And… Take All The Dealers Money Away
It’s enough to make me wanna be a crash test dummy.
These last weeks I’ve put up with internet outages [even the electricity went out once], small ranges, hyperbolic speed-of-light moves, slippage that would make the Pope want to kill, mystery shut off of the trading platform as gold hits a new high or low [so you can’t get out at the extreme], etc., etc. [I could go on but there isn’t enough server space at Google to handle the size of the list.]
But today, today, TODAY, TODAY I suffer the ultimate insult from the brokerage house of being told to deal with a liquidity provider that is making a 0.90 – 1.50 spread in gold [when it should be close to 0.30].
“Sir, please be advised that we don’t control the spread as that is done by our liquidity provider banks. Sorry for any inconvenience.”
“Say what?”
So, I’m supposed to buy it on the way up with a $1.50 spread? Did I take a stupid pill? You guys are serious?
So, after about 12 hours of chat, emails, and various idiotic customer service reps the bottom line is that there isn’t anything that can be done. Really? Well, I know what can be done; and it doesn’t involve using you to trade.
Ohhhhhhhhh, low and behold the liquidity provider has been replaced and as of about 10:45 A.M. I now have a $0.25 - $0.35 gold spread. Super, what you gonna do about today? It’s shot thanks to you clowns.
Another day down the drain to factors beyond my control and the powers that be think they deserve a pat on the back. How about a kick in the ….
So everything I’m looking at right now is red. My computer is red, the sky is red, and even the dog looks red. The eggs I had for breakfast looked mysteriously red. And I bet if I put my fist through a wall it would be red. But since I already have one bad wrist from a Super Bowl slip on my rear end, I think I’ll pass [but it is tempting].
There were times on the trading floor when I would go through periods of out-trades [disagreements over price] with other traders and it would just drive me nuts. The only solution: hit somebody in the mouth in front of 400 other traders and tell them [in mother approved language of course] this crap ain’t gonna be tolerated [it was worth the $1,000 fine and pompous lectures].
For all of you traders out there that think this kind of stuff only happens to you, think again. To the criminal dealer cartel I’m just another muppet. But, when they think you can cost them money, mysteriously something gets done.
I know a lot of you don’t have a venue like I do here. This post is dedicated to all of you who feel that some days the deck is definitely stacked against you. Salute!
Uh oh, I’m starting to see pink now – maybe things are getting better.
Have a good weekend everyone. I know for sure I need one.
-vegas
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