Anybody here with the skill to code this as an Empty4 overlay game? Something to do whilst waiting for the market to do whatever it is we are waiting for it to do?garyfritz wrote:Oooh ooh oooh!! Let's all play "Shoot Steve" !! What a fun game!!!
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| Author: | SteveHopwood [ Sat Dec 24, 2011 1:21 pm ] |
| Post subject: | Re: Criminals |
Anybody here with the skill to code this as an Empty4 overlay game? Something to do whilst waiting for the market to do whatever it is we are waiting for it to do? |
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| Author: | garyfritz [ Mon Dec 26, 2011 5:34 am ] |
| Post subject: | Re: Criminals |
I can't point to one that I can guarantee is honest. But I also can't point to a clear violation (or even more than 1 or 2 questionables) after hundreds of trades with Tradestation, and I track every trade carefully. I know people who say the same thing about IB. They may be stealing pennies out of my pocket in every trade. I'm quite sure e.g. TS are padding the spread because they don't charge commissions -- so the spread is the only way for them to make money. They're upfront about that. But if I'm satisfied with the fills and the spreads I get, then... what's the problem? I expect to pay for a service. As long as they take that payment fairly, I have no problem with that. Am I being naïve? |
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| Author: | garyfritz [ Thu Dec 29, 2011 6:32 pm ] |
| Post subject: | Re: Criminals |
I think it's clear the FX industry could use some improvements. I'm amazed at the number of outright criminals (and no, that wasn't changed from the b-word  in this business.Anyone have any experience with MB Trading? I believe they have a very good reputation, and they seem to be one of the few brokers who consistently beat OandA, Tradestation, etc spreads. |
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| Author: | Iamshakey [ Wed Jan 04, 2012 2:05 am ] |
| Post subject: | Re: Criminals |
Friend Khalid, With your many educational posts about risk management, trading habits, and now these articles about the moral hazards involved in the markets in general, and the forex markets specifically, You are rapidly becoming my hero. I am by no means a expert on economics, but speaking from a laymans point of veiw, this is what amazes me: The US banks used to have strict regulations regarding their lending practices. This was through the 50s 60s and 70's. Since, US banking, and market regulations gradlually became more and more relaxed. This led to the Savings and Loan swindles in the 80's, the Junk Bond kings, like Michael Milken, the Keating 5 (or is it 7?) the dot-com bubble, enron and fastcorp, and now the Housing Derivatives that have now almost ruined us all. Back to the banks . . . The banks used to have strict regulations when it came to lending practices. Since the money they lend belongs to the bank's depositors, this meant they were required to limit the loans they made in housing to a certain percent. This was also true with all other loan types; Auto, business, credit card debt, personal loans etc. This was to keep the depositors money protected and hedged, in case any one sector of the economy should slump or fail. This is the same principle that any ordinary guy uses with his 401K. . . spreading the risk. In addition to this, the regulations were also relaxed concerning WHO they could lend money to. Since a mortgage spans decades, they were required by law to see that they only lent to borrowers who were most likely to be able to repay. Finally, all bets were off and banking was so de-regulated, that the banks were loaning pizza delivery guys money to by million dollar houses. This meant that a much larger than usual percentage of the depositor's money was exposed to the housing market. Things probably would have still been okay. . . BUT then someone got the bright idea that if they were to BUNDLE thousands of these loans together, they would have a TRADABLE COMMODITY. In other words, as borrowers paid, or didn't pay on their payments, and interest rates bounced around by a few pips here and there, and the availability of houses to buy (supply and demand) these BUNDLES would change in value. So of coarse big players, hedgefunders, and big banks around the world began to be trade these bundles. The result of this, of course, was that the Pizza Guy's million dollar house now had millions of dollars invested in it. In other words, LEVERAGED to the MAX. BUT! THAT'S NOT ENOUGH! Then the INSURANCE COMPANIES got involved, by insuring all these bundles to the big players. In other words, all the houses were insured several times. Usually, a house would only be insured once, Right? Only one insurer will be paid if a house burns down . . . Finally, the center wouldn't hold, and there were too many bad loans. It all collapsed. My understanding is that only 3% forclosure was enough to margin the banks out. The part that amazes me is this: All these supposed economic professional superman made a totally rookie mistake. They got themselves (and all of us) margined out. They brought down their companies, our economies, and us. THESE SUPPOSED BRAINIACS MADE THE SAME ROOKIE MISTAKE, JUST LIKE A NEWBIE FOREXER TRASHING HIS FIRST MINI-ACCOUNT (like I did). Hell. I don't think they are so fcukng smart. ANOTHER AMAZING THING: You see these wall street giants, Bernanke, Summers, Geitner, and Greenspan (I include them, because they KNEW this was happening and did NOTHING), on CNBC and Bloomberg look squarely into the camera, totally without shame, and unflinchingly act as if nothing was done wrong and that regulating the market would be bad! It should lead us to the logical conclusion; These people are shameless scum that are a danger to society. They are no different than any other criminal. Evil people are Evil People. There is no difference between them, and a meth-lab cook, or a child molester. BUT STILL, AS A SOCIETY AND A GOVERNMENT, WE CONTINUE TO THINK THEY ARE SPECIAL I realize this is a very basic, flawed and possibly inaccurate account. However, I believe it is the essence of the events. Sorry for the long boring read, Shake |
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| Author: | Iamshakey [ Wed Jan 04, 2012 2:37 am ] |
| Post subject: | Re: Criminals |
Hey guys, Back to the Forex. The Broker is not your friend, nor is it your enemy. Even if you believe your broker is being essentially fair with you, you don't owe them particular loyalty. They are a tool, or a device, if you will, or a means to an end. To them, you are a customer. No more . . . no less. You can only hope you find a broker that is a little crooked that some of the others. Don't be lulled into a sense of security by freindly customer service, or a few extra Empty4 whistles and bells. Don't be fooled by their nice educational webinars and mentoring. THEY KNOW THAT ALL BEGINNERS ARE SUCKERS, AND 80-90% WILL ALWAYS BE SUCKERS. I agree with Gary, there are no monkeys watching all those trades, and waiting to screw you. It can be done simply by the computer servers. All they have to do is be aware of where the orders are sitting, and waiting to be filled. Then it's a simple matter of letting the price "wander" or bounce around a little. Or let the spread kind of drag by a few extra seconds. They aren't waiting for YOU. . . they are waiting for ANYONE. Has this happened to you? 1. You have a stop or limit order set. 2. The price SMOOTHLY approaches your order. 3. The price hits and opens your order. 4. There is little period of volitility. Maybe the price bounces jumps or plummets 15 or 20 pips. 5. It just BARELY takes out your stops. 6. Then the price SMOOTHLY takes off in the direction you were hoping for in the first place. 7. You think "DAMN! My trading system sucks the big one." or "I placed my stoploss wrong" or "That guy that showed this system on the forum is an idiot." OR MY FAVORITE "That was just bad luck." Well, it MIGHT have been a bad system, bad judgement, or a stupid Forum thread, OR bad luck. . . BUT IT WAS PROBABLY FINANCIAL RAPE. In other words; YOU PROBABLY JUST TOOK ONE UP THE HEART OF DARKNESS. Hell, with a dishonest broker, you might as well be using a fly crawling across the screen as an indicator. Better yet, don't bother entering the trades . . . just mail a check to the broker. Shake |
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| Author: | TraderTim [ Tue May 22, 2012 9:53 pm ] |
| Post subject: | Re: Criminals |
Another great read, thanks Khalid! Tim |
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| Author: | APQN [ Sun Sep 02, 2012 2:16 pm ] |
| Post subject: | Re: Criminals |
Hi Khalid, You've made your point about the Criminals being criminals but at the end of the day you need to choose one. So who do you use? Which brokers do you recommend? I'm interested in hearing your opinion since you've been in the business for a long time. Regards, |
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| Author: | garyfritz [ Sun Sep 02, 2012 4:42 pm ] |
| Post subject: | Re: Criminals |
Khalid has been suffering from health problems and has not been on the board in several months. The answer unfortunately hinges on your citizenship. The options for US traders are restricted to US crims, and recent disasters have demonstrated that's not necessarily a safe place to put your money. If you're a non-US citizen, you have many more options. Canada, Australia, and possibly the UK seem to be good choices for crim location due to their regulatory climate. But I'm a prisoner of the US system so I haven't explored those options. |
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| Author: | APQN [ Mon Sep 03, 2012 11:33 am ] |
| Post subject: | Re: Criminals |
Gary, Thank you for your response. You made me feel good to be living in Australia. I'm using Axitrader which is an Australian Crim I think. Good or bad? Any opinion? |
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