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.
-vegas
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