So using the same logic, who exactly are you, that you are willing to take the time to write all these negative posts about this firm? One of Andrew's competitors?
I don't trade currencies. I trade stocks with one of the more prominent prop shops here in the City. I have been screwed over by scammy people like Spanton before I just want to help kids in my position to not get screwed. As hard as it is to believe.
I haven't read the whole thread, but was wondering if anyone has listened to this on NPR: http://www.npr.org/templates/story/story.php?storyId=4633721 I don't know if I would want to work for that Spanton guy. Very interesting take on Forex. Now I just need to figure out how to fade it now that NPR and the public knows about it.
interesting strategy spanton trades. any of you forex traders use this method? Does it actually work? http://www.realworldtrading.com/index.cfm?section=interviews&id=14 Dave: I understand that you have perfected a unique trading system that is only traded once a week. Something to do with interest ratesâ¦.Please explain this trading system and how it works. Andrew: It really developed from observation. Since we are a daytrading firm and usually use high leverage, we do not get the ârollover feeâ one can make trading FX. Our traders must exit the position prior to 5pm EST so that they do not incur the charge. After a while we noticed that there tended to be a sell-off after 5pm on the higher yielders such as the GBP. Since the UK rates are very high compared to the other G7 nations, the interest fee or ârolloverâ is higher in that pair. We noticed that 85 to 90% of the time there was a sell-off of at least 20 pips from the high from 5pm EST to 8pm on Wednesday during triple rollover. Triple rollover occurs due to the weekend. There are many factors that will dictate when we put the trade on, but we look to sell it after 5pm and make 15 to 20 pips. Certain times we sell it right after 5pm and other times we look for strength to sell into. An example would be, if the pair is at the high of the day at 5pm , we sell immediately. If it's in the middle of its range, we wait for a pop to sell into. As the Asian session usually is not extremely volatile we give the trade much more latitude than we usually do as the success of it is very high.
This program raises very important questions about the industry. Did you hear the guy, one of those "traders" that Mr. Spanton sets up to trade with the "best firm in the industry" FXCM ?? The guy has been out of the job for 1,5 years and is seriously hoping to make some money to pay for his kids' college tuition... Holy cow!!! So much for "qulified investor", "risk capital", and all that other stuff that NFA and CFTC seem to be concerned about. Disgusting.
He just described a strategy that had been printed and reprinted in over a dozen articles over the years. Come on people, do your own research and trade your own account. It's a waste of time to trade with these people.
Go in to the"Firm" if you can even call it that. And see. They take anything and anyone that walks into that place and can pay the monthly fees. This place is a scam but if you people wanna do it, then do it. No skin off my back. Just don't be coming on this board and whine bitch and moan about how you got JACKED UP!
I thought that was interesting. The "investor" guy sounds like he is at a casino in Vegas and has his entire home mortgage on the table. The best one is when he is talking to a trader who wasn't making money and says, "you should be disgusted with yourself" or something of that sort. That's some real motivational speaking there. Treat people like that enough times and karma will come smacking you in the face very violently. I suspect that sleeping 2 hrs a day will bring health-type karmic cleansing. I heard this guy in another interview and he sounded just the same. Not the kind of guy I would be inspired to team with.