My days as trader date from before the power of the algos. But I saw them being built in my latter years. It was all done by PhD´s and quants, not so much by traders. They often discussed how we would execute trades and orders to implement it in their programs. When I worked in several Banks, compliance was very much screening everything we did. Everything we said on the phones (it was before electronic trading) was recorded. They listened to our conversations without us even knowing. In the later years we were prompted by our managers not to use mobile phones on the trading floor (to eliminate the risk that people would signal someone outside when a big order would go trough). In such a spirit, I would myself not find it appropriate for the above reason to participate in "retail" discussion boards and I never did. You may remember that several bank traders in London were fined for using private chat-boards to discuss and exchange FX fixing orders. They were calling themselves "The Cartel" . I think you can find some stuff still on the internet about it, they and their employing banks were fined heavily . As for gauging market interest or market flavor, we as traders would often walk over to the different sales desks and ask what the real money clients were thinking/ doing, what the retail clients (leveraged players) where doing "on balance". Big orders were written on a board . This gave is some inclinations how the market was structured and what we could expect. Real money does not "cover" their positions quickly, they are often permanent flows staying in the market. Leveraged players were pure speculates and have to bail out at some stage. We would find out where their stops are etc. This would all be digested now by algos.
With respect to my previous reply, here you can get the low down of one of the big forex scandals / The Cartel in chat rooms: Forex scandal - Wikipedia
Nope, not making assumptions at all. It is as sure as death and taxes. I would think that most of you guys - very experienced market participants/traders - know that these things go on in the retail FX market. Have I personally seen or witnessed it? No, because it would not be shown to me because I would immediately report it. In addition, whether it is illegal is not even a sure thing and depends on the situation (see below). And I would not waste my time nor money trying to sue and prove someone is stealing my signals or someone else his signals, and that is if you can FIND the thief to begin with... Let me quickly put a few things out: 1. The subject of this thread, Tom Hougaard, has been the victim of people selling his trading signals, and/ or using his identity and offering "managed account" services. You want proof: visit his website where he gives ample evidence. Try to sue the perpetrators: good luck finding them to begin with. He is not suing anyone, because he can not even find who the thieves are. Try spending your money and time on finding them on an international level. Not even being sure you have a leg to stand on, see my point below: 2. Is selling someone else´s signals illegal ? ........ is a legal discussion without a clear answer. I would not bet too much money on believing it is illegal. If you pay for a signal (or you receive a free signal), it is yours from that moment on. If you execute it on your account, than it is definitely your trade, you own it. From that moment on, nothing can stop you from selling your signal to any signal market place or social trading venues. There used to be loads of them, many big ones closed down (Simpletrader, Currensee also closed down). There are still some like signalstart.com and MQL5.com There have been may many forex scams like this, brokers (mainly offshore brokers in far away "regulations" - try to prove they are doing something illegal.... good luck) offering signals to their clients (to get the trading volumes working in their favour or simply offering "trading ideas for free" if the clients open an account with them.... ) or individuals trying to make a quick buck.. They just buy a cheap "EA" forex robot, or pay for a signal and redistribute it under a name that suits them to stay out of trouble, get a track record of a few months with a martingale system showing ridiculous returns. There used to be thousands of signals providers and there was a big market for it. This is done all the time by MT4 and MT5 platforms, where the functionality to copy trades is a major success for these platforms, that is why almost all FX brokers offer their pricing over MT4 and MT5 platforms. The entire "social trading" space is / was full of this copying stuff. It calmed down, because the majorty of signal providers blew up their accounts AND also because the FCA (UK regulator) has now said that offering signal services is offering a financial service which needs a permission and approval by the FCA. So what is happening? All dodgy signal offering is now done in far away regulations, i.e. non-regulated brokers and market places... Hope this gives a bit more light into the matter.
I know this above. But this is different from what I asked. If someone is selling signals on telegram...huh that can be only bad. No reason for resellers or illegal copiers. Even that money on signals is bargain in relation to trading. Only selling real trades from good traders on brokers to hedge funds or large players that would be fraud and illegal of course, but I never heard it to be the real case. And the broker cannot have his own fund usually because of regulation and more money needed. They can only b-book like going against the trader or A-book going with the trader. That is all what FX brokers can do. That is why I asked it.
At first I thought it was the Libor Scandal - this one is new to me. There seems to be no scarcity of scandals.
Also no scarcity of experts (not yourself) on experts. LOL people should take any posts, including my own with a grain of salt, pontificating about someone else on the net (well known or otherwise) and their motives.
It looks like the issues discussed here are mostly in the FX market. What about the equity market? I’d assume it’s very difficult to do the same things in the equity market.
Bro, I just couldn’t. I understand this was sometime ago but reading your posts and reply. First off, I don’t follow this man. I just recently have come across his book. I’ve been trading for about 5yrs. From your replies, I’d say you in your 20s - Mids. He trades the standard Retail Setups. 1. Price Action (Double Tops/Bottoms, Price Action Candles (Hammers, Shooting Stars, etc). 2. He doesn’t explain them because these are the most common “technicals”’you can find in baby pips. I can look at the chart he posted (the chart you shown) And I can say this. I can see Wyckoff, SMC, Order Flow, SNR, and SNDs. This man is probably one of the most realist traders I’ve seen online (btw I know real life traders who trade for a living “full time”) he doesn’t push you to buy or join his community for a fee. you say you see a lot of fluff and someone who can’t explain something is fake. Actually it’s you that’s the problem, If you want to become a trader. Then be one, do your research have an open prespective and don’t create a bias until you’ve concluded the overall outlook. That’s what a true trader does, they do this in IRL (Buisness, personal life etc.) I hope you’ve excelled in your journey, because what I shared above is worth a year or 2 of experience.
No, once you create a system. A system should work for anything and everything. My system isn’t only based on Fx, I can trade indices, commodities, and even stocks.
Like this comment here. It’s very cringe. This is how I can tell you have a long journey ahead of you and longer with this kind of mindset. why do I say this? It’s because every strategy is the same strategy. Any system is a profitable system. SNR, Order Flow, Wyckoff, SMC, SND. It literally doesn’t matter, it’s up to you as a trader to find and create your own edge with the complement of your personality (scalp, day trader, swing trader). In regards to his risk mgt, that’s personal preference. I advise you to read mark Douglas, and the market wizard books. His thoughts on runners is very true. if I said to you one of the most famous traders has a 23% strike rate but is worth hundreds of millions of dollars. Would you say his a furu? i suggest you dig deep, and before you say something give it thought, and before you say something back it up with research (data, statistics) and then again before you say something allow yourself the opportunity to ask without bias or jumping the gun. your a trader this isn’t what we do.