpose of an LP

is to, of course, provide liquidity … when they sell to you, there’s someplace else

slightly cheaper they buy and thus pocket the difference for providing the

liquidity … and when you sell it’s the same story on the other side … they buy

from you cheaper somewhere from where they fill your sell … when you get LP’s

that get into this game of “we’re not gonna allow you to scalp”, it tells you one

very important thing … THEY AREN’T LIQUIDITY PROVIDERS, THEY ARE

MARKET MAKERS, SOMETIMES PROVIDING LIQUIDITY IF IT MATCHES THEIR

“TRADING BOOK” … in other words, they take the opposite side of your order,

and since you’re a Doofus Spec, they expect you to lose on the trade, and when

you go and offset the trade quickly for profit, you upset the applecart cuz you

haven’t given them enough time to make money off of you. 

My response to this is simple … DO YOUR FUCKING JOB AS AN LP and take

your small fee and go away! … but no, they don’t wanna do that … so they blow

the spread out, and tell the world “DUH!, market conditions, DUH!”, and hope you

buy the line of horseshit they just tried to feed you. Cuz here’s the deal … over at

Simple FX, where the Mrs. trades gold, her spread right now in gold is about

34 - 44 cents with no commission. Turnkey is at $0.70 - $1.00 WITH A

COMMISSION … so the spread is DOUBLE! … why? … cuz one group of LP’s

are doing what LP’s are supposed to do, and the other are fucking scumbags

… I’ll leave it to you to figure which is which.

It’s even worse in WTI Crude Oil, where Simple FX currently has a 3 cent spread

with NO COMMISSION, and Turnkey has a 10 cent spread WITH COMMISSION

[yesterday it topped out at 28 cents, which is “unreal”] … as I told Turnkey

management’s deaf ears, “I guess they’re willing over at Simple FX to lose money

for their clients, right? … after all, you claim you have the LOWEST SPREADS in

the business, which is a complete LIE, so I can only assume they’re eating

losses … OR, 1) you got a group of the worst LP’s on the planet and simply don’t

care if your clients get ripped off, OR 2) you get part of the rip off spread as a

kickback … well now, guess which one I THINK YOU’RE ALLOWING?”

Crickets, nothing but crickets … is anybody surprised? … and so here we sit this

AM, with New York opening in about half an hour, still some 90 minutes from the

criminal NYSE money laundering open, and we’ll see what transpires with

Turnkey and their gold spread … my guess is it will come in some, but will still be

lacking versus other offshore houses, but I won’t be surprised if it stays the same

either … quite frankly, we’re dealing with thieves, pure and simple, and the only

way to punish them is to not trade and deny them trading revenue … that’s ALL

THEY UNDERSTAND.

FX VIX has gone up since 2/24, when Russia invaded, and I don’t see significant

increases in those spreads … why not? … cuz if they did, people would walk “el

quicko” right out of the brokerage house to another … in today’s competitive

environment, nobody but nobody is gonna overpay to trade either EUR, GBP,

and/or Yen … ain’t gonna happen, and both Turnkey and their LP’s know it

… New York open now, and the gold spread as I write is 86 cents at Turnkey, 37

cents at Simple FX … you simply can’t make this shit up! … and readers will

remember back a while ago, this is the exact problem I had with Turnkey when

it came to WTI crude oil … they simply refuse to entertain a legit spread, and

instead resort to “scumbaggery & fuckery” to gyp accounts out of a little extra

coin … gold busts 2000 on the downside as I write, and Turnkey’s wonderful

spread balloons to over $1.40 … meanwhile Simple FX is at 37 cents … “OK,

everybody who wants to trade gold at Turnkey today, get in this line

… everybody else in the other line … how come nobody is in Turnkey’s line”?

… what a fucking joke … what am I supposed to do, when they refuse to offer

a fair & honest playing field in gold? … easy, refuse to trade it.

So, what to do? … well, that’s easy … move back over to EURUSD, where today

sees the 20 Day Range MA = 105 PIPS … I don’t think it can stay this high, and if

it did I’d trade this only and wipe everything else off my screen! … but still, even

if the 20 Day Range MA comes down some, it’s a very good alternative to gold,

and the trading algorithm with this kind of FX VIX, is exceptional … not trying to

play “Whack-A-Mole”, but Turnkey leaves me with no other options, cuz I’m most

definitely not gonna pay the kind of “LP vig” these scumbags want to trade gold

… quite frankly, we’ll do just fine in EURUSD / GBPUSD / USDJPY [whichever is

trading better], cuz with increased VIX, the trading algorithm is exceptional

… and to boot, I think more people will come back to FX pairs than gold, so the

results of the algo can be measured with these 3 major FX pairs … always

remember, trade this shit, don’t marry it!

I really do hope FX VIX can stay up here and support these 20 Day Range MA’s

in EUR & GBP [Yen is lagging] … I’m deadly serious in saying that if they could, I

wouldn’t look to trade anything else … PERIOD! … but even with a back off of

some VIX, EURUSD ain’t going back to 20 PIP ranges in the European session

anytime soon … in any event, it’s a “win / win” for us in the PAMM … so tonight

in Asia, I’ll be in EURUSD, and Turnkey’s LP’s can go pound sand in gold

… what an utter embarrassment … if I owned Turnkey, I’d hide my identity.

I'd be so ashamed.

I can only trade what makes sense … and lately, the big movers of “Stock

Bellies”, crude oil, & gold have all seen such unfavorable trading conditions,

you’d be an absolute fool to pay the “vig” demanded by the scumbag LP’s,

especially at Turnkey … to be fair, other houses are worse and other houses

are better, so they aren’t alone at the bottom, but nonetheless their ridiculous

assertions that “volatility” is the sole reason for the increase in spreads is pure

horseshit … if that’s the case, ALL HOUSES would have increased spreads, and

clearly that’s not the case … it boils down to 1) GREED, and 2) backroom

kickback deals that nobody is supposed to know about, where the LP & the

house split the rip off spread & slippage, and in some cases the house gets paid

by the HFT for all of the customer information on orders that is collected in real

time and given to the HFT computers … the ‘ol RobinHood / Citadel deal that got

exposed and cause an uproar in the U.S. … well, these houses are “offshore”

and they don’t have to tell anybody nothin’, and for sure they won’t.

This may be a “blow off” day for EURUSD in terms of range … currently at 190

PIPS just about 30 minutes after the London Fix, sentiment here has been so

bad since 2/24 when EURUSD started to get pounded daily, this short covering

rally is burning up some buy stops as we head towards the New York afternoon

… this war between Russia and Ukraine playing havoc with EURUSD to be sure,

but the important element is the almost DOUBLING OF VIX! … this should lead

in the days / weeks / months ahead to higher ranges than seen over the last year

or two when the entire FX space was basically asleep … range now right at

200 PIPS … so, let’s hope this kind of trading pattern holds up! NO PAMM trades

today, the gold spread bullshit the entire day.

Meanwhile over in crypto, “Taliban Joe’s” EO is / was a nothingburger of bullshit

for crypto, so BTC rallied strongly up in the 42K range rather quickly after the

news broke … nothing negative, price rallies … I’ll be back in BTC come

tomorrow for “The Syndicate”.

All in all a rather disappointing day, in the respect of seeing another market [gold]

go down the tubes to LP GREED and general “scumbaggery & fuckery”, cuz

1) they think you’re too stupid to know or care what you pay to trade, and

2) they have plausibility of denial cuz of the increase in VIX overall cuz of the

war … as the Mrs. always says, “when they hand you lemons, make chocolate

instead and screw ‘em!” … why are they always right? … onto tonight in Asia

and the rest of the day, where we should have a “blizzard” of signals tomorrow!

… outta here … “The future’s so bright I need sunglasses”!! 😎😎

… Onward & Upward!!

-vegas