Forex-Based Hedge Funds: Are They Now In Vogue? | Frontera
Hedge Fund Definition | Forexpedia by BabyPips.com
Why No One Wants to Invest in Currency Hedge Funds Anymore
Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them. (iii) Collars No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray! To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts. (3) All About ISDAs, CDS and Synthetic CDOs You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire. Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. *EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
Demographic:International Grades:GPA 4.0(expected since I am taking A levels and exams scores are predicted) Subjects 1.Economics 2.Mathematics
4.language SAT:1570 Not giving SAT 2 due to corona-virus Attended Military School Brief EC list 1.Ted x Chapter Curator and Speaker(Founder Chapter)-Invited and Attended Tedx Conferences Internationally representing my country 2.Founded two very successful cryptocurrency companies(Not mentioning name to protect privacy)
Trading in Financial markets(more than 40k dollar account value)
-mainly trade Forex on margin through interactive brokers -Trade on Trader workstation software by Interactive brokers (also used by hedge funds) -Also trade stocks(Highest gain was investing in Carnival Corp when it was brink of bankruptcy and Saudi Fund invested) Average Returns of 14 percent on Stocks -Chess National Champion U18-Natioanlly ranked 23 overall as of 2020 -Captain Basketball Team(Regional Champions Junior Level) -Chess Club-Collaborated with national chess federation to organize events in regional events at School -National Astronomy magazine writer ---- Awards; 3 national level awards for Astronomy Represented Country Internationally at Spacecraft design Competition Won multiple Investing Competitions ------------------
Decash releases Whitepaper and also gets listed on Coingecko
Ticker: DECH Circulating Supply: 25,000,000 / 50,000,000 (Total Supply) Uniswap Supply: 15,000,000 (30% of Total Supply) Decash is the first cryptocurrency to capture the performance of multiple financial assets simultaneously. I posted a few days ago and the price has doubled since then. The product launched on UniSwap just 5 days ago and has till now not only met all the roadmap timelines it has also exceeded expectations - the latest being getting listed on Coingecko and releasing their Whitepaper. The developers have been extremely active in the official telegram group participating in community building and acquiring early investor trust. Transparency and trust are to be highlighted here as the founding team had made themselves public from before the Uniswap launch. Let’s see the two major events that just happened for Decash - Whitepaper release and Coingecko listing Whitepaper - A quick debrief First and foremost, the Decash whitepaper is one of the most professional ones I have seen in recent times from not only the point of view of content but also the effort spent in designing it. It has renewed my confidence in the project’s seriousness to succeed and also helped me understand the project in detail. I recommend a thorough read for any serious long term investor for you will see the massive potential the project offers. Top 3 key take-aways for me (of the many)
The team utilizes a new technology called HedgeFund that incorporates investing mechanisms which include traditional stocks, forex, and other cryptocurrencies while protecting the Ether value of the underlying token DECH. As far as I know, this has not been done before and could be groundbreaking. The discussion and the example provided for how HedgeTech works make it easier to understand and digest.
The whitepaper is 16 pages long and while it has some impressive technical details, it is very user friendly and easy to understand for those who might not have a finance background. It is obvious that a tremendous amount of time was put into writing this which gives me faith that this project is intending to be around for years to come.
Roadmap: The roadmap is very detailed and it looks like the best is yet to come. The team has met all of their deadline goals which gives me faith that they will accomplish what they are trying to achieve.
COSS exchange was taken offline on January 7th 2020 with immediate notice to all users. The plan was to begin migration to a white label platform after proceeding with account-level snapshots. The migration was halted mid-way as COSS entered and finalised acquisition negotiations, followed by audits of the existing technology, user data and wallets. With the audits completed, the new management decided to do away with the old exchange platform and introduce a much more advanced engine for its users. This is the platform which goes online this week with many added features including derivatives with up to 100x leverage, as well as an Exchange Swap Engine for instant conversions.
We apologise for the downtime — unconditionally.
The decision to shut down the exchange was not in our control and we, unfortunately, were handed over a shut exchange. We have done our best to re-enable the exchange for all users quickly and assure you that such missteps will be avoided at all costs in the future. The new COSS is a group of investors, professional traders, and financial technology specialists. Who strongly believes in the original vision of COSS — a one-stop platform for modern digital assets whose success is dependent on and shared with all its users — a unique approach to decentralised finance.
The idea is in line with the original concept of creating a shared ‘digital economy’ instead of mirroring a system where the traditional institutional lenders and service providers benefit while the people pay fees to use and access their own assets.
The investment group has appointed a board of directors and is currently assessing nominations for the role of CEO. The board will leave the day-to-day operations to the CEO and their team with a clear mandate — to restore and build COSS the brand for success. Rune and the previous technology, operations and marketing teams will no longer be involved with COSS. We appreciate their work in the past and wish them all the best for future endeavours. Satyarth will continue to remain on board with us and support the community management, marketing and PR team.
New Technology Partner
The new management has carefully evaluated several options to ensure COSS has a stable, scalable and continuously improving technology platform. We have partnered with XHUB — a financial and trading technology company. The XHUB team has vast experience in working with brokers, hedge funds, and proprietary trading firms. XHUB maintains one of the largest cryptocurrency liquidity and order routing systems in the industry, and a trading platform which has been exclusively and extensively used in-house by large trading firms. The XHUB technology team will extend its support to COSS API consumers and encourage them to keep building trading applications for the community. Consumers will have access to extensive historical and real-time market data which will allow them to create advanced strategies supported by back-testing.
A general roadmap of the board’s vision for the immediate future is included below. We remain focused on ensuring that COSS provides a reliable trading platform for retail and professional traders alike.
COSS will relaunch the exchange platform and enable full trading on supported pairs
Current COSS account holders will be sent new login credentials via email and an invitation to begin trading
COS holders will be allocated 100% of the fees generated by the exchange until the FSA dashboard is completed and launched
Balance transfers from previous exchange platform are initiated by the account login. This begins the final-phase of the account audit.
Withdrawal of audited portfolios / balances will be available within 48 hrs of the account portfolio transfer
REST and Websocket access to market data
REST access to account and trade endpoints
Websocket access to account end points
FIX Engine quote and trade functional release
Mobile Trading App (iOS, Android)
Beta release of the full-featured mobile app
Full public launch of the trading app
Listing Policy Release
Compliant with all regulatory requirements
API Community Development
GitHub community to showcase public projects
Budget allocated for development competitions
Mobile Wallet App (v2) (iOS, Android)
Release of the full-featured wallet/payment and proximity peer to peer payment app
Release full scale derivative trading platform for Windows, iOS and Android
Cryptocurrency arbitrage between popular exchanges
Forex, Commodities and Indices with institutional enterprise grade liquidity
Expert Advisors, MQL5, back testing and bot trading
Leverage trading will be reduced as the final step for licensing
Vendor and Payments API
Release of web and mobile payment processing for merchants
Roadmap will be updated in the first and third quarter every year, and will cover plans for that period. Relaunch FAQ The exchange will be operational on 4th March, 2020. To adhere to existing anti-money laundering, counter-terrorism financing and know your customer regulations, existing users will need to complete level-1 KYC. This can be done with a single government-issued photo identity document. Final phase account audit clearance is subject to KYC approval. COS token trading will be available on the COS_USD pair. More pairs will be added as trading activity improves. Maker and taker fees will be set at 0.05% and 0.1% respectively. Trading fee discount and negative maker fees will be discontinued. An updated COS holding based fee tier system may be introduced in the future. The Fee Split Allocation (FSA) dashboard is under development. However, FSA will be tracked and accrue from day one. COS held in private wallets will need to be re-identified and linked to your new user accounts once the dashboard is launched. We will initiate a delisting procedure for some assets. A complete list of pairs and the withdrawal process for the same will be released at a later date. Crypto deposits will remain at 0 fees. A fee schedule for crypto withdrawals will be published on the website. Fiat deposits will be available via Epay and transfers from Epay wallet to COSS will be at 0 fees. Deposits through credit and debit cards will be introduced at 4% fees. We will add more fiat options including withdrawals in the coming weeks. Thank you for all your support and feedback. We are expecting a rush to access COSS accounts and will complete verification for all applicants as quickly as possible. We apologise for any unforeseen delays during the process. You can reach us on [[email protected]](mailto:[email protected]) in case you require any further assistance.
Immediate Aftermath : The more data we collect and analyze, the clearer the picture becomes.
This is the updated first part of the list that has recorded the notable events as the world deals with the COVID-19 pandemic. [2nd Part] ― The LINKS to events and sources are placed throughout the timeline. ------------------------ The More Data We Collect and Analyze, the Clearer the Picture Becomes. Someone threw a stone in a pond a long way away. And we're only just feeling the ripples. — Fukuhara from Giri/Haji, Netflix series ------------------------ On Jan 30, Italian PM announced that Italy had blocked all flights to and from China. While Italy has banned people from air-travelling to China, however according to IATA data, there's no measurement implemented for air-travellers from China into Italy till the Mar 07. Especially for Chinese people who have EU passports. On Jan 31, the US announced the category-I travel restrictions, barring all foreigners who have been in China for the past 14 days, with measures including the refusal of visas and mandatory quarantine. • "Because the US focused on China and didn't expect the infected people's entry from Europe and the Middle East, the Maginot Line was breached from behind. And so little of credible data at the beginning made the US government to miscalculate its strategic response to the virus." — Dr. Zhang Lun, currently a visiting scholar at Harvard (economics & sociology), during the interview with ICPC on Mar 29. Also on Jan 31, the WHO changed its tune and declared the coronavirus outbreak a Global Public Health Emergency of international concern (PHEIC).
Decisions on a PHEIC always involve politics .... West African countries discouraged a declaration in 2014 after they were hit by the largest Ebola virus outbreak on record, mainly because of concern about the economic impact.
------------------------ On Feb 02, regarding the US category-I travel restrictions, Kamala Harris, the former Democratic presidential candidate, declared on Twitter:
Since 2017, Trump’s travel bans have never been rooted in national security—they’re about discriminating against people of color. They are, without a doubt, rooted in anti-immigrant, white supremacist ideologies. This travel ban is no different.
On Feb 03, criticizing Trump for his travel restrictions continues. Chinese foreign ministry spokeswoman Hua Chunying (华春莹), a Peking University professors James Liang (梁建章), New York Times, the Nation, OBSERVER, the Boston Globe, Yahoo, and Daily Kos were saying, it's a "panicky" decision and "racist" or it's "cruel and callous," he's stoking fear for political gains, and the president is "inappropriately overreacting." And professors Liang even said the US ban "will hurt goodwill and cooperation [with China] in the future."          Also on Feb 03, Mr. Tedros of the WHO said there's no need for travel ban measure that "unnecessarily interfere with international travel and trade" trying to halt the spread of the virus.
China's delegate took the floor ... and denounced measures by "some countries" that have denied entry to people holding passports issued in Hubei province - at the centre of the outbreak - and to deny visas and cancel flights.
Also on Feb 03, China is expected to gradually implement a larger stimulus packages (in total) than a USD $572 billion from 2008. — We'd never find out but my guess is that the fund will probably go to Shanghai clique. On Feb 04, The FDA has given emergency authorization to a new test kit by the CDC that promises to help public health labs meet a potential surge in cases.
The speed ... pushing through a new diagnostic test shows just how seriously they’re taking the potentially pandemic threat of 2019-nCoV. It’s also a sign that the world is starting to learn how to deal with an onslaught of new pathogens.
Also on Feb 04, the Wuhan Institute of Virology and China's Academy of Military Medical Sciences (AMMS, Chief Chen Wei belongs to) have jointly applied to patent the use of Remdesivir. Scientists from both institutes said in a paper published in Nature’s Cell Research that they found both Remdesivir and Chloroquine to be an effective way to inhibit the coronavirus. On Feb 06, Jamestown Foundation, a Washington-based research & analysis unit, noted that with State Council of PRC praising his performance of containing the pandemic situation, the council expanded Li Keqiang's political control over Politburo Standing Committee of CCP. (Li Keqiang = Communist Youth League = Shanghai clique) Also, on Feb 06, as the US evacuation planes leave China, the wave of the US evacuees have arrived who are met by the CDC personnel at the quarantine sites for screening, and those who were suspected of infection will be placed under quarantine for 14 days. Also, on Feb 06, a CDC-developed lab test kit to detect the new coronavirus began shipping to qualified US laboratories and international ones. — However, on Feb 12, the CDC said some of the testing kits have flaws and do not work properly. The CDC finally ended up shipping the working test kits for mass testings on Feb 27. This was three weeks later than originally planned. On Feb 07, China National Petroleum has recently declared Force Majeure on gas imports. They are trying to create a breathing room for their foreign exchange reserves shortage. China's foreign exchange reserves fell to mere USD $3.1 trillion in Oct. 2019. On the same day, Bloomberg reported that PetroChina has directed employees in 20 countries to buy N95 face masks and send them home in China. The goal is to get 2 million masks shipped back. You can also find YouTube videos that show Overseas Chinese are scouring the masks at the Home Depot to ship them to China (the video in Korean). Also Chris Smith is pissed. On Feb 09, Trump renews his national emergency on its southern border, and Elizabeth Goitein from the Brennan Center for Justice, published an opinion article on New York Times titled "Trump Has Abused This Power. And He Will Again if He’s Not Stopped." On Feb 10, Dr. Tedros said that an advance three-person team of the WHO arrived in Beijing for a joint mission to discuss with Chinese officials the agenda and questions. Then, the joint mission of about 10 international experts will soon follow, he said. — Those WHO experts ended up visiting Chinese epicentre for the first time on Feb 24. On Feb 12, the US targets Russian oil company for helping Venezuela skirt sanctions. The US admin seemingly tried to secure leverage against Russia after noticing something suspicious was up. On the same day, Trump told Reuters "I hope this outbreak or this event (for the US) may be over in something like April." — Dr. Zhong Nanshan (钟南山), China's top tier SARS-hero doctor, also said "the peak of the virus (for China) should come in mid to late February, followed by a plateau or decrease," adding that his forecast was based on on mathematical modelling and data from recent events and government action. On Feb 13, Tom Frieden who is a former US CDC chief and currently the head of public health nonprofit Resolve to Save Lives, said:
As countries are trying to develop their own control strategies, they are looking for evidence of whether the situation in China is getting worse or better. [But] We still don't have very basic information. [since the WHO just entered China] We hope that information will be coming out.
On the same day, the CDC reports that the 15th case in the US was confirmed. The patient was a part of group who were under a federal quarantine order at the JBSA-Lackland base because of a recent trip to Hubei Province, China. By Feb 13, China hasn't accepted the US CDC's offer to send top experts, and they haven't released the "disaggregated" data (specific figures broken out from the overall numbers) even though repeatedly been asked. On Feb 14, CCP's United Front posted an article on its official website, saying (Eng. text by Google Translation):
Fast! There is no time difference to raise urgently needed materials! Some Overseas Chinese have used their professions in the field of medicine in order to purchase relevant materials Hubei province in short of supply (to send them to China). .... Some Overseas Chinese took advantage of the connection resources, opened green transportation channels through our embassies and consulates abroad, and their related enterprises, and quickly sent large quantities of medical supplies (to China), making this love relay link and cooperation seamless.
On Feb 18, Reuters reports that 3M is on the list of firms eligible for China loans to ease coronavirus crisis.
There is no indication from the list that loans offered will necessarily be sought, or that such firms are in any financial need. The Bank of Shanghai told Reuters it will lend 5.5 billion yuan ($786 million) to 57 firms on its list.
On Feb 21, Xi Jinping writes a thank-you letter to Bill Gates for his foundation’s support to China regarding COVID-19 outbreak. On Feb 24, China was rumoured on Twitter to delay the phase one trade deal implementation indefinitely which includes the increase of China's purchasing American products & services by at least $200 billion over the next two years. Also on Feb 24, S&P 500 Index started to drop. Opened with 3225.9 and closed 3128.2. By the Mar 23, it dropped to 2208.9. Also on Feb 24, China's National Health Commission says the WHO experts have visited Wuhan city for the first time, the locked-down central Chinese city at the epicentre, inspecting two hospitals and a makeshift one at a sports centre. On Feb 26, IF the picture that has been circulated on Twitter were real, then chief Chen Wei and her team have developed the first batch of COVID-19 vaccine within time frame of a month. On the same day, the CDC's latest figures displays 59 people in the US who have tested positive for COVID-19. Also on Feb 26, the Washington Post published an article that says:
.... the WHO said it has repeatedly asked Chinese officials for "disaggregated" data — meaning specific figures broken out from the overall numbers — that could shed light on hospital transmission and help assess the level of risk front-line workers face. "We received disaggregated information at intervals, though not details about health care workers," said Tarik Jasarevic of the WHO. — The comment, in an email on Feb 22 to the Post, was one of the first instances that the WHO had directly addressed shortcomings in China's reporting or handling of the coronavirus crisis.
On Feb 27, after missteps, the CDC says its test kit is ready and the US started to expand testing. On Feb 28, China transferred more than 80,000 Uighurs to factories used by global brands such as Apple, Nike, & Volkswagen & among others. Also on Feb 28, the WHO published the official report of the WHO-China joint mission on coronavirus disease 2019. (PDF) On Feb 29, quoting Caixin media's investigation published on the same day, Lianhe Zaobao, the largest Singapore-based Chinese-language newspaper, published an article reporting the following:
Dr. Li Wenliang said in the interview with Caixin media; [in Dec 2019] another doctor (later turned out to be Dr. Ai Fen) examined and tried to treat a patient who exhibited SARS-like symptoms which akin to influenza resistant to conventional treatment methods. And "the family members who took care of her (the patient) that night also had a fever, and her other daughter also had a fever. This is obviously from person to person" Dr. Li said in the interview."
------------------------ On Mar 01, China's State Council super tighten up their already draconian internet law. On the same day,Princelings published an propaganda called "A Battle Against Epidemic: China Combating COVID-19 in 2020" which compiles numerous state media accounts on the heroic leadership of Xi Jinping, the vital role of the Communist Party, and the superiority of the Chinese system in fighting the virus. Starting on Mar 03, the US Fed has taken two significant measures to provide monetary stimulus. It's going to be no use as if a group of people with serious means are manipulating the markets to make sure MM will have liquidity concerns when they need it most. On Mar 04, Xinhua News, China's official state-run press agency posted an article "Be bold: the world should thank China" which states that
If China retaliates against the US at this time, it will also announce strategic control over medical products, and ban exports of said products to the US. ... If China declares today that its drugs are for domestic use only, the US will fall into the hell of new coronavirus epidemic.
On Mar 05, Shanghai Index has recovered the coronavirus loss almost completely. On Mar 07, Saudi's Ahmed bin Abdulaziz and Muhammad bin Nayef were arrested on the claims of plotting to overthrow King Salman. — Ahmed bin Abdulaziz is known to have very tight investment-interest relationship with Bill Gates, Bill Browder, Blackstone, & BlackRock: One common factor that connects these people is China. On Mar 08, the Russia–Saudi oil price war has begun. The ostensible reason was simple: China, the biggest importer of oil from Saudi and Russia, was turning back tankers while claiming that the outbreak forced its economy to a standstill. On Mar 10, the Washington Post published the article saying that the trade group for manufacturers of personal protective equipment urged in 2009 "immediate action" to restock the national stockpile including N95 masks, but it hasn't been replenished since. On Mar 11, the gentleman at the WHO declares the coronavirus outbreak a "Global Pandemic." He called on governments to change the course of the outbreak by taking "urgent and aggressive action." This was a full twelve days after the organization published the official report regarding the situation in China. On Mar 13, the US admin declared a National Emergency and announced the plan to release $50 billion in federal resources amid COVID-19. Also on Mar 13, China's Ministry of Commerce states that China is now the best region for global investment hedging. On Mar 15, Business Insider reports that Trump tried to poach German scientists working on a coronavirus vaccine and offered cash so it would be exclusive to the US. The problem is the official CureVac (the German company) twitter account, on Mar 16, 2020, tweeted the following:
To make it clear again on coronavirus: CureVac has not received from the US government or related entities an offer before, during and since the Task Force meeting in the White House on March 2. CureVac rejects all allegations from press.
On Mar 16, the fan club of European globalists has published a piece titled, "China and Coronavirus: From Home-Made Disaster to Global Mega-Opportunity." The piece says:
The Chinese method is the only method that has proved successful [in fighting the virus], is a message spread online in China by influencers, including many essentially promoting propaganda. ... it is certainly a message that seems to be resonating with opinion leaders around the world.
On the same day, unlike China that had one epicentre, Wuhan city, the US now overtakes China with most cases reporting multiple epicentres simultaneously. Also on Mar 16, the US stocks ended sharply lower with the Dow posting its worst point drop in history. But some showed a faint hint of uncertain hope. On Mar 17, according to an article on Chinese version of Quora, Zhihu, chief Chen Wei and her team with CanSino Biologics officially initiated a Phase-1 clinical trial for COVID-19 vaccine at the Wuhan lab, Hubei China, which Bloomberg News confirmed. — Click HERE, then set its time period as 1 year, and see when the graph has started to move up. Also on Mar 17, China's state media, China Global TV Network (CGTN), has produced YouTube videos for Middle Eastern audiences to spread the opinion that the US has engineered COVID-19 events. Also on Mar 17, Al Jazeera reported that the US President has been criticized for repeatedly referring to the coronavirus as the "Chinese Virus" as critics saying Trump is "fueling bigotry." • China's Xinhua News tweeted "Racism is not the right tool to cover your own incompetence." • Tucker Carlson asked: "Why would America's media take China's side amid coronavirus pandemic?" • Also, Mr. Bill Gates: "We should not call this the Chinese virus." On Mar 19, for the first time, China reports zero local infections. Also on Mar 19, Al Jazeera published an analysis report, titled "Coronavirus erodes Trump's re-election prospects." On Mar 22, Bloomberg reports that China's mobile carriers lost 21 million users during this pandemic event. It's said to be the first net decline since starting to report monthly data in 2000. On Mar 26, EURACTV reports that China cashes in off coronavirus, selling Spain $466 million in supplies. However, Spain returns 9,000 "quick result" test kits to China, because they were deemed substandard. — Especially the sensibility of the test was around 30 percent, when it should be higher than 80 percent. ------------------------ On Apr 03, Germany and other governments are bolstering corporate defenses to address worries that coronavirus-weakened companies could be easy prey for bargain hunting by China's state owned businesses. On Apr 05, New York Times says "Trump Again Promotes Use of Unproven Anti-Malaria Drug (hydroxychloroquine)." On Apr 06, a Democratic State Rep. Karen Whitsett from Detroit credits hydroxychloroquine and President Trump for "saving her in her battle with the coronavirus." On Apr 07, the US CDC removed the following part from its website.
Although optimal dosing and duration of hydroxychloroquine for treatment of COVID-19 are unknown, some U.S. clinicians have reported anecdotally different hydroxychloroquine dosing such as: 400mg BID on day one, then daily for 5 days; 400 mg BID on day one, then 200mg BID for 4 days; 600 mg BID on day one, then 400mg daily on days 2-5.
------------------------ ☞ If there were ever a time for people not to be partisan and tribal, the time has come: We need to be ever vigilant and attentive to all kinds of disinformation & misinformation to see it better as well as to be sharp in our lives. — We really do need to come together. ☞ At first, I was going to draw up a conspiracy theory-oriented list focused on Team-Z, especially Mr. Gates. However, although it's nothing new tbh, recently many chats and discussions seem overflowing with disinformation & misinformation which is, in my opinion, particularly painful at a time like this. Hence, this post became a vanilla list that's just recorded the notable events. — We all are subject to misinformation, miscalculation, and misjudgment. But the clearer the picture becomes the better we can identify Funkspiel. ------------------------ ☞ Immediate Aftermath pt.2.a ------------------------ ☞ Feasible Timeline of the Operation ------------------------ ☞ Go Back to the Short Story. ----
Hi guys, I'm not 100% sure what the best way to ask this question is but I'm looking for a resource that lists all of the important market/economic tickers to track inside of your trading platform. For example I know Futures, Treasurys, Forex, Commodities, Oil Markets, International Stock Indexes, etc, are all important for not only trading but to get a good picture of the Macroeconomy. That being said, what are the tickers or name of the markets considered most important and followed most closely by serious traders and institutions like Banks, hedge funds, etc? I hope my question makes sense. Thanks in advance for any help! EDIT: As an example of what I mean, these are the tickers I've gathered so far to get a better picture of the overall US markets: DJI, SPX, XLE (energy sec), XLB (materials), XLI (industrials), XLF (financials), etc.
The Mechanics of OTIUM Luxury’s OLX Token and Its Lush Offerings
The advent of Bitcoin with the utilization of distributed ledger technology- blockchain, had seen the growth and development of blockchain technology into not just a buzzword or technical jargon, but a technology of epic proportions as it is a modern means of payment through cryptocurrency, which flourishes exponentially with each fiscal year. Various attempts are being made to utilize blockchain technology throughout the financial and economic industries, focusing on smart contracts and decentralized distributed ledger technology. While cryptocurrency is still a relatively promising disposition, it is still very much subject to human-adoption for everyday use; so much so, in fact, OTIUM Luxury is trying to tap into the luxury lifestyle markets with its upcoming token and a host of luxury-based products, services and projects. It is expected to make a big change. However, unlike the development of blockchain technology, cryptocurrency is still in place. The result of Existing ICO (Initial Coin Offering) mostly turned to be the failure from the lack of preparation as they failed to meet the business proceedings and results which was promised by the ICO after raising funds; thus, this has caused massive financial losses to the ICO investors. To prevent such project failures and investment losses, OTIUM have completed all related preparations to immediately initiate major business portfolios with aims of achieving genuine, profitable results upon listing OLX tokens. OLX token holders can use OLX tokens for various practical purposes, and some of the revenue generated from the OLX token business will be reinvested into the business development growth to increase the value of OLX tokens. OTIUM Luxury, under the leadership of its charismatic CEO – Kim Kwang Min, who happens to be the founder and CEO of KERI – the Kim Economic Research Institute in Sejong, South Korea, is South-Korea’s premier luxury brand of malls, products and fintech investment services that prioritises real-economy ecosystem for luxury goods, shopping malls, hotels and other upscale lifestyle amenities. With Kim’s leadership backed by a reputable team of serial entrepreneurs, tech-developers, financial experts and advisors, the OTIUM Luxury stable is now a prominent force to be reckon with in the FinTech industry, as their incubation project produced the acclaimed OLX Coin token. About OLX Coin token The OLX Coin is an ERC20 standard token based on the Ethereum blockchain that is issued by Otium. OLX is an innovative digital asset project conceptualized through offline entity support to create a real-economy ecosystem for luxury goods, shopping malls, hotels and other upscale lifestyle amenities. The main utility and aspects of the OLX token is to be used as a form of digital payment currency across East-Asia (Korea, Hong Kong, Singapore) and for cryptocurrency exchange, having being listed with a trading pair in KeriFX, a Futures Exchange forex trading company and research institution in South Korea. KEY OLX Coin Features
Mobile Payment Service
FX & CFD Trading Service
Smart Contract Based Investment
1.Mobile Payment Service OLX simplifies the complex payment network and payment structure to provide more opportunities for merchants and customers. Deploying blockchain technology to implement mobile payment services reduces payment processing time and payment fees by replacing the payment agency channels, which was necessary in the existing payment process. The reduction of unnecessary adhoc fees enables merchants to provide more value-added services and better-quality products to their customers, and thus a higher profit margin for merchants themselves. Customers will benefit from savings and obtain more satisfaction this way getting their moneys’ worth without suffering below-par quality of products and services. If a blockchain-based payment service that utilizes OLX tokens is implemented, customers will be able to use OLX tokens for payment of purchases in addition to the existing fiat currencies. OLX tokens will also provide stable usage of OLX tokens through partnerships with global distribution channels, online and offline stores in various countries. 2.Fx & CFD exchange OLX has signed a platform and liquidity supply agreement with B2BROKER, the world’s third largest FX Liquidity provider by liquidity supply, in June 2019, to utilize OLX tokens as a key currency in FX Margin trades. KERI Limited Hong Kong Corporation, OTIUM’s FX and CFD Exchange, has been established and developed to offer FX Margin trading and CFD trading of cryptocurrencies and futures using OLX tokens. In addition, 30 billion OLX tokens will be available for rental to major customers who wish to trade FX and CFD at the lowest fee, activating the use of OLX tokens, and 40% of the related profits will be returned to the benefit of OLX token users. 3.Smart Contract based investment There are two ways to increase the value of OLX tokens: The first, is an increase in value as OLX tokens will be needed and utilized for various products and services. The Luxury Brands business is the company’s main business criteria that has been operating before, so stable OLX tokens payment service is possible. With regards to FX & CFD trading services, the financial hedge fund business and real estate alternative investment business commences in 2020, making it the largest growth model of the OLX token ecosystem that would increase the value of OLX tokens. OLX already have a global group of financial investment professionals and real estate experts and will continue increasing the value of the OLX token and expand the OLX The second phase is to increase the value of the company. The businesses that OTIUM are focusing on is FX & CFD Exchange, Hedge funds, Real estate, Entertainment, and IT that can apply blockchain smart contract technology will be the prime industries that we will be focusing in. OTIUM constantly looks for real estate investment opportunities in mature markets such as South Korea and Japan in East Asia, while exploring real estate investment opportunities that can expect significant value increases in emerging markets in Southeast Asia. OTIUM have already verified all achievements and perspectives as a real estate alternative investment expert through partnerships, etc., and combined their capabilities with blockchain smart contracts to condition clauses that require mutual confirmation in real estate contracts, etc. OLX coin users get the opportunity to make money using the best FX margin trading of 5 trillion a day, conveniently purchase luxury goods through OLX tokens, and join the highest yielding financial and real estate funds with OLX tokens. This is because the core of OTIUM’s goal is the continuous rise in real life use, the creation of real-economy and maintain/increase the value of OLX tokens. Additionally, OTIUM also plans to provide such services that rent can be automatically paid in OLX tokens through Smart Contracts. TOKEN UTILIZATION UPDATE On February 1, 2019, OLX Coin signed an MOA with Otium Luxury Goods Store (K-Village Co., Ltd.). What this means is that you can now pay with OLX Coin directly at Otium Luxury Goods Stores at Sejong Branch and Jeonju Innovation Branch, and various events are provided to users purchasing with OLX Coin. OTIUM LUXURY MALLS INFO In particular, Otium Luxury Brands Mall is located at 46 Galsan-ro, Iseo-myeon, Wanju-gun, Jeollabuk-do, Korea, while Otium Luxury Brands Mall Sejong is located at 22, Wonang 1-gil, Bugang-myeon, Sejong Special Self-Governing City, Korea. Further plans in the pipeline included opening the largest luxury mall in 31, Sejong headquarters, followed by Otium Luxury Brands Mall in Hong Kong and Singapore by the first quarter of 2020. The online Otium Luxury Brands Mall will be set to launch in the second quarter of 2020. To provide OLX token users with the convenience of purchasing luxury goods, the token value and pegging mechanism is set to support an equivalent exchange of OLX tokens 1: 1 with OBC (10 KRW) points. Through this OLX will fulfil the responsibilities and pledge as a token-issuer, laying the foundation for solidifying the value of OLX tokens. In the future, if the demand of OLX token holders is met, the Company will expand the Otium luxury-hall to secure user convenience of OLX token holders anywhere in the world, and will continue to expand the mobile payment service through the partnership. www.otiumluxury.com
I originally made this exact post around two years ago when I first started at my current employer. It may just be me but I feel like I’ve started to see more frequent posts about getting out of the Army lately so I figured I’d update my post and repost. For context, I was an active duty Officer. I did four years at Bragg in the lovely 82nd Airborne and got out as a CPT at the four year mark. I spent almost 70 days on terminal leave watching game of thrones and started as a management consulting Associate at a Big 4 firm (Deloitte, KPMG, PwC, EY) on my ETS date. I don’t have a beautiful Harvard MBA. I don’t have an amazing name brand undergrad. I understand that this advice may not be as applicable for everyone depending on what you want you to do. Some of this unsolicited advice is good for everyone but somethings are more specific to industries that are historically harder to break into (consulting, banking, etc.) I worked very hard at creating a seamless transition from the Army into corporate America and I learned a lot during the 12 months I focused on transitioning. I care about our Veterans and their success post-military should you decide to get out. I wanted to dump some of my thoughts here and things I’ve learned in the hopes I can help some of you. I am going to be very blunt because there are a lot of misconceptions surrounding getting out. I look forward to your shit talking in the comments.
First things first, preparing to transition is a 2nd full time job. You can save your “officers don’t do shit so no wonder you had so much time to focus on getting out” If you care, you’ll find the time. I promise I would have rather hung out with my kid and wife after work instead of studying interview questions, practicing my “story” and trolling through LinkedIn for potential contacts. A successful out will require a lot of work and effort and is taxing. Remember this, the Army doesn’t give a shit about you once you hit your final out. They may force you to go the dentist now and tell you your uniform looks like a bag of shit but once you hit terminal leave, all of that is over. It is your responsibility and your responsibility alone to ensure your success. The services provided by Army are not sufficient. I recently spent some time with the a very senior CSM out of TRADOC and we discussed this. He recently separated from the Army and attended the full ACAP program with the junior enlisted group and was not thrilled.
If you think for second your military experience is going to carry you into your next job and every company is going to want to hire you, gov or private, you’re more wrong. Listen, I appreciate your service. Your potential employer appreciates your service. They don’t appreciate it so much to hand you a job. Their interest is in the success of that business. If you are not value-added to the bottom line, you don’t get the job. I had an ACAP instructor that literally said “Fortune 500 companies want you because you’re a vet. They want to hire you. You just have to help them find your resume by posting it online.” THIS IS BULLSHIT AND NOT HOW IT WORKS (see next point). This is especially true for Officers and senior NCOs. No one gives a shit you are a CPT/MAJ/1SG/SGM. You are no better than an E-5 that is prepared and can smoke the shit out of an interview and network their ass off.
You need to develop a well thought out strategy of how you want to approach your post service employment. This should start nearly a year out. I started 12 months from my transition date. Your strategy should include: IDing your strengths and what you bring to the table. I’m really happy you can hump your 240 better than anyone else in your weapons squad. I am also very happy you can make stupidly complex OPORDs. If you don’t know how to properly articulate your skills, your resume will be shit, your interviewing will be shit, and most of all your success as a job searcher will be shit. ID your weaknesses and shortfalls. Best way to do this is to find live job postings that interest you and look at the requirements posted. What do you meet and what do you not? This is a great way to check and see if this is a realistic position to pursue. If you don’t meet a requirement, is it something that you can change? Project management certification? Sure, you can go get that. 15+ years experience at a hedge fund implementing forex arbitrage strategy? Probably not. Create a list of target employers. What companies interest you? Why do they interest you? Is it because they advertise that they have ping-pong tables in the break room (wrong reason) or is it because you are interested in their work and your skills and experiences translate well? (good reason). Your target employers will drive the next point and I personally think the most important point.
NETWORK continuously and constantly. I can’t say it enough. Networking is the single most vital point of your entire transition in securing post-service employment. This point is hard for a lot of people but if you care about what you’re going to do after the Army, get over it. For a lot of people networking is synonymous with slimy cold calls where you are interested in getting something for yourself and it is an awkward and uncomfortable process. It doesn’t have to be this way. Think of it this way. What do you think will result in a better outcome? Emailing someone you’ve never talked to 7 days before your final out asking for them pass along your resume because you like their company or does it sound better to email someone 12 months out from your transition because you are interested in learning more about their experiences and career field and this leads to a mentomentee relationship that develops over months’ time so THEY want to help you find a job. THEY are willing to reach out on your behalf. It is also a hell of a lot less awkward when you ask them to pass along your name because you have an established relationship. Asking someone to take actionable steps on your behalf is much easier if you have a relationship with the person. You all already do this but you may not even realize it. How often have you called a friend in another company, battalion or unit asking for a favor? “Hey can I borrow an LMTV, all our shit is deadlined.” “”Hey, I need 15x chutes on your airborne op on Tuesday to get some guys current.” Do you stop a random person at the Shoppette to ask these questions or do you call someone you know that for one reason or another, knows you and your reputation. Set up informational interviews, send out your resume to your contacts to be reviewed. Ask a civilian to take your resume into their workplace and have their coworkers highlight everything they don’t understand and then give it back so you know what military terminology you need to clarify or remove. Participate in LinkedIn groups for transitioning military. At one point, I had so many contacts at so many of my target companies, I had to use a spreadsheet to organize their contact information, the last time we talked, what we talked out, and when we were going to talk next. I would develop the relationships over long periods of time so when it came time for them to act on my behalf, it wasn’t an inappropriate request. I had created buy-in. They had a vested interest in my success and wanted to go out on a limb for me. Whether it was for some self-serving reason and they liked to feel better about themselves or they genuinely cared, it didn’t matter. They were helping me. I was leveraging that connection.
Lastly, utilize the resources available to you and veterans. I'm not going to explain them all but if you want more info, ask. LinkedIn, HireOurHeroes, American Corporate Partners, ACP AdvisorNet, Military MOJO, Veterans Mentor Network, FourBlock, company specific veteran hiring initiatives (GE, Goldman Sachs, Pepsi, Coke, Bank of America, Deloitte, etc).
I have friends, Officer and Enlisted, that have followed the same path and took the same steps that I did. I have Enlisted friends in Ivy League MBA programs, friends at Wharton, JPMorgan Chase, Deloitte, Goldman Sachs, Google, Facebook, big time consulting firms, engineering firms, etc. I also have friends both Officer and Enlisted that didn’t do shit to plan ahead and are feeling the burn. I’ll leave you with the best analogy I’ve heard about getting out of the military. In the Army, you don’t do anything of value without extensive preparation. The 3 shop kills themselves during the MDMP process refining the plan, the companies and platoons do rock drills, walk-through talk-throughs, PCCs and PCIs, comms checks, weapons checks, blah blah blah. That pattern of preparation and attention to executing a plan doesn’t change when you start to get out. You develop a strategy, target employers, networking contacts, you think through your answers to hundreds of interview questions, you rehearse your elevator pitch and your answer to “tell me about yourself”. Getting out of the Army isn’t the time to start slacking on preparation. I could ramble on about this topic forever but I won’t. If you have questions, shoot me a note. If you want to tell me to fuck off, I’ll lovingly accept that too. Edit: sounds like there is a lot of interest in consulting. I'd encourage you to check out Consulting to read people bitching about the industry the way everyone here bitches about the army, just with a tad more elitism.
https://preview.redd.it/nrbrb96i6in21.png?width=240&format=png&auto=webp&s=2792d16cbb58e45bf8d947cbde8b810b6e641534 Genesis Vision Just one of those days… Hmm, this looks like an interesting project. Chart looks good plus it didn’t really go up a lot the last couple of days, unlike the other coins. Or maybe it didn’t go up because there is something that I don’t know yet? Let’s look online a bit longer to see if something fishy is going on before I buy some. The chart does look really good! No, nothing out of the ordinary here, I think it might just not have gone up yet but it probably will. If Bitcoin manages to not drop double digit percentages out of nowhere today that is… Seems to be close to resistance, and there are a couple BTC worth of sell orders at 140 sats, I’ll wait for that to break, and buy when it shows some strength. Getting close now, let’s wait for it to break by gluing my face to the screen to watch the 1 minute chart. There it goes! Ok, I’ll start with a small buy - Oh man It’s really going! Buy a little more - Market buy ALL the things! What, no wait. No not again! Please, please no not again… Argh… https://preview.redd.it/cup9237n6in21.png?width=256&format=png&auto=webp&s=91264c3cbfe10a0d9e699b1774a2e74b7d79bb49 Guess I will hold for a couple of days, don’t feel like taking a loss. It will probably rebound on the ‘resistance turned into support’ zone, right? I am already watching this chart for 2 hours.. I should really go do something productive. Lets just set some sell orders here and here. That market buy order really got my buy-In high, close to a 2% loss at present. I Totally wasted this evening, and I am still in the red. How is that even possible? Next morning Let’s check my portfolio. Ah man the support didn’t hold, now what? Actually, it looks like this might even go lower now. This 130 sats support is really strong so I guess I’ll use that as a stop-loss. - Stop loss triggered Oh my god man, why am I always so unlucky? Close to a 5% BTC loss, besides the loss of time. Talking about Bitcoin, how’s the big guy holding up? Hmm also looks weak to be honest. It’s dropping as we speak. Should I sell and rebuy lower? That could at least get me a bit of Bitcoin back. Yeah it’s really dropping now. The entire market is going down. Sell volume is increasing as well. I should really sell some. Whatever just sell it all. Yeah, like I thought, it’s going lower. I’ll rebuy when it goes a little bit lower. There she goes! Just a little bit lower before I buy in, might just get me back all my lost BTC at least! Bit of buying pressure going in now but that’s normal, nothing goes down, or up for that matter, the entire time. I will wait it out, got my buy-in set anyway. Please stop going up. Please STOP going up. Oh my frikkin god, got to buy back higher now. No way, I won’t do that. I’ll wait for it to drop. This is unreal! It won’t go back down. Why won’t it go back down?! Fine I’ll buy it back. Can’t believe it, I always lose, forget it, at least I will get some USD profits when I buy now – Market buy all the things! https://preview.redd.it/vc5eg4vv6in21.png?width=259&format=png&auto=webp&s=5185cc6498524de856db27b2f4bfcb2568ae4ccb NO WAY, IT’S GOING DOWN THE SECOND I BUY? HOW, WHY, WHAT THE HELL IS GOING ON? The above is probably an experience that a lot of (retail) traders can relate to, and have probably gone through somewhere in their trading career, be it crypto or any stock, commodity, index or whatever else is possible to trade online. It’s a common problem, and it is the reason why only a small percentage of people manage to ‘beat the market’. People simply have the internal emotional trigger to buy something when gains are in line of sight, and sell something when losses are made. The bars being green (good) and red (bad) also don’t really help with trying to shake off that feeling. Genesis vision tries to solve this problem, giving people willing to invest in cryptocurrencies, forex and in the future probably commodities and indices, the possibility to invest in experienced, successful and hardened traders that have a solid track record, instead of taking the time and trading education (which some of those experienced traders say to be just as expensive in the end as a regular college degree, with all the losses and all) to get solid results themselves. Obviously this already exists. You can give your money to for example hedge funds, private equity funds and nowadays even robo-advisors. But do they really get the biggest return on investment? Are you important enough to have the best trader in the company actually managing your account? Are you leaving your hard earned money at the company that hired the best traders at all? Or do they squander and play the above mentioned game themselves? Who knows really. In the end, you give your money to a company that says it could, possibly, get you a whopping 7% return after a year. But only if everything goes right, the economy doesn’t implode or a stock they are too heavily invested in doesn’t go belly-up. Scrap that, they will make a whopping 7% return, but they obviously need to take some of those profits for their fees. A entry fee, a profit-fee, some unforeseen fees, and the list goes on and on. When you want to invest some of that money you earned after a long 40 hour workweek, it better be handled by the best, giving you the highest return on investment without any catch. Transparency and clarity Again, Genesis vision tries to solve this. How? By putting EVERY trade on the blockchain, giving extreme clarity in the trades made, and more importantly, the results of the trader or company (called Genesis Vision Manager). This means that people that want to invest their cash can decide for themselves who will handle their funds. No more excuses why the expected return on investment wasn’t accomplished, or uncertainty if any of these companies are actually telling you the truth when it comes to the results they have had with your funds. No more sweeping the bad trades under the rug. We. Can. See. Your. Mistakes. And successes of course! It creates extreme openness, and it gives a lot of power back to the consumer that wants to invest. Most financial instruments are (deliberately made) so hard to grasp and confusing that most general investors don’t even want to bother, and just believe the suit with the impressive building and the nice car. But now you don’t even have to look up the terms collateralized mortgage obligation or the exotic inflation derivative. They have the option to simply look up the manager, his results, and his requirements to invest with (in) him or her. https://preview.redd.it/ghu8t5p17in21.png?width=245&format=png&auto=webp&s=566cff3b153c97ead5c122ba7d775b2fabecd778 Genesis Vision gives the possibility to invest in both Funds and programs. The biggest difference being that investors can withdraw their profits from a fund at any time, while their funds are locked in a program until it ends, receiving a part of the profits made directly linked to the share of the pool they invested in. However, if you are satisfied with your current manager, the program and the results so far, you can select the option to auto-invest your stake into the next program, getting that compounding interest effect rolling. Of course only when you have found the right manager to handle your funds! A loss is obviously still a loss, and although Genesis Vision tries to limit the risk by implementing a tier system to filter managers by their previous results, you can never be sure you actually make gains on your investment. The same rules apply as to investing wherever else. Don’t put it all in one basket, only invest what you are willing to lose, do NOT take out loans or credit to invest and above all do your research before you enter into any program or fund! The dashboard https://preview.redd.it/j8k03ht37in21.png?width=550&format=png&auto=webp&s=9ef4f590ffb25518a293b87993afc205075da288 The Genesis Vision dashboard looks very appealing, going for a futuristic style that resonates with the entire crypto and financial sector. Investors are first shown a couple of filters to make the search for the right vehicle to invest in easy to accomplish. Below the first general filters investors can find the different programs with a vast array of stats available to make the right decision. However, there is a lot going on here, and it would be smart for Genesis to implement some kind of tutorial showing new investors what everything shown on the screen actually means. After finding a program that matches your personal investing style regarding buy-in, duration of the program, entry fee and generally your risk tolerance, the people behind the program can be examined. Managers are able to tell a little bit about themselves and their investment style. Statistics and graphs of previous results are shown and this helps to get some reassurance, or lets you ignore a certain investment possibility. If everything seems to fit, and people are willing to pull the final trigger, they can invest with Bitcoin, Ethereum, Tether or their own Genesis Vision token. The bottom line Genesis Vision could be the instrument for (crypto)investors to try and maximize their profits, but for the regular amateur trader it will mostly help with erasing their beginner mistakes and trading losses. It gives back the power to the consumer and the client. Where normally the investing is done by traders on for example Wall Street, using complicated schemes to grab as much as possible of the retail investor who is taking all of the risk, Genesis Vision creates transparency, brutally rejects losing managers and lets investors get a honest and deserved piece of the pie. It is yet another example of the power of cryptocurrencies and blockchain technology, disrupting one of the largest sectors worldwide. That concludes this review! If you want to add anything or have questions, please feel free to comment below. Are you feeling generous, and did you enjoy this article? I accept donations! BTC: 369AyfgLtZ349omHgafUGkrNCGHLuhPGtx ETH: 0xd74635002Af9e191665D2AaDD03921E7f1201387 LTC: MEvKQ1d4GYsyMjqYwizVb6RZmEUjDXj5ty GVT: 0x9450d2c145a7758c1d2bcfd03a1374de90fea028 Connect with me on twitter: @BullishOnCrypts
https://preview.redd.it/xin653jikg931.png?width=948&format=png&auto=webp&s=3f09ba8c514126895763279180a54467f25f3291 Bitcoin has been the best performing asset class over 10 years of any asset in history of humanity. PERIOD. This chart shows gains over different time periods. *Note that it does not include the first 2 years of Bitcoin when price was $.003 which would put it at 433,000,000% gain. It is currently at approximately 200 Billion market cap, and I believe it still has another 100-1000x gain over next 20-30 years which would put it between 20 Trillion to 200 Trillion. For perspective Gold is currently around 7.8 Trillion - Probably closer to double this if you include gold not publicly accounted for, as many think China and Russia have much more gold than they say. Where I get my estimate: *Bitcoin is superior to Gold in almost every way. I'd put it at 2-3 times better than gold in terms of value and usability.It is:*More Transportable and portable both (Sending, and carrying)*More divisible, into 1/100,000,000th of a Bitcoin*More Secure if store properly - See brain wallet or paper wallet*Scarce - It has finite supply, gold, while more scarce than most other asset classes, and the 2nd hardest money behind Bitcoin... is not finite, with massive stores in the earth, some being found in the ocean now, and in the future on asteroids and other planets, not to mention that it is possible to create gold in a lab, but not cost effective... yet.*Is not used in commerce, and this is debatable, but the perfect form of money should not be influenced by the demand of the commodity in industry. I forget the economist who stated this long before Bitcoin was created, anyone remember? Maybe Friedrich Hayek or Milton Friedman? That alone gets us to 20 Trillion. Especially over a 20-30 year timeline, as Gold would likely have been probably 50 Trillion by then just by normal increase in world assets proportionally (If Bitcoin had not come along to disrupt). Additionally to gold, Bitcoin disrupts the following industries and asset classes: *The worlds currencies M0, M1, M2, M3 *Stolen value through inflation, the hidden tax *Securities markets - Stock speculation *Treasury bonds*Other precious metals - Silver, Platinum etc *Other safe haven assets and hedges *Payment systems like Venmo, Paypal, Visa, Mastercard *Remittance systems like Moneygram & Western Union *Bank Values which are in the double digit trillions *Storage Vaults and security services like storage of gold, cash *Currency exchanges like Forex and physical kiosks *Money changers who move money in and out of countries with currency controls*Transportation services like Brinks *All of the associated services that go into maintaining the employees of all of the above services... The cost of employment, living expenses, insurances, transportation to buildings, and all of the carbon footprint that goes with all of that. *The list goes on and on These are all industries that were needed before, but are no longer needed and will provide a HUGE boost in efficiency and prosperity across all individuals who decide to adopt the new system. All of that wasted inflation and value will now be given to all in the way of lowered costs of doing business and transacting, and no more stolen inflation funds. Not to mention that you can't put a price on Censorship resistance, privacy, and freedom. What will you do? Will you cling to the old system, or follow the smart money into The Digital Asset Age? (Name of the book I'm writing)
Elaborating on Datadash's 50k BTC Prediction: Why We Endorse the Call
As originally published via CoinLive I am the Co-Founder at CoinLive. Prior to founding Coinlive.io, my area of expertise was inter-market analysis. I came across Datadash 50k BTC prediction this week, and I must take my hats off to what I believe is an excellent interpretation of the inter-connectivity of various markets. At your own convenience, you can find a sample of Intermarket analysis I've written in the past before immersing myself into cryptos full-time. Gold inter-market: 'Out of sync' with VIX, takes lead from USD/JPY USD/JPY inter-market: Watch divergence US-Japan yield spread EUUSD intermarket: US yields collapse amid supply environment Inter-market analysis: Risk back in vogue, but for how long? USD/JPY intermarket: Bulls need higher adj in 10-y US-JP spread The purpose of this article is to dive deeper into the factors Datadash presents in his video and how they can help us draw certain conclusions about the potential flows of capital into crypto markets and the need that will exist for a BTC ETF. Before I do so, as a brief explainer, let's touch on what exactly Intermarket analysis refers to: Intermarket analysis is the global interconnectivity between equities, bonds, currencies, commodities, and any other asset class; Global markets are an ever-evolving discounting and constant valuation mechanism and by studying their interconnectivity, we are much better positioned to explain and elaborate on why certain moves occur, future directions and gain insights on potential misalignments that the market may not have picked up on yet or might be ignoring/manipulating. While such interconnectivity has proven to be quite limiting when it comes to the value one can extract from analyzing traditional financial assets and the crypto market, Datadash has eloquently been able to build a hypothesis, which as an Intermarket analyst, I consider very valid, and that matches up my own views. Nicolas Merten constructs a scenario which leads him to believe that a Bitcoin ETF is coming. Let's explore this hypothesis. I will attempt to summarize and provide further clarity on why the current events in traditional asset classes, as described by Datadash, will inevitably result in a Bitcoin ETF. Make no mistake, Datadash's call for Bitcoin at 50k by the end of 2018 will be well justified once a BTC ETF is approved. While the timing is the most challenging part t get right, the end result won't vary. If one wishes to learn more about my personal views on why a BTC ETF is such a big deal, I encourage you to read my article from late March this year. Don't Be Misled by Low Liquidity/Volume - Fundamentals Never Stronger The first point Nicholas Merten makes is that despite depressed volume levels, the fundamentals are very sound. That, I must say, is a point I couldn't agree more. In fact, I recently wrote an article titled TheParadox: Bitcoin Keeps Selling as Intrinsic Value Set to Explode where I state "the latest developments in Bitcoin's technology makes it paradoxically an ever increasingly interesting investment proposition the cheaper it gets." However, no article better defines where we stand in terms of fundamentals than the one I wrote back on May 15th titled Find Out Why Institutions Will Flood the Bitcoin Market, where I look at the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass. Nicholas believes that based on the supply of Bitcoin, the market capitalization can reach about $800b. He makes a case that with the fundamentals in bitcoin much stronger, it wouldn't be that hard to envision the market cap more than double from its most recent all-time high of more than $300b. Interest Rates Set to Rise Further First of all, one of the most immediate implications of higher rates is the increased difficulty to bear the costs by borrowers, which leads Nicholas to believe that banks the likes of Deutsche Bank will face a tough environment going forward. The CEO of the giant German lender has actually warned that second-quarter results would reflect a “revenue environment [that] remains challenging." Nicholas refers to the historical chart of Eurodollar LIBOR rates as illustrated below to strengthen the case that interest rates are set to follow an upward trajectory in the years to come as Central Banks continue to normalize monetary policies after a decade since the global financial crisis. I'd say, that is a correct assumption, although one must take into account the Italian crisis to be aware that a delay in higher European rates is a real possibility now. !(https://coinlive.io/ckeditor_assets/pictures/947/content_2018-05-30_1100.png) Let's look at the following combinations: Fed Fund Rate Contract (green), German 2-year bond yields (black) and Italy's 10-year bond yield (blue) to help us clarify what's the outlook for interest rates both in Europe and the United States in the foreseeable future. The chart suggests that while the Federal Reserve remains on track to keep increasing interest rates at a gradual pace, there has been a sudden change in the outlook for European rates in the short-end of the curve. While the European Central Bank is no longer endorsing proactive policies as part of its long-standing QE narrative, President Mario Draghi is still not ready to communicate an exit strategy to its unconventional stimulus program due to protectionism threats in the euro-area, with Italy the latest nightmare episode. Until such major step is taken in the form of a formal QE conclusion, interest rates in the European Union will remain depressed; the latest drastic spike in Italy's benchmark bond yield to default levels is pre-emptive of lower rates for longer, an environment that on one hand may benefit the likes of Deutsche Bank on lower borrowing costs, but on the other hand, sets in motion a bigger headache as risk aversion is set to dominate financial markets, which leads to worse financial consequences such as loss of confidence and hence in equity valuations. !(https://coinlive.io/ckeditor_assets/pictures/948/content_2018-05-30_1113.png) Deutsche Bank - End of the Road? Nicholas argues that as part of the re-restructuring process in Deutsche Bank, they will be facing a much more challenging environment as lending becomes more difficult on higher interest rates. At CoinLive, we still believe this to be a logical scenario to expect, even if a delay happens as the ECB tries to deal with the Italian political crisis which once again raises the question of whether or not Italy should be part of the EU. Reference to an article by Zerohedge is given, where it states: "One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000. But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%." There is an undeniably ongoing phenomenon of a migration in job positions from traditional financial markets into blockchain, which as we have reported in the past, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream are formidable once they decide to integrate cryptocurrencies into their business models. One can find an illustration of Deutsche Bank's free-fall in prices below: !(https://coinlive.io/ckeditor_assets/pictures/946/content_2018-05-30_1052.png) Nicholas takes notes of a chart in which one can clearly notice a worrying trend for Italian debt. "Just about every other major investor type has become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years. Said differently, for well over a year, the only marginal buyer of Italian bonds has been the ECB!", the team of Economists at Citi explained. One can find the article via ZeroHedge here. !(https://coinlive.io/ckeditor_assets/pictures/953/content_2018-05-30_1451.png) Equities & Housing to Suffer the Consequences Nicholas notes that trillions of dollars need to exit these artificially-inflated equity markets. He even mentions a legendary investor such as George Soros, who has recently warned that the world could be on the brink of another devastating financial crisis, on lingering debt concerns in Europe and a strengthening US dollar, as a destabilizing factor for both the US's emerging- and developed-market rivals. Ray Dalio, another legend in the investing world and Founder of Bridgewater Associates, the world’s largest hedge fund, "has ramped up its short positions in European equities in recent weeks, bringing their total value to an estimated $22 billion", MarketWatch reports. Nicholas extracts a chart by John Del Vecchio at lmtr.com where it illustrates the ratio between stocks and commodities at the lowest in over 50 years. As the author states: "I like to look for extremes in the markets. Extremes often pinpoint areas where returns can be higher and risk lower than in other time periods. Take the relationship between commodities and stocks. The chart below shows that commoditieshavennot been cheaper than stocks in a generation. We often hear this time it is different” to justify what’s going on in the world. But, one thing that never changes is human nature. People push markets to extremes. Then they revert. " !(https://coinlive.io/ckeditor_assets/pictures/954/content_2018-05-30_1459.png) Bitcoin ETF the Holy Grail for a Cyclical Multi-Year Bull Run It is precisely from this last chart above that leads Nicholas to believe we are on the verge of a resurgence in commodity prices. Not only that but amid the need of all this capital to exit stocks and to a certain extent risky bonds (Italian), a new commodity-based digital currency ETF based on Bitcoin will emerge in 2018. The author of Datadash highlights the consideration to launching a Bitcoin ETF by the SEC. At CoinLive, our reporting of the subject can be found below: "Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place." Nicholas refers to the support the Bitcoin ETF has been receiving by the Cboe president Chris Concannon, which is a major positive development. CoinLive reported on the story back in late March, noting that "a Bitcoin ETF will without a doubt open the floodgates to an enormous tsunami of fresh capital entering the space, which based on the latest hints by Concannon, the willingness to keep pushing for it remains unabated as the evolution of digital assets keeps its course." It has been for quite some time CoinLive's conviction, now supported by no other than Nicholas Merten from Datadash, that over the next 6 months, markets will start factoring in the event of the year, that is, the approval of a Bitcoin ETF that will serve as a alternative vehicle to accommodate the massive flows of capital leaving some of the traditional asset classes. As Nicholas suggests, the SEC will have little choice but to provide alternative investments. Bitcoin as a Hedge to Lower Portfolios' Volatility Last but not least, crypto assets such as Bitcoin and the likes have an almost non-existent correlation to other traditional assets such as stocks, bonds, and commodities, which makes for a very attractive and broadly-applicable diversification strategy for the professional money as it reduces one’s portfolio volatility. The moment a Bitcoin ETF is confirmed, expect the non-correlation element of Bitcoin as a major driving force to attract further capital. Anyone Can BeWrongDatadash, But You Won't be Wrong Alone Having analyzed the hypothesis by Nicholas Merten, at CoinLive we believe that the conclusion reached, that is, the creation of a Bitcoin ETF that will provide shelter to a tsunami of capital motivated by the diversification and store of value appeal of Bitcoin, is the next logical step. As per the timing of it, we also anticipate, as Nicholas notes, that it will most likely be subject to the price action in traditional assets. Should equities and credit markets hold steady, it may result in a potential delay, whereas disruption in the capital market may see the need for a BTC ETF accelerate. Either scenario, we will conclude with a quote we wrote back in March. "It appears as though an ETF on Bitcoin is moving from a state of "If" to "When." Datadash is certainly not alone on his 50k call. BitMEX CEO Arthur Hayes appears to think along the same line. On behalf of the CoinLive Team, we want to thank Nicholas Merten at Datadash for such enlightening insights.
Originally posted by Darkstar at Forex Factory. Disclaimer: I did not write this. I found this post on ForexFactory written by a user called DarkStar, which I believe a lot of redditors will benefit from reading. ________________________________________________________________________________________________________ There has been much discussion of late regarding borker spreads and liquidity. Many assumptions are being made about why spreads are widened during news time that are built on an incomplete knowledge of the architecture of the forex market in general. The purpose of this article is to dissect the market and hopefully shed some light on the situation so that a more rational and productive discussion can be undertaken by the Forex Factory members. We will begin with an explanation of the purpose of the Forex market and how it is utilized by its primary participants, expand into the structure and operation of the market, and conclude with the implications of this information for speculators. With that having been said, let us begin. Unlike the various bond and equity markets, the Forex market is not generally utilized as an investment medium. While speculation has a critical role in its proper function, the lion’s share of Forex transactions are done as a function of international business. The guy who buys a shiny new Eclipse more then likely will pay for it with US Dollars. Unfortunately Mitsubishi’s factory workers in Japan need to get their paychecks denominated in Yen, so at some point a conversion needs to be made. When one considers that companies like Exxon, Boeing, Sony, Dell, Honda, and thousands of other international businesses move nearly every dollar, real, yen, rubble, pound, and euro they make in a foreign country through the Forex market, it isn’t hard to understand how insignificant the speculative presence is; even in a $2tril per day market. By and large, businesses don’t much care about the intricacies of exchange rates, they just want to make and sell their products. As a central repository of a company’s money, it was only natural that the banks would be the facilitators of these transactions. In the old days it was easy enough for a bank to call a foreign bank (or a foreign branch of ones own bank) and swap the stockpiles of currency each had accumulated from their many customers. Just as any business would, the banks bought the foreign currency at one rate and marked it up before selling it to the customer. With that the foreign exchange spread was born. This was (and still is) a reasonable cost of doing business. Mitsubishi can pay its customers and the banks make a nice little profit for the hassle and risks associated with moving around the currency. As a byproduct of transacting all this business, bank traders developed the ability to speculate on the future of currency rates. Utilizing a better understanding of the market, a bank could quote a business a spread on the current rate but hold off hedging until a better one came along. This process allowed the banks to expand their net income dramatically. The unfortunate consequence was that liquidity was redistributed in a way that made certain transactions impossible to complete. It was for this reason and this reason alone that the market was eventually opened up to non-bank participants. The banks wanted more orders in the market so that a) they could profit from the less experienced participants, and b) the less experienced participants could provide a better liquidity distribution for execution of international business hedge orders. Initially only megacap hedge funds (such as Soros’s and others) were permitted, but it has since grown to include the retail brokerages and ECNs. Market Structure: Now that we have established why the market exists, let’s take a look at how the transactions are facilitated: The top tier of the Forex market is transacted on what is collectively known as the Interbank. Contrary to popular belief the Interbank is not an exchange; it is a collection of communication agreements between the world’s largest money center banks. To understand the structure of the Interbank market, it may be easier to grasp by way of analogy. Consider that in an office (or maybe even someone’s home) there are multiple computers connected via a network cable. Each computer operates independently of the others until it needs a resource that another computer possesses. At that point it will contact the other computer and request access to the necessary resource. If the computer is working properly and its owner has given the requestor authorization to do so, the resource can be accessed and the initiating computers request can be fulfilled. By substituting computers for banks and resources for currency, you can easily grasp the relationships that exist on the Interbank. Anyone who has ever tried to find resources on a computer network without a server can appreciate how difficult it can be to keep track of who has what resources. The same issue exists on the Interbank market with regard to prices and currency inventory. A bank in Singapore may only rarely transact business with a company that needs to exchange some Brazilian Real and it can be very difficult to establish what a proper exchange rate should be. It is for this purpose that EBS and Reuters (hereafter EBS) established their services. Layered on top (in a manner of speaking) of the Interbank communication links, the EBS service enables banks to see how much and at what prices all the Interbank members are willing to transact. Pains should be taken to express that EBS is not a market or a market maker; it is an application used to see bids and offers from the various banks. The second tier of the market exists essential within each bank. By calling your local Bank of America branch you can exchange any foreign currency you would like. More then likely they will just move some excess currency from one branch to another. Since this is a micro-exchange with a single counterparty, you are basically at their mercy as to what exchange rate they will quote you. Your choice is to accept their offer or shop a different bank. Everyone who trades the forex market should visit their bank at least once to get a few quotes. It would be very enlightening to see how lucrative these transactions really are. Branching off of this second tier is the third tier retail market. When brokers like Oanda, Forex.com, FXCM, etc. desire to establish a retail operation the first thing they need is a liquidity provider. Nine in ten of these brokers will sign an agreement with just one bank. This bank will agree to provide liquidity if and only if they can hedge it on EBS inclusive of their desired spread. Because the volume will be significantly higher a single bank patron will transact, the spreads will be much more competitive. By no means should it be expected these tier 3 providers will be quoted precisely what exists on the Interbank. Remember the bank is in the business of collecting spreads and no agreement is going to suspend that priority. Retail forex is almost akin to running a casino. The majority of its participants have zero understanding how to trade effectively and as a result are consistent losers. The spread system combined with a standard probability distribution of returns gives the broker a built in house advantage of a few percentage points. As a result, they have all built internal order matching systems that play one loser off against a winner and collect the spread. On the occasions when disequilibrium exists within the internal order book, the broker hedges any exposure with their tier 2 liquidity provider. As bad as this may sound, there are some significant advantages for speculators that deal with them. Because it is an internal order book, many features can be provided which are otherwise unavailable through other means. Non-standard contract sizes, high leverage on tiny account balances, and the ability to transact in a commission free environment are just a few of them… An ECN operates similar to a Tier 2 bank, but still exists on the third tier. An ECN will generally establish agreements with several tier 2 banks for liquidity. However instead of matching orders internally, it will just pass through the quotes from the banks, as is, to be traded on. It’s sort of an EBS for little guys. There are many advantages to the model, but it is still not the Interbank. The banks are going to make their spread or their not go to waste their time. Depending on the bank this will take the form of price shading or widened spreads depending on market conditions. The ECN, for its trouble, collects a commission on each transaction. Aside from the commission factor, there are some other disadvantages a speculator should consider before making the leap to an ECN. Most offer much lower leverage and only allow full lot transactions. During certain market conditions, the banks may also pull their liquidity leaving traders without an opportunity to enter or exit positions at their desired price. Trade Mechanics: It is convenient to believe that in a $2tril per day market there is always enough liquidity to do what needs to be done. Unfortunately belief does not negate the reality that for every buyer there MUST be a seller or no transaction can occur. When an order is too large to transact at the current price, the price moves to the point where open interest is abundant enough to cover it. Every time you see price move a single pip, it means that an order was executed that consumed (or otherwise removed) the open interest at the current price. There is no other way that prices can move. As we covered earlier, each bank lists on EBS how much and at what price they are willing to transact a currency. It is important to note that no Interbank participant is under any obligation to make a transaction if they do not feel it is in their best interest. There are no “market makers” on the Interbank; only speculators and hedgers. Looking at an ECN platform or Level II data on the stock market, one can get a feel for what the orders on EBS look like. The following is a sample representation: You’ll notice that there is open interest (Level II Vol figures) of various sizes at different price points. Each one of those units represents existing limit orders and in this example, each unit is $1mil in currency. Using this information, if a market sell order was placed for 38.4mil, the spread would instantly widen from 2.5 pips to 4.5 pips because there would no longer be any orders between 1.56300 and 1.56345. No broker, market maker, bank, or thief in the night widened the spread; it was the natural byproduct of the order that was placed. If no additional orders entered the market, the spread would remain this large forever. Fortunately, someone somewhere will deem a price point between those 2 figures an appropriate opportunity to do something and place an order. That order will either consume more interest or add to it, depending whether it is a market or limit order respectively. What would have happened if someone placed a market sell order for 2mil just 1 millisecond after that 38.4 mil order hit? They would have been filled at 1.5630 Why were they “slipped”? Because there was no one to take the other side of the transaction at 1.56320 any longer. Again, nobody was out screwing the trader; it was the natural byproduct of the order flow. A more interesting question is, what would happen if all the listed orders where suddenly canceled? The spread would widen to a point at which there were existing bids and offers. That may be 5,7,9, or even 100 pips; it is going to widen to whatever the difference between a bid and an offer are. Notice that nobody came in and “set” the spread, they just refused to transact at anything between it. Nothing can be done to force orders into existence that don’t exist. Regardless what market is being examined or what broker is facilitating transactions, it is impossible to avoid spreads and slippage. They are a fact of life in the realm of trading. Implications for speculators: Trading has been characterized as a zero sum game, and rightly so. If trader A sells a security to trader B and the price goes up, trader A lost money that they otherwise could have made. If it goes down, Trader A made money from trader B’s mistake. Even in a huge market like the Forex, each transaction must have a buyer and a seller to make a trade and one of them is going to lose. In the general realm of trading, this is materially irrelevant to each participant. But there are certain situations where it becomes of significant importance. One of those situations is a news event. Much has been made of late about how it is immoral, illegal, or downright evil for a broker, bank, or other liquidity provider to withdraw their order (increasing the spread) and slip orders (as though it was a conscious decision on their part to do so) more then normal during these events. These things occur for very specific reasons which have nothing to do with screwing anyone. Let us examine why: Leading up to an economic report for example, certain traders will enter into positions expecting the news to go a certain way. As the event becomes immanent, the banks on the Interbank will remove their speculative orders for fear of taking unnecessary losses. Technical traders will pull their orders as well since it is common practice for them to avoid the news. Hedge funds and other macro traders are either already positioned or waiting until after the news hits to make decisions dependent on the result. Knowing what we now know, where is the liquidity necessary to maintain a tight spread coming from? Moving down the food chain to Tier 2; a bank will only provide liquidity to an ECN or retail broker if they can instantly hedge (plus their requisite spread) the positions on Interbank. If the Interbank spreads are widening due to lower liquidity, the bank is going to have to widen the spreads on the downstream players as well. At tier 3 the ECN’s are simply passing the banks offers on, so spreads widen up to their customers. The retailers that guarantee spreads of 2 to 5 pips have just opened a gaping hole in their risk profile since they can no longer hedge their net exposure (ever wonder why they always seem to shut down or requote until its over?). The variable spread retailers in turn open up their spreads to match what is happening at the bank or they run into the same problems fixed spreads broker are dealing with. Now think about this situation for a second. What is going to happen when a number misses expectations? How many traders going into the event with positions chose wrong and need to get out ASAP? How many hedge funds are going to instantly drop their macro orders? How many retail traders’ straddle orders just executed? How many of them were waiting to hear a miss and executed market orders? With the technical traders on the sidelines, who is going to be stupid enough to take the other side of all these orders? The answer is no one. Between 1 and 5 seconds after the news hits it is a purely a 1 way market. That big long pin bar that occurs is a grand total of 2 prices; the one before the news hit and the one after. The 10, 20, or 30 pips between them is called a gap. Is it any wonder that slippage is in evidence at this time? Conclusions: Each tier of the Forex market has its own inherent advantages and disadvantages. Depending on your priorities you have to make a choice between what restrictions you can live with and those you cant. Unfortunately, you can’t always get what you want. By focusing on slippage and spreads, which are the natural byproduct of order flow, one is not only pursuing a futile ideal, they are passing up an enormous opportunity to capitalize on true inefficiencies. News events are one of the few times where a large number of players are positioned inappropriately and it is fairly easy to profit from their foolishness. If a trader truly wants to make the leap to the next level of profitability they should be spending their time figuring out how identify these positions and trading with the goal of capturing the price movement they inevitably will cause. Nobody is going to make the argument that a broker is a trader’s best friend, but they still provide a valuable service and should be compensated for their efforts. By accepting a broker for what it is and learning how to work within the limitations of the relationship, traders have access to a world of opportunity that they otherwise could never dream of capturing. Let us all remember that simple truth.
Do any of you foresee a crypto being widely adopted as a general purpose payment coin? nano, btc, btccash etc (take your pick). I think it won't happen for reasons in this post. What do you think?
i posted this in cryptotech, and the responses i got, no one could refute my points. interested to see what ppl here come up with. What do you all think of payment coins in general as being adopted for the purpose of general payment, not a replacement for fiat, complementary as fiat going away isn't going to happen e.g. you are forced to pay your taxes in fiat. I've got a list of points as to why a payment crypto being wide adopted for payment wont happen. pick your coin of choice (btc, nano, btccash, etc), it wont happen for the following reasons:
cryptos are volatile in value relative to your fiat. if you intended to use it as general payment e.g. buying coffee or a laptop online. the fluctuations in value especially crashes really suck, especially if you have large sums of money there. oh i cant buy that laptop now because my crypto has fallen by 30%. Satoshi said that volatitily would stabalise over time with btc, but i disagree with this, just my opinion.
you have no charge backs like with a credit card or pay pal if the merchant does something wrong. so why would i use a payment coin that has no chargebacks if there is no cost advantage? the visa fee is something like 2-3% more if its forex. however the merchant eats the fee. even if the merchant offered a discount for using crypto to buy something, point 1 is still a huge issue, and the savings the merchant would offer probably would not be enough incentive e.g. 2-3% in most cases.
with cryptos, you need to be your own bank, securing cryptos isn't hard, but not user friendly to people who are not tech literate, however big strides have been made there with easy to use wallets. However there is still the potential for phishing, losing keys etc. VISA card, no problem, call up the bank, cancel the card get a new one. The bank will refund any money spent by someone who stole you card, at least here in Australia.
most payment coins are not not fungible e.g. btc except monero, this means that the btc you used can be traced back to some nefarious activity, a drug deal etc. this could land you in hot water, but not likely. however it would give pause for adoption by merchants. e.g. people could be laundering btc through them to say buy macbook pros and sell them on ebay. I also suggest you read up on what fungibility means before responding...
in the case of btc and public block chains as soon you spend BTC, people know your wallet address, they now know your balance. even if you try to hide your balance with multiple wallets and transfers, block chain analysis will find where the jackpot is. if they are motivated to do so, perhaps they know you might have a lot of btc for example. coin mixers no longer work. this is a huge problem. monero does not have this problem however as do some of the other private payment coins.
in the case of btc, it has slow confirmation times and expensive transaction fees, though this could be fixed with LN. other payment coins like nano do not have this problem, thought i would still add this as a point. i guess this is not really a point to stop adoption. but i added it here as people generally only know about btc.
we can see in the case of BTC, it was never really adopted for general payment. most use it as an investment, to buy alts, or people who choose to use it as payment over fiat if its avaialbe, id classify these people as being enthusiastic about using crypto, but you can see in the case of BTC, over the years, most people didnt use it for this purpose. btc was used in darknets however. this is why i invested in monero as i saw the flaws in btc (lack of annonymity, and fungibility) and figured darknets would eventually adopt monero in the long term.
a problem with payment coins is that they are also deflationary as they have a fixed supply. libetarians love the idea of hard money that can not be printed, but i think most have not studied up on modern economics Keynesian principles are the dominant thinking. you also have the austrian school that stipulates that gold or a fixed supply asset tied to money is better, i dont really agree but they do bring up some good points in some respects with smoothing the economic boom / busts, but i wasnt sold. you may disagree, but deflation in a payment crypto is bad, it encourages hording as the value will go up as more people are chasing less btc as an example. Ideally, you want moderate inflation as it would actually encourage people to spend or invest as holding onto the crypto would see a steady loss of 2-3% a year. perhaps the volatility however would be less with inflationary coins. This was actually a problem with the gold standard and why they abondoned it. this is a controversioal topic. as many people resort to conspiracy theories or believe that governments are stealing money via inflation through seigniorage i..e they print it first so they get the most value before it gets further inflated. this is not how the money system works in modern economies. it is however applicable to countries who print money to fund their government, which often leads to hyperinflation, its quite rare for countries to do this in this day and age. it is an issue in some countries with very high inflation that do just this.
ive mentioned monero. (not trying to shill here, insert other private payment coin here) it has the flaws of point 1 which is huge, so wont be adopted widely for general payment. however its fungible, people cant look up how much you own. transactions are anonymous. so even with the problem with point 1. privacy even at a cost has value and good use cases. hiding money from the govt, transfering it overseas. nefarious activities, e.g. buying drugs online. but those are niche use cases. so i dont ever see monero or another private coin being adopted for general payment either. if a payment coin can some how exist in the future where it resolves the points i mentioned e.g. holding its value to fiat, then id be interested. however maintaining the value of a crypto relative to fiat would require financial instruments like hedging which would increase the cost of using the crypto for payment thus potentially making it moot for general payment for any cost advantage. the charge back problem could be solved by say a company providing an equivalent type of crypto credit card without credit (or with credit), but this would incur cost of using the crypto, banks make this money back with interest, which is very high, credit cards its 25% or so in Australia. So given all these points, and the above paragraph where i see the only feasible way a general payment coin can exist (which would render using crypto in the first place pointless). do you agree? or think that its possible for the wide adoption of a crypto for general payment? Also i realise there is more to crypto than payment which this is not what this post is about, its strictly about using crypto for general payment. i find payment coins the least promising out of them. dApps and remittance focused coins for sure. other platform based ones like oyster and icon. right now i own xrp, xlm, xmr, ada, eth, prl, icx, prl, neo, iota (payment yeah, but has data storage and the tnagle thus is useful in other protoocls like oyster prl).
FUTURE1EXCHANGE: A DISTINCTIVE CRYTPOCURRENCY EXCHANGE FOR THE MASSES
https://preview.redd.it/xpd92fwg6dj31.png?width=396&format=png&auto=webp&s=0f7d873dbd657ea615a25e0893e5d862d81b437a Introduction With the regularly developing interest in the realm of Cryptocurrencies, and blockchain innovation, markets are winding up increasingly dynamic and are opening up to more up to date conceivable outcomes subsidiary with web 2.0. So also, expanded awareness have made a swell in the ecosystem which has changed into a rush of Digital currency, trading exchanges, wallets, smart contracts and considerably more. In contrast to customary markets, clients get liquidity, 24X7 openness, no-to-negligible administrative control and exponential enlargement potential in blockchain innovation. These unmistakable highlights bait clients, both beginner and pioneers, towards Digital currency nd Crypto-markets. Cryptocurrency market capital as on the said date remains at $642billion which is the ever highest throughout the entire existence of Cryptocurrency. Accordingly, an enormous number of potential clients are still to profit by this network. Notwithstanding for the apprentices or veteran crypto communities, the accessibility of a solitary platform which can give them the most recent or ongoing data on digital currencies, ICOs, evaluations, and open accessibility of expert Crypto-Traders who are prepared to render their administrations like copy trading are either constrained or missing. Amateur clients consequently feel took off alone and don't take much risk, being stuck at the back sit when it comes to being active with regards to dynamic support, exchange and add to ICOs. Future1Excahnge is here to fill this hole by giving an exhaustive blockchain platform with world-class highlights offering real-time learning on a wide range of digital assets, exchanges, wallets, ICO appraisals. Future1Exchange guarantees a condition which is decentralized, protected, straightforward, dependable and dynamic. Future1Exchange will be a platform for Forex and Cryptocurrency Knowledge, Trading, ICO's and so on. It will likewise offer copy-trade service, ICOs appraisals, host conferences, and give escrow administrations to guarantee post-ICO administration for fitting utilization of funds. WHAT IS FUTURE1EXCHANGE? Future1Exchange is an Institutional evaluation advanced digital asset exchange intended for both expert dealers and retail financial specialists. The platform enables clients to purchase, sell, and store digital assets. The Future1Exchange is also enlisted and authorized to give digital asset-to-fiat exchange and wallet services. The conducts of its tasks is secured by the Estonian law. The objective is to turn into the world's driving Crypto Exchange and platform for Token Offering , Digital Asset Portfolio , Custody , Cryptocurrency Education and Forecasting. Future1Exchange Registry Code 14458317 have obtained 2 official crypto licenses in Europe Estonia: a) Providers of a service of exchanging a digital (crypto) currency against a fiat currency. License number is FVR000382 b) Providers of a digital (crypto) currency wallet service. License number is FRK000313 DISTINCTIVE UNIQUENESS OF FUTURE1EXCHANGE
The platform enables clients to purchase, sell, and store digital asset. And as been tied up with Ecxx for their trading platform , record vault for custody solutions, Paxos and OSL for OTC , Accuity and Cynopsis for KYC and AML , Know Your Token for Token Project posting due constancy , Bitcurate to offer gauge on crypto asset dependent on Artificial Intelligence progressively , DWF law office for their lawful administrations.
Future1exchange is authorized and directed in Estonia Europe. Unlike other exchange which are for the most part unlicensed. The future1Exchange being authorized and managed will assemble trust in the market.
Future1exchange also provides the best security by giving out Fort-Knox Security, Multi-signature Custody Services, a High-Speed Matching Engine, day in and day out exchange observing motor, and instant deposits and withdrawals. The exchange also assures client 100% reserved and won't be utilized anyplace else.
The future1exchange additionally have a foundation to teach clients on Blockchain and Cryptocurrency. Future1exchange will be the goto platform for financial specialists and merchants hoping to invest into Disruptive innovation organization that is going to shape what's to come.
Future1Exchnage also utilizes Ledger Vault Technology for its users digital asset portfolio custody services.
Future1Exchange launches OTC Services tiesup with Paxos and OSL. The OTC will allow users to trade larger amounts of cryptocurrencies and will offer the global community of Accredited investors, family, offices and Vcs to have access to prime investment and trading opportunities.
Future1Exchnage likewise offers high liquidity as the OTC trading desk will be able to provide high volume for enormous buyers or investors
Future1Exchange OTC Trading Desk Partners Will also Offer Options To Trade Cryptos through Phone , Telegram , Skype , Walk-In
Another uniqueness of the exchange is the Privacy, personalized service and the 24/7 customer support.
Future1Exchange also offers revenue sharing of upto 30%. Users can invite their friends and earn upto 30% of the commissions on the exchange transactions. And it is only done and activated if users have deposited at least 1 ETH.
In nearest future, Future1Exchange also aims to extend in other workplaces in Europe, the Middle East, and South East Asia. Users can now list their tokens and the exchange is also olanning to launch IEO Launch pad, Multi Language trading Interface and customers will almost certainly buy Crypto with Credit Card. There after we are going to dispatch our P2P and Margin Trading Platform.
A Day in the Life of a Stock Trader - Blog | Horizon Institute
Section 1 – What does a stock trader actually do The life of a trader is often glamorised by films such as The Wolf of Wallstreet and Margin Call – a view that is shared by many who have no direct experience with the wider investment industry. It is also true that different types of traders have very different workloads. Trading emerging markets is not the same as trading FTSE stocks or the forex markets. Let’s start by defining what traders, broadly speaking actually are: “Professionals in finance who buy and/or sell assets on the financial markets.” A day in the life of a trader: Behind the scenes These are people who usually have a background in finance, either through traditional education (think degrees in finance, accounting, economics, investment management etc) or through practical experience at companies working within financial services. This is to say that the day-to-day activities of a trader is to either buy assets (such as stocks, futures, commodities) or to sell assets (such as stocks, forex, bonds). Two distinct roles in trading can be summed up in the Buy side, and the Sell side in terms of execution. A broader categorisation would include participants within the financial markets who trade securities. This encompasses independent traders working from home to large multinational financial institutions which see billions of dollars a day flow from and to their order books. The Buy Side The Buy side is concerned with purchasing assets, and this generally involves taking orders from management or clients and then sending those orders to the broker to be executed. This role is being gradually replaced by technology, specifically automation and AI, and its hard to see a future for buy side traders 20 years from now. There is also a distinctly bad reputation associated with buy side traders, these are often just messengers, and have been known to treat brokers with incredible hostility and bitterness over recent years. The Sell Side Alternatively, the Sell side is just the opposite – these traders are only concerned with selling positions either the firm or the firms clients holds. Again technology is eliminating this role over time, and today both buy and sell side traders simply take message, and pass it along either electronically through an online platform or via telephone for the perhaps more traditional establishments. Private Hedge fund managers Many successful traders have gone on to start hedge funds with private companies and from private investors. This is a highly privileged position to be in, as hedge fund managers are in control of both the broad strategy for the investments and receives the greatest compensation should the strategy be profitable. Private Portfolio Managers Portfolio managers working at a private company (such as a large hedge fund) is again a much sought after position. Portfolio managers generally create a positive or negative selection portfolio, which allows them to implement their own strategy to make the best returns with the lease risk – although these parameters are often set outside the control of the individual portfolio manager. The same also exists within commercial banking, but it is usually more focused on creating a very balanced portfolio that exists to hedge risk as opposed to making real returns. Analysts Analysts do the number crunching and quantitative prep work for the portfolio or hedge fund managers. This role involves applied finance and taking a close look at various assets fundamentals. This includes the balance sheet, income statement and cashflow statement for analysts looking at stocks. This is usually a relatively junior role, and those who are successful here tend to become traders, portfolio managers and eventually hedge fund managers over the course of a successful career. Investment Banking There are still plenty of traders left at investment banks, despite the decline over the last few decades. As much as 90% of the time is spent dealing with clients such as Hedge and Pension Funds. Investment Bank Traders As much as 90% of the time is spent dealing with clients such as Hedge and Pension Funds. The trader is then Making Markets in Assets the clients want to buy/sell, such as stocks, currencies, commodities and bonds. The other 10% of time is Proprietary trading, utilising the banks large balance sheet to create a positive selection portfolio. Market Makers (Agency) Market making is the primary task of an investment trader (~80% of market making business) Split into two sections: Agency Business – Client holds risk Risk business – Investment Bank holds risk Investment Bank charges commission on these activities at a typical rate of 5 basis points or 0.05% Example – Buy £10,000,000 of BP stock at £100 per share = 100,000 BP shares. Commission for bank - £10,000,000 X 0.005 = £5,000 Risk free for bank – algorithm executes trades based on client orders In terms of basis points, 100 = 1% Proprietary Trading This type of trading can happen in two ways, the first where small investors at home use their own capital to trade for a direct gain or commercially where a firm uses its own capital to make trades to be the prime beneficially of the rewards should the trade go well. This is in contrast to how hedge funds would normally just earn a commission, by also utilising internal capital the firm is able to take larger risks, which tend to come with the larger rewards. Here’s another interesting fact: “Only 6% of candidates end up making it as a professional trader” (Business Insider, 2011) This statement alone shows just how competitive the industry is, and to make a successful career is even harder, with only ~5% of traders ever making it to a managerial level. A day in the life of a trader: Behind the scenes Section 2 – How does 8 hours day break down? 6:00 AM Traders usually start the day at 6.30 AM and start to catch up on news that broke overnight that may A) affect current positions or B) provide opportunities for new positions. These changes are digested, and areas of special interest are noted for further analysis later. 7:00 AM Arrive at trading floor at 7:30, 30 minutes before markets open. This is the time where traders prepare themselves for the day. It also serves as an opportunity to talk to colleagues. For most hedge funds and other long-term traders, team meetings will happen in the morning to ensure all traders are up to speed and playing from the same game plan. 8:00 AM Markets open: based on overnight news there may be buying / selling activity to adjust the traders portfolio based on the latest information. Many traders prefer not to trade at the market open due to higher volatility as traders from around the world react to overnight news. 9:00 AM A common task around 9:00 AM would be to scan the market for short term opportunities, or to catch up on fundamental company analysis of companies in the watch list. 10:00 AM Continuation of analysis or opportunity seeking based on the traders own intuition, experience and judgement. This is also prime time for internal meetings with the team and meetings with clients, potential clients etc. 11:00 AM Here we see lower volume and volatility, and so short-term opportunities diminish, traders are thinking about lunch at this point. Finishing up financial models and analysis done in the morning. Another prime time for meetings with the team and clients. 12:00 PM Most long-term traders take lunch, some short-term traders will stay at the desk as timing can be critical to a successful day. 1:00 PM As investment banks and other major institutions return from lunch volatility in the markets increases and short-term traders get back to work. Long-term traders generally get back to analysis, risk management or strategy functions with only a cursory interest in the current market prices and volatility. 2:00 PM Day traders will spend this time monitoring positions and executing trades as necessary. Long-term traders use this period in a variety of ways, as mentioned above. 3:00 PM Short-term traders now think about closing existing positions and stop looking for new opportunities. This is also where the administrative functions of cancelling unfilled orders, or for long term traders, finalising analysis of the day and presenting it to stakeholders. This is the last chance to exit positions for the trading day. 4:00 PM The markets are now closed. Traders often look back at the day, seeing what went well (and what didn’t). Management will often check in and with-it bureaucracy and paperwork. 5:00 PM Time to leave the office and go home. The advent of mobile internet means most traders are now reading the latest financial news, following commentary and thinking about the strategy for tomorrow. 6:00 PM If all went well arrive home, if not then its likely the trader will still be at the office working to meet the deadline of the day, from financial models to briefing management and clients. 7:00 PM Outside of the general workday, traders will spend much of the evening doing research and analysis – everything from learning about the markets to experimenting with financial models to taking an advanced excel course. Section 3 – Why you might want to be a stock trader We meet a lot of traders, its what we do – and here are a few of the top reasons traders we spoke to continue to do what they do. Love the Game Many traders are extremely fond of the game that is the financial markets. Day traders talk about the rush as fast-paced action that runs from 8am to 4pm 5 days a week. The same holds true for long-term traders, and while lacking the constant adrenaline of day trading the highs of closing a trade that’s been on-going for months is just as great a feeling – the analogy one trader used was whereas day traders get Christmas every day, long-term traders get all of their Christmases at once, 4-5 times a year. Financial Freedom This is not just about the ability to make a living from trading and the financial markets, but from having the knowledge and understanding of the world of finance to make sound financial decisions, whether that be in deciding between a fixed or variable mortgage, or the best ways to allocate capital to save for school fees. Intellectual Challenge There is undoubtedly both an intellectual and an emotional challenge in trading successfully. While it is said that day traders trade emotion, long term portfolio managers trade on intellect and sound financial decision making. Style & Expression Traders all trade differently, from value investors to crypto speculators each trader develops a style and method of trading that fits their way of life and the perception they have of the world around them. If you are emotional in-tune with the wider world, then day trading can be exceptionally profitable. The same holds true for value investors like Warren Buffet, a trader who enjoys digesting and analysing reams of company reports to find what Buffet calls “Great companies at fair prices”. This post has hopefully given you an understanding of the typical day in the life of a trader. If you feel your ready to take the next step towards a career in trading and finance, Horizon provides a comprehensive introductory course on Investing for Beginners. https://blog.hioim.com/post/a-day-in-the-life-of-a-stock-trade
The company has a team of professional traders and top forex hedge funds managers with proven trading skills and extensive experience in the same industry. What IS Forex92? Forex92 is an investment & portfolio management company offering forex managed accounts to its clients all across the globe. Founded in 2014, the company is based in A hedge fund is an investment pool contributed by a limited number of partners (investors) and operated by a professional manager(s) who employ different strategies to earn an active return, or alpha, for their partners.. A hedge fund isn’t a specific type of investment. Rather, it is a pooled investment structure set up by a money manager or registered investment advisor and designed to Generally, hedge fund managers do not seek funds from small individual investors. This is because it requires a big investment in terms of capital and only then is it possible to form a limited partnership. So, Hedge Fund Backers are an excellent opportunity for hedge funds. However, raising funds for hedge funds is not easy. Get comprehensive intelligence on top forex funds. Sort, compile and compare more than 350 unique fields in 61 currency funds and use our FundFinder Pro software to create robust custom reports. Review AUM, performance, trading strategy and investment style, and get contact information for two top executives per fund. Hedge funds, however, are subject to the same prohibitions against fraud as are other market participants, and their managers owe a fiduciary duty to the funds that they manage. Tags: best forex brokers in usa , forex brokers accept us clients , forex number fnb , forex trading with 10000 , forex trading worth it
What Do Hedge Funds Actually Do? Introduction to Hedge Funds by 365 Careers. 11:20. UNDERSTANDING HEDGE FUNDS (A Brief Overview) ... How To REALLY Compound Your Forex Profits by JustinEqualsTime. There are many different trading strategies that can be profitable and enclosed we have trading methods from the top hedge fund managers and some of the top traders of all time. We've seen fully automated bot beats us in Go, one-on-one Poker and Dota II, now what's going to happen for trading financial markets? Listen to A.I. Capital... A lot of traders wonder about hedging their trades, but is it really necessary to hedge trades? With forex trading, especially over the short term, the topic of diversification and hedging in ... hedge ea hedge forex ea forex hedge fund ea simple hedge ea pro hedge ea #metatrader4 hedge ea super hedge ea best forex #hedge ea correlated hedge ea correlation hedge ea