Beware, it's quite easy to fake p/l reports

Discussion in 'Chit Chat' started by illiquid, Nov 22, 2009.

  1. And I'm not talking photoshop. The lesson here: don't take screenshots so seriously.

    Since I often take overnight positions in news-event stocks, I've always known that it would be quite easy for me to consistently show daily eod gains that are actually just markups from the night before, or to pad my gains for the next day.

    Say FSLR just reported horrible earnings, and is trading down 20 from the close. If you need to make up some bad losses for the day, just buy 1000 shares right around 7:55 and presto, the next morning you will see your actual losses for the day before padded with 20K in gains. If instead you need to show gains for the next day, short some shares instead and tomorrow you will be short from the 4pm close and be up 20 pts from the start.

    Of course things need to balance out eventually but this option is always out there. For temporary purposes anyone with something to "sell" would have a very easy time showing a good track record. Just a caveat for those who would blindly believe what they see.
  2. Anonymous screenshots or "blotters" on this or any site have absolutely no meaning.

    Maybe elitetrader should start a SIMPLE tracking service. (time in, time out, instrument, accountsize, #lots/shares, result.
  3. jorgez


    why bother!
  4. why bother to allow someone who wants to post reports to actually have verifiation rather that anyone taking seriously the unsubstantiated blotters and self-reports?

    Go up to the title of this thread and read it.
  5. Most of them are prob arent fake, but they sure as hell arent representative. Everyone likes to be praised, no one likes to be criticized, so only massive up days are posted.

    Notice that in recent months, big up day PnL's are mostly non existent or have been drastically reduced, this shows you what a tough market this is, trading wise not investment wise.