Follow my trades

Sounds like that guy from the FSA is covering his backside.

He would hardly get into trouble for what he said if it turned out to be wrong, but would do if he said the opposite and it was wrong!

From what he said, many members on this site and other forums have broken FSA rules and are actually in a position where they could be prosecuted, based on what that chap said.
FAT CHANCE.
 
If one provides the details of a trading system for free (with no intention of ever charging for it) and a disclaimer is clearly visible that one is not offering any form of advice or invitation to trade whatsoever could the FSA still prosecute?

If they could then surely that means lots of the valuable contributors to these boards could theoretically be prosecuted (e.g Chartman's excellent Trading the Dow Strategy)? This seems entirely unreasonable.

Perhaps there is a distinction between general advice (e.g look out for 3 pk divergences) and specific advice (e.g sell EBAY @ 65 at the open).

Edit: Sorry to repeat what mos just outlined.
 
I'd still be very careful even using words "spreadbetting" on US indices, Trader333. SEC does not recognise that. any US national can take that website to the cleaners for the words "follow my trades" on US underlyings.
 
I think it's a case of "I'm doing this but don't try it at home"
As they said, ignorance is no defence.
The FSA a pretty feeble set up anyway, but you wouldn't want to invite trouble. I've seen them go into a company and close it. They really didn't know what they were looking for.
You can't teach someone a business in 5 minutes.
 
Blairlogie,

You will be saying next that you have to pay tax on betting.

Sorry I think you are wrong because you only have to be FSA registered if you may be placing trades to hedge customer bets which is what all the SB companies want the option of doing.

Bookmakers are not FSA registered but they do need a licence and what is the difference between recommending that someone bet on a horse in a racing market to recommending someone bet on a share or index ?

This is why Spreadbetting is Tax free and trading through brokers is not and comes into the same category of reason why horseracing tipsters need no license but advising to invest in shares via a broker does.

The two activities whilst similar in principle are not covered by the same laws.


Paul
 
On a separate issue I have had dealings with the FSA and as has been said when they are in doubt they cover themselves. I was asked to give evidence of a scam that I had been conned into giving money to. During the investigation and depending on who I was dealing with I got an entirely different interpretation of the law and rules concerning this venture.

All in all it was a waste of time as this guy didnt even get to court and yet was scamming thousands out of people all over the country in an obvious fraud.

But to completely cover your self in a situation like M2K is wanting to do then all he has to say is that he is selling people the option of knowing what trades he is placing which in no way is a recommendation that anyone does anything similar. Loads of places do this and seem to get away with it.


Paul
 
I agree with trader

The FSA, from my own experience with them are about as useful as a chocolate teapot
 
Wow!

Really? What threads that? Whats the record number of posts on a thread?
 
Hi everyone

Ive got a question for you guys for a change, im currently back-testing my system as far back as possible.
I need some difficult trading periods can you guys throw some at me and i'll test em all out.

Thanks allot

StockMarketKing
 
Mug

When you are backtesting, you need to understand that it is not as straightforward as it may seem at first.

For example, you will want to record what the maximum drawdown was in any given trade, so will need to check the HLC for every single day.

I'm not into spreadsheets, but I did see a lot of interesting work done by several members that showed there is not always a single correct answer to a seemingly simple task. I think this was work done on the Index King thread and the 96 Dow thread. Maybe you can get some help or advice from those members who worked on the backtesting and spreadsheets. I would recommend you read back through those threads as they are very relevant to your systems' backtesting.
 
Hi

Its nice to see people having constructive conversation instead of the silly bickering that was going on before,keep it up guys its much better this way for everyone . :p
 
Mug2k,
I've only just discovered this thread and your website. Interesting stuff. Especially now that you are using EOD.
I wonder if it would be possible to include the maximum drawdowns with each of the trades? This would be a great help to those of us who believe in stop losses.
Also,are you still posting trades until April?
 
Quint, till March!!

My system doesnt consider drawdowns as all trades will reverse if going wrong anyway! The most that possible to lose is a big move in the wrong direction on a single trading day (doesnt really happen on this sytem)

Ive back-tested most Indices now a few years and they have held up nicely, im actually suprised myself how ell they have done

StockMarketKing

I know exactly what you mean by drawdowns my Dow trade was looking iffy yesterday, but i was still confident it would drop. and hey presto!!!!
 
Hi Mug2k,

Just had a quick look at your backtest results. The Dow isn't available at the moment, so I looked at the FTSE.

My advice to you would be to get as much data as possible and backtest in all different market conditions.

November 2001 to May 2002 on the FTSE might be worth a close look.
 
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