Is this Legal?

[davidh1819]

Hello i know someone who works for a bank and his job is to monitor traders and make margin calls. after a conversation I then put this idea into his head

As he can see all the traders accounts and trade execuctions can he find a client that is consistent with trading and making a good return year in year out, can he set up his own trading account and then just copy the good traders positions?

is that leagl?

 

[meanreversion]

The Fundamentally Supine Authority would have a hard time proving anything untoward.. I don't see the problem myself.

Go for it!

 

[tomorton]

Surely, the information is the confidential property of his employer?

 

[advfntrader]

no one does.everyone loses...

 

[PualoP]

Everyone does it, but you need to ask yourself 2 things:

1) Can I accurately replicate what the client is doing?
2) How certain am I that this client will continue to be profitable?

 

[davidh1819]

no one does.everyone loses...

this is a major investment bank we are talking about here clients are mulitmilionair traders he says that 150 people he monitors loose money but 30 or so alwalys raking in the money

 

[meanreversion]

LOSE has one O, not two

I lose money
My trousers are loose

How fricking difficult is this????

 

[wackypete2]

My trousers are loose

better tighten them there suspenders.

Peter

 

[ThinkForexJB]

Everyone does it, but you need to ask yourself 2 things:

1) Can I accurately replicate what the client is doing?
2) How certain am I that this client will continue to be profitable?

This is true. There are no guarantees. As to the legality of copying successful traders; there is nothing illegal about it. It may be "illegal" from a corporate standpoint if the bank or brokerage has a policy in place about activity such as this, but it is not against the law.

 

[Hilarymannah]

Meany,.......Don't be put under the "spell", of spelling,....it'll close your mind !!

Rules are for slaves,... ; )

 

[meanreversion]

How f***ing difficult is it to spell a four letter word???

Especially if you're a trader, where you probably see aforementioned word many times every day.

If English is your first language, and you're a trader, and you can't spell "lose", then I doubt very much whether you have the ability to trade.

 

[Hilarymannah]

Once upon a time the elves tricked us with fake gold that turned to leaves. No matter how often the story is told, most people in every generation come tumbling out of school with the trained belief the can "work hard and have it all". Leaves for the bees, beliefs. The ancient devi-ants studied human nature. Non-deviants trust they are being told the truth by parents and authority figures. However, non-deviants WANT things as opposed to NEED things. We trick oursELVES. We grow older by not wiser. When our honey,.er money is taken from us and diluted, we blame ourselves, destroying homes,families and lives. Like children, we turn to the authorities to help us, like the abused to the abuser,........just sayin',.

 

[traderman1]

This is true. There are no guarantees. As to the legality of copying successful traders; there is nothing illegal about it. It may be "illegal" from a corporate standpoint if the bank or brokerage has a policy in place about activity such as this, but it is not against the law.

Most banks have rules which prevent staff from having their own personal trading accounts at the Bank at which they work.
The rules also prevent staff from trading any accounts at other banks during their working hours.
If he gets caught, he will certainly lose his job.

 

[ian23]

Have him get his girlfriend to set up an account and trade it from home, he can just text her the entries and exits during the day, and have him text me while his at it.

 

[trader_dante]

Just find a consistent loser and take the other side of his trades. This is what I would do.

 

[the hare]

Just find a consistent loser and take the other side of his trades. This is what I would do.

finding a consistant loser is the hard part. Take transaction costs out of the equation and its equally as hard to design a losing system as a winning system !

 

[SanMiguel]

LOSE has one O, not two

I lose money
My trousers are loose

How fricking difficult is this????

Have you loosed you're patiense?

 

[scose-no-doubt]

finding a consistant loser is the hard part. Take transaction costs out of the equation and its equally as hard to design a losing system as a winning system !

Do you want me to pick trades for you? You take the other side and we'll split the profits 25/75 to you.

 

[cristiano]

How f***ing difficult is it to spell a four letter word???

Especially if you're a trader, where you probably see aforementioned word many times every day.

If English is your first language, and you're a trader, and you can't spell "lose", then I doubt very much whether you have the ability to trade.

You have my vote for the Members' Awards

 

[arabianights]

unfortunately it's against regs, he could loose his job if he did this