For some of you, your probably wondering what I’m doing with all my trading time? “After all, I’m not seein’ any trades now am I?”
Finally last night, just as Europe gets around to waking up, I had some conversations with Assets FX about having my trades mirrored [copied] to other Assets FX accounts. This lasted until the wee morning with phone calls, Skype, emails, and chat.
The bottom line is that we are NOT going to be doing anything related to this matter.
The reason is simple: MONEY! Not theirs, but YOURS!
I’m sorry, but the sad state of affairs in electronic FX trading, with both brokerage houses and banks, is that they view your money as chump money to be taken advantage and fleeced.
This isn’t something you can blame Assets FX with, as it is a problem infecting the entire trading industry. All of them will compete with each other to get your personal trading account and in the process offer spreads and other considerations that slash their margins to the bone.
But bring up mirrored trades, managed accounts, MAMM, or PAMM and the doors shut immediately. No longer can you expect any kind of consideration or “deal” because the pervasive view is that this is money [meaning yours] that we can literally scalp and get away with highway robbery. All kinds of fees get loaded into the spread, along with fund manager largesse, such that you can barely find a bank or brokerage house that has any of the above named programs where you can trade EURJPY for anything less than about 3 pips [and in some places a 3 ½ or 4 pip spread]. The other pairs [e.g., GBPAUD or EURAUD] and your talking 5 pips plus].
Oh sure, they can mirror my trades, but here are the conditions:
1) I have to go “buy” software that can copy my trades from “my” MT4 program,
2) Then the trade is sent to Assets FX where it is executed, and of course
3) No guarantee can be made your fills will be anything like mine, and finally
4) Only the “exact trade” can be copied with no regard for leverage.
“Ummmm, excuse me, but anybody but me see the very real potential for abuse by the brokerage house or bank here?”
So, in short, I have to do everything, they do nothing, and just like an EA they are going to rip your market order “mirrored” trade to shreds. Nope, ain’t gonna happen on my watch. Some days, this industry makes me want to puke.
And in case you’re wondering, banks are no better.
“Um, gee –vegas, why do you want to do something like this when we have such a great money-making program in place?”
Me: “I’m trying to offer value and expertise to the masses and thereby attract more biz for you.”
Banksta: “But we can make so much money our way.”
You see how this goes? I’m the crazy one.
So, the only thing I can do is either form another PAMM [which I’m not doing because they rip everyone off] or have you do your own short-term trading. I’ll continue to post on Twitter when I do something [C2 or Assets FX].
Seriously, this is one of those days when I wonder if joining the circus would have been a better career option. Welcome to the fleeced state of world finance.
Try and have a nice day everyone.