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Why Sarao Is The Flash Crash Patsy: He Threatened To Expose The "Mass Manipulation Of High Frequency Nerds"
There are several notable items in Bloomberg's comprehensive overnight summary of the epic humiliation America's market regulators are about to undergo, complete with yet another round of theatrical Congressional kangaroo courts, which will lead to a lot of red faces, a wrist slap or two and maybe even the termination of one or two lowly employees and... nothing else.
Because what difference does it make?
At this point only a bottom-up overhaul can "fix" the fragmented, broken market which by definition can only come after the next market crash, one which will promptly be blamed on HFTs (which leaving the central bankers unscathed).
Back to the Bloomberg piece in which we first discover that it wasn't even the CFTC that, 5 years later, "figured out" the flash crash was one person's fault:
When Washington regulators did a five-month autopsy in 2010 of the plunge that briefly erased almost $1 trillion from U.S. stock prices, they didn’t even consider whether it was caused by individuals manipulating the market with fake orders.
Their analysis was upended Tuesday with the arrest of Navinder Singh Sarao -- a U.K.-based trader accused by U.S. authorities of abusive algorithmic trading dating back to 2009. Even that action was spurred not by regulators’ own analysis but by that of a whistle-blower who studied the crash, according to Shayne Stevenson, a Seattle lawyer representing the person who reported the conduct.
Your tax money not at work.
But fear not: after today's Deutsche Bank $2.5 billion "get out of jail" card, the CFTC will be $800 million richer and can finally even afford to hire a former trader who has some understanding of how the market works.
* * *
Second, the reason why the SEC wrote a 104-page report with "findings explaining the Flash Crash" which it will have no choice but to retract in light of the latest news and developments, is the following:
Spoofing wasn’t even part of the CFTC’s analysis of the crash, said James Moser, a finance professor at American University who was the agency’s acting chief economist in May 2010. The flash-crash review marked the first time that the agency worked through the CME’s massive order book. CFTC officials often needed to call the exchange for help interpreting the data, he said in an interview.
“We didn’t look for any sort of spoofing activity,” said Moser, who added that he doubts that Sarao’s activity was the main cause of the crash. “At that point in 2010, that wasn’t high on the radar, at least in our minds.”
So the CME, which is the exchange that trades the E-mini, "concluded within four days of the 2010 flash crash that algorithmic trading on futures exchanges didn’t exacerbate losses in the market," and a few months later, so did the SEC, which instead pinned the entire crash on Waddell & Reed. And the way it did it was by completely ignoring about 99% of all posted quotes: the layered and rapidly canceled trades or what we dubbed "quote stuffing" one whole month after the Flash Crash, in June. In fact we even explained it to anyone who cared to listen: "How HFT Quote Stuffing Caused The Market Crash Of May 6, And Threatens To Destroy The Entire Market At Any Moment."
Shockingly, the SEC appeared in front of Congress claiming it has everything under control, when it now admits it never even looked at spoofing.
* * *
But that is nothing compared to the third revelation in the Bloomberg report, namely that the CME had interacted with Sarao, even on the day of the flash crash. The exchange contacted him about his trades after concluding he appeared to be significantly swaying opening prices. The same CME, mind you, which days after the Flash Crash determined that algo trading wasn't the cause of the market crash.
Sarao explained some of his conduct to the CME in a March 2010 e-mail as “just showing a friend of mine what occurs on the bid side of the market almost 24 hours a day, by the high-frequency geeks.”
And the reason why nobody touched Sarao until just days before the 5 years statute of limitations following the Flash Crash had run out, is the following:
He then questioned whether CME’s actions regarding his activity meant “the mass manipulation of high frequency nerds is going to end,” according to the U.S. Department of Justice’s complaint released Tuesday.
The answer was no - just his own. And this was his fatal move:
- SARAO SAID HE TOLD EXCHANGES ABOUT HFT `MANIPULATIVE PRACTICES
- FLASH-CRASH TRADER SARAO URGED FCA TO BAN HIGH-FREQUENCY TRADES
More from Bloomberg:
Sarao, who goes by Nav, also said his investing style was a reaction to high-frequency traders, who he said could manipulate the market based on his orders without any repercussions. He said his software and his distance from Wall Street made his transactions “miles too slow” to compete with flash traders operating out of the U.S.
“I don’t like the HFT arena and have complained to the exchange numerous times about their manipulative practices, please BAN IT,” Sarao told the FCA in the May 2014 e-mail.
One of his letters to the UK regulator:
Which that is why Sarao became the designated patsy for what is now a market that is manipulated by rogue, parasitic algos beyond recognition: he dared to threaten the status quo.
As for the the market, it is still "mass manipulated by high frequency nerds", and will continue to be, until they themselves become the sacrificial lambs after the next historic market crash.
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The truth will get you arrested.
The truth does not matter. Case and point:
The Markets, The Economy, Crude Inventory Build and Record Production, anything Hillary says, does, or has done, Marcro Indicators, etc....
What difference at this point does it really make???
i wonder what martin armstrong will have to say about this guy
Armstrong sold out to save his skin....ya can't blame him i guess.....they woulda locked him up for the rest of his life if he didn't narc out
i still enoy hearing a good con man ...
You guys have to read his letter at the end of this article.... rofl.
He actually atributes his trading style to "quick reflexes" and fast hands. Wow, if only I knew it was so simple.
He spent years training with Chinese monks to perfect his technique, much like Bruce Lee.
Nav Sarao is a fucking superstar and a hero. BTW What law did he break?
The same law that Snowden and every other whistleblowers broke: don't expose the psychopaths in charge or you will be destroyed by the machine of terror called the U.S. Government.
That's not a law for TPTB oligarchs, of course - it only applies to us peons.
Now grasshopper...when you can snatch the trade from my hands it will be time to go.
I hear he was at the grassy knoll as well. HANG HIM from the nearest lamp post. No bankster ever did anything wrong, and I heart the NSA.
These are the same asshats who think being "in denial" is swimming in a river. There are none so blind as those who will not see.
IF this ever gets to trial, the discovery process could be very interesting, especially if Eric Hunsader (Nanex) is called upon as an expert witness....However, I doubt it will ever get to trial. They have several years (UK extradition process) to perpetuate the myth that the villain has been caught, then reach a quick plea bargain so that the real facts don't become too public. They still need The Flash Boyz as the scapegoats for the upcoming crash, in which liquidity will be non-existent.
That is why they have him in a straight jacket in the artist rendition. They were afraid he would feel up the judge without the bailiff knowing.
He messed up the HFTs because he was trading too slow. The big boys expensive algos didn't know how to interpret it.
It bet someones ass puckered up when they saw this email / letter. The BS is getting harder to spew in the intenet age.
Speaking of bullshit. Assuming a minimum margin of $500/contract he would have to maintain a cool million dollars to trade a 2000 lot emini SP. Really? From his parents house? He probably had a dial up modem too.
Holy shit, I thought this guy was just some random HFT weenie who got scooped up because the case was easy to prove against him. Now I'm thinking he may have been legitimately trying to help stop it by pointing it out with examples so simple even a CFTC regulator could understand them.
NEVER TRY TO 'HELP" A GOVERNMENT AGENCY. They'll just assume you did it and arrest you.
It is insane to think it will end well for you these days. Although I know a guy that got away with it. It's a relative of a friend of mine. He finds an old gun, as in beginning of the century, in the effects of a deceased relative, it's an old single shot pistol tht fires .410 shotgun shells, but it had a broken firing pin, so he takes it to a gun smith to see if he can mke a replacement. Gunsmith takes one look at it, says it's classified as a sawed off shotgun, and they are illegal to possess, work on, shoot, etc, without paperwork. So the guy goes home, and CALLS THE FUCKIN ATF and basically tells on himself to see what he can do with the gun. The ATF just told him if he gets the barrel rifled it is legal. Now in a same world , that's how it should be if you find something like that (in a truly same world, I don't think you should need a permission slip to have one of those), but in this country these days, I fully expected him to get hauled off to jail for 10 years on felony charges.
If Armstrong "sold out", it was the stupidest sellout in the history of the world. He did seven years in prison! Are you suggesting after seven years it suddenly occurred to him, "Hey! I could just sell out!"
Selling out is what you do to AVOID prison, not spend seven years inside prison.
I have been reading Armstrong's posts on his site for a couple years now, and I am starting to think that he is either a crackpot,, conman, or both.
He often makes strange statements on economics, and then tries to back them up with random and misinterpreted quotes, etc., from history. He doesn't seem to posses or comment from a congruent framework of knowledge, which is a bad sign.
The latest strange post and analysis was this one titled, "Fractional Banking v Matched Funding":
http://armstrongeconomics.com/2015/04/21/fractional-banking-v-matched-fu...
In it, he picks and chooses random events of history that seem to back his premise, but then doesn't go near anything toward the modern age. One of his examples even contradicts the conclusions he draws and states from it. And yet he still summarizes the example as if it supports his conclusions.
And it is not that I often, not always, disagree with him, but that many of his pronouncements and conclusions are way off base, and are not soundly founded or backed.
Of course the tyranny perpetrated against him was wrong, whether he was guilty of the initial charges or not.
Liberty is a demand. Tyranny is submission.
I guess we'll see if he is correct come October of this year.
october sept or nov ... it does not really matter ... it is coming. the greek story is putting people on the crying "wolf" state, plus these groundhougs days of Dow 18000, Nasdaq 5000 show smt big is brewing.
my guess about Armstrong, is that he has been on the inside since predicting 87 to the day ... Smt big went down back in late 90s, i think related to the Russian ruble crisis that took down armstrong, and got killed a few other very well connected insiders ... Maxwell, Basra
I just wonder if it will ever go to court since the discovery process could lead to some embaressing things that the powers that be don't want to ever be known....
Is that an air compressor I hear warming up?
KD-X,
You mean like the ex Goldman guy who "stole" their code, which LB testified in Congress could be used to "manipulate" markets, was given his day in court and now sharing time with Madoff (with the loot)? Oh wait.......
Sergey Aleynikov
http://www.nytimes.com/2015/04/21/business/dealbook/ruling-clears-way-fo...
Didn't catch that, thanks for the update Steamer.
That's the point. The truth does not matter. The truth according to these numb nuts is that the market structure is structurally so unsound that some guy in his PJs in his parents basement can singlehandedly manipulate the global markets and by "fixing" the problem by blaming the player and not the game will make us all forget.
F the regulators. The only people who work at the SEC and the other worthless regulators are because they are too stupid to get a job making real cheddar on Wall Street. They will tell you that they work at those places because they feel like they are making a difference by keeping our markets safe and fair for all. More like it's because they got a degree from the University of Phoenix online and the only chance they would ever have seeing the inside walls of a bulge bracket is by getting dressed up once a year to go play Mr. Auditor.
I am not defending Wall Street. But I am more pissed off at the retards at the SEC because we as taxpayers pay these worthless asswipes to fumble around and just make everything worse because they get played by the smarter people sitting across the table from them.
"If you are sitting at a poker table and you look around to try to find the sucker, you're the sucker."
In a time of universal deceit, telling the truth is a revolutionary act.*
*Disclaimer: Side effects may include incarceration or death.
I fear not... https://plus.google.com/+GaleInnes/posts/6Mz1DYcNvwv
So lying will set you free now? I'm confused.
Spoof Friday...... Spoof the S&P ES contract for Sarao..... add as many bids and asks as your balance will allow... then cancel them.....
This has got to be the culprit, the doer of evil deeds!
The Lone Trader --- it's always him (or her???) --- it must be the Lone Trader,
or, the Lone Gunman, could be the Lone Gunman posing as the Lone Trader, after all?
Whistleblowin' scapegoat, ftw!
Foreigner: check
Complainer: check
Not from a TBTF firm: check
Unrelated to real issue: check
Proceed with arrest.
Provided answers in a helpful manner: check
"Anything you say can and will be miscontrued and used against you."
Also we will wait until the last minute to charge as by the time people sort through our con the statute will be up on the real criminals. FIVE fucking days!
The "cleaners" must have had the day off...
Ya know, I'm still trying to figure out if Tom Cain's book, Accident Man, was real or not.
Recently read Killer Elite by Ranulph Fiennes, which is supposed to be nonfiction, and ostensibly sort of validates Cain's (fictional?) book.
The weak point with Fiennes is that he worked for Armand Hammer?
"We don't often prosecute people with respect to the financial markets but when we do, we do so very, very selectively."
yup....busting him didn't help hide the rigged markets but from those intended to be victims of the fascist markets of deciet.
The market may be manipulated by "nerds" but who do they serve?
Same people who control the banks, media, politicians
Luciferian Oligarchs. Would it be a great day if they and what they had done were to be laid bare for all to see.
Larry Flynt? Hugh Hefner?
I dunno, this is a difficult question, or is it a trick question?
Do you mean they may be serving Citadel, Benjy Bernanke's present employer?
Or the Bank for International Settlements?
Or the Group of Thirty?
Or the 5 Richest Families on the Planet?
Or. . .
Jenny McCarthy?
Tell me they don't serve Kim Kardashian or Pia Zadora, for crissakes, not them?!?!?!
"...but who do they serve? "
Awww. . . give me a hint?
Is the first name begin with. . .
RALPH ???
We've been exposing this from day one. Arrest us cunts.
Look into that pencil neck geek working for Proctor & Gamble. This happened in 2006.
Stock Market Crash - Flash Crash May 6, 2010http://m.youtube.com/watch?v=E1xqSZy9_4I
Truth is always treason in an empire of lies... duh.
Long nailguns.
Idiot. Never respond to a regulator's "question" (even and especially the "informal" ones) without a lawyer. I learned that lesson the hard way.
First time I walked into the basement trading room and saw him I thought he didn't have any hands..they were moving that fast.
He could bump into a girl and walk away with her bra...he was that fast.
Are the people at the regulators that stupid that 1) they think his algos acted alone or 2) that they can pin this on a single person at a single man shop? WTF??
why not? i heard it on tv and read it in newspaper ... must be true
Dude, he lost his passport during a visit to NY right at the doors to the exchange. His fingerprints are all over this. The dead algo bodies all piled up in his basement. DNA will prove he is the worst crook of all time. After the execution, they will disect his brains to study the mastermind.
idk, but it gives me a hard on to think that selling 5 shares in 2010 could bring the whole shebang down!
#shouldabeenaplaya
pods
Noooo. . . .
The "people at the regulators" (SEC, FBI feebs, the International Daffodil Society) spend all their time viewing porn, as the flaky SEC IG told us in a report a few years back.
And that one woman (they all earn in the 6-figure bracket) was clocked at 16,000 sites in a 4-week period (given 5 8-hour days per week)!
Evidently, watching porn makes one a financial Sherlock Holmes!
I read the email, I didn't see anything that alluded to blowing the whistle, let alone anything regarding HFT. Must have missed something?
You should have read more than the letter:
Sarao, who goes by Nav, also said his investing style was a reaction to high-frequency traders, who he said could manipulate the market based on his orders without any repercussions. He said his software and his distance from Wall Street made his transactions “miles too slow” to compete with flash traders operating out of the U.S.
“I don’t like the HFT arena and have complained to the exchange numerous times about their manipulative practices, please BAN IT,” Sarao told the FCA in the May 2014 e-mail.
So he wasn't as rich and privileged as Kevin Henry and then he goes literally postal on the entire system and shoots down the algos. He's a mass murdering algo killer and deserves to rot in Ryker. At least he's closer to Wall Street and maybe he can stop cheating and do some real algo trading.
In a time of universal deceit - telling the truth is a revolutionary act.
George Orwell
We scapegoated some folks....
I'm confused. Why wasn't this guy found dead of a suicide by nail gunning himself in the back of the head 3 times?
Because that's what happens to fall-guys working for Too Big to Jail firms that might slip up and implicate their bosses, creating a very messy scenario. This guy, however, is completely outside of this system, therefore he is their Golden Patsy to be blamed for all of the crimes of the TBTJ gang.
They don't want him suicided, as he's far too valuable sitting in jail for the rest of his life.
Besides, if you ever been around the City, do you know how effing difficult it is to find a nail gun there?
The Steak & Kidney bunch still use trunnels, fer crissakes!
You are new at this right? He gets the nail gun treatment AFTER he is criminally indicted. This way everyone goes to bed knowing they got their guy, the children are safe now.
He is a patsy, not a whistleblower. He might hang himself in jail if he rejects the deal. Shit, there has to be money in being a patsy... Can you get a job in Goldman Sachs as a patsy? Like a real job with a 7 figure salary knowing it entails spending a a few months in jail every couple of years and being demonized on the MSM? I mean they use MBAs as coffeemakers and fluffers, cant they hire a few patsies along the way?
Sarao's got the fattest fingers. He did it.
nice work people....
Dow 000,000....
Everytime IBM crumbles, P&G is not far behind.
I Sold It Through The Grapevine http://www.bloomberg.com/bw/stories/2006-05-28/i-sold-it-through-the-gra...So this trader, using his mouse, as a former client of MF Global and Knight Trading, who's most succsful trade were the ones he left on before going to bed.......this gentleman almost bankrupted the world?
Damn those loose cannon types! Obviously, nothing is sacred anymore.
The muppets will never know.
- P&G charter mission statement.
Because what difference does it make? Please stop quoting Hillary
Loretta Lynch just confirmed, Lord help us!
Sweet Loretta thought she was a woman
But she was another man
http://www.dailymotion.com/video/xzuem_beatles-get-back-rooftop_music
"See something, say something." Unless it threatens Zion's plunder ops., then "See something, better not say something."
Liberty is a demand. Tyranny is submission.
https://youtu.be/GOS8QgAQO-k But But But Jim Cramer told me I could do this all the time
Somebody should surround the good Mr. Navinder Singh Sarao’s house with trampolines just incase he decides to leap.
Do we have anyone on location?
It's the Wallstreet HFT grassy knoll silver bullet explanation that you can believe in.
/sarc
Yup, and the perp is always . . .
THE LONE TRADER !!!!!
Vindictive bastards, not that I'm surprised.
Without HFT, the Federal Reserve couldn't rob money to leverage fractional banking at ZIRP.
Yes, only accelerating the death of their fiat money....
tick tock motherfucker...
The death of Fiat has been accepted.
Our Masters are outlawing cash.
Where ya been?
What a rude awaking when we ignore a universal currency for digital currency. Can't wait to hear the slow growth and missed corporate earnings report. More layoffs and the Stocks soar.
They're going all digital all electronically sifted trail. No buying or selling without gov and the corporation knowing. They'll make it biometric ID, mark of the beast shit too. To buy for someone else will be outlawed. Have to know why you transferred money to your friend. Charity, pfft we don't believe you, go to jail.
Still fiat.
Define "cash" motherfucker. I suppose you could "outlaw" gravity too with just as much effectiveness.
......."outlaw" gravity too with just as much effectiveness...."
Nuff Said.......
Cracked the code in a nutshell Atomizer.
It's so pathetic that these bunch of losers don't throw in the towel. God forbid that ANYONE has the balls to man up and say we're out of our depth, the bird has flown. No the Fed Res ( Goldman & JPM ) on behalf of Rothschild& Co will lead us into the abyss.
They have fiber optic lines from the exchanges to the HFTs.
How hard would it be for Chinese, Russian, Iranian or other agents to tap into these lines and start messing with the markets?
What about an anonymous drone from Toy's R Us smashing into their Laser Tower?
WAHAHAHAHAHA
Difficult because they are easy to inspect, being on land and all that. Underwater cable is different.
that goy looks guilty said the judge
If you ever spend some time and watch the order book of any trading platform running, it is easy to see with HFTs how to coax the price higher or lower. The platform itself uses intervention to keep the market trading, to buy up or sell orders that block the volume trades processing normally. HFTs can be designed to create large or small Bid and Ask trades and these are filled by intervention to keep the market running.
If you create a large order, either Bid or Ask, you signal the market to 'watch' this large trade, and if it is filled, that is usually a call to trade in that direction - in simple terms. Smaller trades can be used to draw the price in either direction, as often the intervention will 'mop up' these small trades to maintain volume, to fill bigger trades.
HFTs of course cannot predict true sentiment - crazy people piling money in or out, but they can watch price gradient, velocity, acceleration, even jerk indicators, which most humans will never notice or comprehend. If the position reverses, the HFT looks for this and changes the HFTs position in real time.
Additional to this is the time advantage. Certain HFTs have privilaged access to the trading floor - the platform. Usually a fraction of a second, so the elite-HFTs can switch before the rest of the market (including outside HFTs) respond, so clearly a value added privilaged position.
The fundamental problem, is that HFT trades are virtually free (per transaction) and taxing each trade (all HFTs) would stop it, but the HFTs would have no fun!
So what was the actual law he broke?
And why does a US regulatory firm have jurisdiction outside the US?
So, is everyone ready for the short of a lifetime? The major market move?
This market is poised to breakout. To the upside. Tomorrow.
I'm not sure if I can stomach yet another new high, but I have ever reason to believe it's coming. This thing just snaps back too easily.
Fantastic Friday enroute.
Of course the other alternative is major selloff. I prefer the upside probably around 75%.
And no, i'm not trying to cover all bases and look like a genius. It's just that we've already tested this level, been slammed several times, yet it keeps coming back for me. In most cases, that equates to this fuckfest overpriced shit becoming even more overpriced.
People really need to stop using the I-word. I-word is investing. Either that or change the definition of investing. http://www.investopedia.com/terms/i/investing.asp
Tradevesting perhaps?
Help a commenter out will ya?
Gambling?
Speculate
Bet
Wager
Random Shot
Shot in the Dark
Stab
Venture
Run the Risk
Roll the Dice
Go out on a limb
Have a fling
Play with fire
To put all ones eggs in one basket
Put it all on the line
Hazard
Venture
and....
Go for broke. Yeah, I got an assist from a Thesauarus.
Effectively cftc, cbot and cme and all the regulators have granted HFT or wall street to rob fromthe market.. It has to be stopped.. As zerohedge has mentioned that Nanex has the ability to stop layering and spoofing as it is illegal under Dodd Frank Act. By doing nothing CFTC is condoning or giving HFT a free pass. Whenare the politicians going to stop these practices.. I suggest reward of 20% of the fine be awarded to anybody catching these culprits. Whistelblower should be rewarded with 50% of the fine. Lets watch these collaborated crooks.
Eric from Nanex has been going back and forth on his Twitter, latest suggests a 'hybrid' w/ a spoofing background algo running while he click-traded (though hard to tell if this is just an educated guess or data-based). Trial seems unlikely, but you'd think both sides might want to call Eric as an expert witness, and if so, any judge worth his/her salt would put an immediate restraining order on global markets :)
Revenge of the Nerds, now playing
Come on ZH... hard to swallow he did nt have any involvement... And hard to believe he d really want to expose HFT since he was using the same techniques...
Now, is he a scapegoat for the whole bunch? For sure... But, you re either IN or you re OUT, and he s obviously OUT... lone guy living in some dull British suburb...
Is that like the dumbest email ever sent in the history of ever?
Are you saying you're going to stop the market manipulation now?
Just say "I trade. I don't know what I'm doing. It's a computer doing it. I've noticed a lot my trades don't clear even though I think they should be. Help?"
Seniors arent the only ones they Throw under the Bus.
you musselims are trayters godamit
this paki born syrian stolen monie from der homlands
many rabbis have lost shekels because of this evil doer
we gotta do sumtin about der muslim trading menaces
before they controll collapse der wall street and the rise of hitler
der secrets of the federal reserve must stay secrets
dats why are heroes of hebrew histry snuffed out dose folks anthony c sutton and eustace mullins already
my life
This goy is trying to kick us out the damn Temple!
Says its "His fathers house", or some nonsense!
Now he's whipping us! He will pay for this...
ROUND UP ALL HFT'S AND AIR DROP THEM INTO AN ISIL PRISON CAMP!
Meanwhile, Sarao made plenty of money outsmarting the House, which is the most likely reason for his "prosecution"/persecution.
FREE SARAO!!!
Suicide in jail
I'm surprised they didn't just chase him down and fill his head full of lead; just be done with it...
The people who need to be prosecuted and put behind prison bars for life are the ones that permit/gave permission to/ continue to allow HFT Trading.
There has to be a warning on these lines provided on all broker sites/forex sites, NYMEX, COMEX etc that : Online Trading is subject to your money being swindled by the HFT software programs being used by those criminally minded
For those Paying Attention and Posterity, Let Me Speak to HFT:
The Only Party Losing Money to HFT are those who are Suckers and Incompetent.
The SEC should do absolutely NOTHING about HFT.
People of all Stripes come into Markets Looking to Make "Easy Money".
Anyone who Trades with "Stops" is truly a "Sucker".
For they Lack Conviction and Skill, yet want to Make "Big Money" Playing the Game which requires Both in order to Make that Money and Most Importantly, KEEP It.
I Prove All of the Above with AAPL:
If you bought at $ 80, or Held, off the 2009 Low, you made 10 Times your Money......
If you Shorted in the $ 700 Range in 2012 and Covered in the $ 400 Range.........
No "Stops" Needed......
Only Conviction, Skill and Patience...
Either "Short" or "Long".
How Did HFT Hurt You in Any Way Whatsoever ?
It didn't because it Couldn't:
Plenty of Time to Buy and Sell Between Wide Price Points.
'What we Got Here is a Failure to Communicate':
People Who Come to the Market to Make Easy Money......
Then Comes another Group who wants to make Easy Money of the Guys who are Making Easy Money.....
So this latest Group takes advantage of the other Groups Lack of Conviction and Skill....
That is What the "Free Market" is All About......
It is Not the Responsibility of Another Man, Machine or Least of all The Government, to Protect Capital;
It is the Job of The Participant.
Directly or Indirectly.
Every PARTICIPANT, Now Matter How Big or Small has the EQUAL AND ABSOLUTE POWER Necessary to Do So:
The "Limit Order".
He cannot be Heard to Complain when the very Game he sought to Take Money From, Takes His.
Parenthetically, on the theme of "Manipulation and Control", Now One Wants "Big Brother" Government to Step in, and that Control, is Okay ?
If One doesn't have the Depth of Knowledge and Skill Necessary to Exercise the Absolute Power of the "Limit Order", either don't Play or don't Complain.
"i am an old school point and click trader" and am good at making quick decisions"...
this guy should really take a good lawyer... smells like a "new school" nerd to me.. unable to bullshit people and deal with lies...
his email sounds like the email you would send to one of your teacher to argue that you did not copy your project on somebody else's...