5 Best Proprietary Trading Firms 2020 - 5 Best Remote ...
5 Best Proprietary Trading Firms 2020 - 5 Best Remote ...
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Forex Proprietary Trading Firm Maverick FX
Working for a Prop Trading Firm - Forex Education
Help me evaluate an offer from a forex prop trading firm
Hi /forex! This is my first time posting a thread on reddit so please be kind if I break any unwritten rules. I recently received a job offer as a junior trader in a seemingly new forex prop trading firm in my country and would like opinions on whether this is a good deal. For benchmark, a fresh college graduate usually earn about $3000/month. The living expenses including rent is about $1600/month.
The base pay for the first 3 months is $1000/month.
The first month is solely training. On the second and third month, I will be trading on a live account.
The monthly profit target to hit during the second and third month is $2300/month.
The commission pay is 35% of the excess of the profit target.
The capital given is $10,000. I'm not sure what the leverage ratio is.
If I hit the target for the first three months, I will be promoted to a trader with a higher base pay of $2800, a higher capital and also a higher profit target.
If I can't hit the target for the first three months, I will lose the job.
Edit: I forgot to mention that I would be personally liable for any loss beyond 20% of the capital. What do you think? Is $2300/month target from $10,000 capital realistic? I have no prior experience in forex so to me, 23% monthly return seems unachievable.
How will the new changes to Volcker Rule affect forex markets and price-action trading?? The change will allow more prop trading by banks and greater market making activities...but what specifically, idk.
What kind of content can I post that would be helpful for you guys?
I browse through here a couple times a week and it’s been a shit show for some time now. In the past I’ve been happy to make threads on content that I find interesting, but I’ve never asked you guys what you want to know or talk about. I’m happy to either offer insight or foster discussion on meaningful topics. I’m one of the incredibly few people here with hedge fund, investment fund, institutional expertise. A bit about me: I am an investment manager for 3 different hedge funds / asset management vehicles. I trade quite a lot. I manage traders. I hire traders and analysts. I receive macro and technical research from every corner of the earth. I know what quality looks like in that regard. I can also bring in people from my network for Q&As... everyone from pod traders to prop traders... former bank traders... to folks from the Market Wizards books. I’m happy to contribute quality content... I just don’t know what that would look like so let me know. I know what it DOESN’T look like however. So below are the list of things I am not going to touch or even engage upon (note this is not a comprehensive list):
Hi all, I would like to park some money into managed accounts. My only other experience is with zulutrade which was ok but had a lot of issues cashing out and earning my commissions. Anyone have first hand experiences with managed forex services that they can recommend? Thanks
Si tenes dudas sobre cómo empezar en el trading, o sobre cómo mejorar tu operativa, pregunta aca
Tengo ocho años de experiencia en mercados financieros. Trabajé en SMB capital, Aliston trading y en varias prop trading firms. Soy experto en trading institucional, , liquidez, market making y tengo experiencia en high frequency trading. Ahora mismo no estoy trabajando para ninguna empresa , pero si manejo capital de inversores y de trading firms normales ( Ftmo, 5%ers). Ahora mismo me enfoco en futuros y en forex pero de vez en cuando opero acciones. He operado todos los mercados menos el de criptomonedas. Si tenes dudas sobre cómo empezar, o ya tenés experiencia pero no tenés la rentabilidad que querés y buscas mejorar tu operativa , pregunta aca. Pregunten lo que quieran y yo respondo
Hello! i'm 20 years old in egypt and studying med and i've been trying to be learn things during quarantine, i've learned spanish and made some drop shipping money but overall i'm eager to learn something new, i'm willing to learn forex if it's actually worth it to make some money as rn i barely have any money at all... 150$ tops i'm not looking to make a lot of money just enough for my monthly expenses. I've heard many people say don't and that's it a scam and stuff like that, should i start learning or not? please help
NNFX Traders -- who' started and stuck with VP's secret dream strategy from the beginning? According to him, you should be profitable now
I went headlong into the VP trading belief system about a year ago, worked on it full time for about 3 months after consuming all the material and backtesting, etc....and abandoned it after I had an epiphany as to how absolutely absurd it was. But who know, if I had stuck with it, maybe I would have been consistent and profitable. According to the anonymous VP (who trades with the online "prop firm" Maverick and lives in Vegas), I should have been doing well right now. Are there any forex traders out there who, like me, started on the NNFX quest for the grail over a year ago but, unlike me, found it? Don't see too much talk of him anymore, although he did stop releasing content around December of last year.
I’m 14 and I’ve been trading stocks, options, futures, and forex for almost 4 years. How do I land a finance internship and where do I look? Should I wait a little bit longer?
I'm 14 and I've been trading stocks, options, futures, and forex for almost 4 years. How do I land a finance internship and where do I look? Should I wait a little bit longer? Ever since I was in 7th grade, I started to learn about trading because of video game trading. I remember trading many in-game items and selling them to 6th graders for cash. Every night, I would stay up in the video-game item auction websites ( scrap.tf ) because there would be fewer bidders and, therefore more opportunities to snag some good deals. I didn't even play video games at that point, and I only liked trading video-game items. One evening my mother said, "If you like trading so much, you should learn about the stock market.". From then on, I was hooked. So every day after school, I would spend hours watching videos to not understand it, researching it, writing notes, and continuing to expand my knowledge. After about 1.5 years, I was quite knowledgeable and parents that I had given presentations to were very impressed (This was a middle school project where you would present on something you're interested in). Some parents couldn't understand a word I was saying. Near the end of 8th grade, my father wanted to give money to trade with (>$1000) and during the summer I had almost doubled his money. During freshman high school, I would go to the library and open my laptop and just trade. I made about $60-$200 a day and some days I lose money. Although since I managed my risk, my reward outweighed my risk. Trading is just as much, if not more as a mental game than a numbers game. During my freshman year, my father wanted me to manage his retirement fund, and by then, I knew how to read financial statements and do fundamental analysis very well. We are currently 30% up with me joining in January 2020. Although it was sad to find out my father had lost quite a bit of money in his account statement, but now his account is finally positive. Because of this, my mother now encourages me to "monitor" my father which is hilarious considering my age. When I grow up, I want to be a financial analyst or start a prop shop (a type of trading firm), go into real estate (another story for later), and achieve financial freedom. For now, I want to apply for internships to gain some work experience in finance and I have some unanswered questions. - P.S Sorry for any grammar issues I may have missed. English class was never my strong suit. Questions:
What route should I take? Trade school? Finance or accounting in college?
How do I get some finance-related internship as a high schooler?
Is this even possible?
Should I wait a little bit longer?
Where do I look?
What route should I take? Trade school? Finance or accounting or both in college?
Long story short, I have been trading prop and my own money for a few months now and had a school project coming up. The topic was to "learn" something you are passionate about so I just stuck with trading, pretending to learn it and develop a strategy to get full credit. I realized about half way through that it is very hard to present something like Forex compared to something like building a chair or learning a new sport like my peers have done where you could record a demo or show the physical object off. I makes no sense to just show people forex charts or explain my strategy and expect people to understand or even care. Does anybody have some ideas/tips to be able to present my "newly learned" skill without being too technical or obnoxious? I could still change my topic if there is no hope 😂 Thanks
Transitioning from Big 4 audit to prop trading (UK/APAC)
I know it might sound weird for a risk averse auditor to transition to a job mainly around taking calculated risks, but unfortunately, it was from getting into audit that I realised how much I actually loved trading by trading part time while audit was full time. I've been trading for the past 3 years in Forex with a strategy which only this year became consistently profitable. This is why I decided it could be time to try for something bigger than just doing it as a side hustle. Education wise, it was a degree in accounting and MCs in Finance from Imperial with a dissertation based around Python and machine learning, (Fully qualified accountant too) but I guess it's still uncomparable to the STEM degrees which the prop firms seem to be looking for. Would love to get advice on whether I stand a chance if I were to apply to prop trading roles in London/APAC regions?
February 2030 The rollout of the GCC currency union has been planned for almost three decades, dating back to 2001 when the Supreme Council of the GCC set the goal of creating a common currency by 2010. It has been a saga of seemingly infinite delays, with deadlines coming and going, pushed back due to debates over what shape the union should take and how its governance should function. Most recently, Saudi Arabia pushed the idea of reviving the single currency in 2020, but this initiative died when the country broke into civil war in 2023. It lingered in limbo until 2026 when the UAE convinced the GCC to move ahead with the implementation of the single currency, to be called the Khaleeji, by 2027. When the Arab Oil Embargo against China started in 2027, everyone with half a brain thought that this would lead to another delay of the Khaleeji project. Surely the people in charge of implementing the new currency would not be stupid enough to try to roll out the new currency in the middle of a geopolitical economic crisis? This did not turn out to be the case. For some reason (we’ll chalk it up to incompetency, but who the hell really knows?), the Gulf States decided to push ahead with the implementation of the Khaleeji later that year. It went about as well as expected--which is to say, not at all. The Arab Gulf States immediately found themselves eating through foreign currency reserves trying to prop up the 1.00:3.00 Khaleeji:USD exchange rate (which was selected since it is around the current pegged exchange rate between several Gulf currencies and the USD-- the Bahraini Dinar trades at 1.00:2.65, the Kuwaiti Dinar trades at 1.00:3.27, and the Omani Rial trades at 1.00:2.60). Though the oil embargo was lifted at the end of 2028, confidence in the new currency is somewhat shaky, making the 1:3 exchange rate difficult to maintain. Still, not everything is bad for the new currency: with Bahrain mostly stabilized and set to join the currency union later this year, and Saudi Arabia on its way there, the Khaleeji should soon have two new adherents, boosting the power of the currency. In order to ease some of these concerns and reverse FOREX outflows, the Central Bank in Dubai has elected to devalue the Khaleeji by about 6 percent, dropping its exchange rate to 1.00:2.80. This is expected to improve the health of the currency, which should translate into better economic performance. It’ll also have the unintended consequence of making exports from within the currency union relatively cheaper on the international market, boosting exports a little (except for oil and natural gas exports, which are traded in USD). Between these two policies, the Khaleeji should be stabilized, barring any sort of unfortunate shake ups in the global markets in the near future. The Benefits of the Khaleeji Perhaps the most immediately apparent benefit of the Khaleeji for the Arab Gulf States is how it has made trade between the GCC member states significantly easier. Previously, firms doing business in multiple member states had to account for the different currencies of each. Even though all of the currencies were pegged to the USD, this still posed a significant administrative burden which has now been wiped away, reducing the cost of doing business in the GCC and making it a more attractive market for international investment. An unexpected, but nevertheless significant, benefit of the Khaleeji has been the expansion of tourism in the GCC. Now that there is no need to exchange currencies, tourists have found it increasingly viable to land in one member state, travel to another (using the vastly improved infrastructure between the states, including the Gulf Railway high speed passenger rail), and then leave from that state, spreading out their spending and increasing the attractiveness of the GCC as a whole as a tourist destination. Qatar has emerged as a big winner of this. Previously, Qatar and the UAE were locked in a sort of arms race competing for tourism revenues--a war that Dubai, as the most popular tourist destination in the world, was clearly winning. With the implementation of the Khaleeji making it easier than ever to move from one country in the GCC to the other, Doha can now cast itself as an addition to Dubai rather than a direct competitor. Tourism agencies in Doha are already looking to recast the city as the “middle stop” of a larger tour route between Dubai, Abu Dhabi, Doha, and Manama, looking to attract tourists already heading to Dubai to Doha for at least part of their trip. Qatar is also emerging as a popular destination for foreign direct investment looking to capture part of the rapidly growing GCC market, since Qatar has been one of the more stable GCC member states over the past decade. Currency Details
Risk:Reward strategies: A follow up question/ Looking for opinions on this idea
This is a follow up post from my last one yesterday here : https://www.reddit.com/Forex/comments/i4veq6/best_riskreward_ratios_for_trend_trading_exit/ I was talking about what everyone's best/ optimal R:R exit strategies are and how/why people use them. After looking at the posts and ideas that a few people shared I had an idea, and I thought I'd share the idea to see if it's one worth considering seriously. going 1:1 has less DD (on my own strategy backtest) than going 2:1 (makes sense). If I start an account with a prop fund and they have a DD limit (10%), would it be best to start trading using 1:1 to grow the account slowly with less risk of breaking the rules, and then go 2:1 when there is more capital that can be afforded to be lost (so the eventual win streak can come along and I can make more of that % gain baby) Does this idea sound rational or stupid? Forex Reddit do your magic and castrate me or praise me for the idea cos I wanna know what you think.
November 2030 Well, uh, this sucks. Just a few short months after the Arab States of the Gulf finally unified, the world economy decided to explode. This is what we in the business of economics call a very bad thing. The effects across the FAS have been relatively disparate. The United Arab Emirates, easily the most diversified economy in the region, has been the least heavily impacted (though it's still bad). Diversification programs in Oman and Bahrain have also helped to stave off some of the worst impacts of the crisis, though they haven't been as successful in avoiding the effects as the UAE. Qatar and Kuwait, still almost entirely reliant on hydrocarbon exports, are not happy with this turn of events. Falling global oil prices, though propped up a little by a sudden increase in demand from China, have left their economies struggling much more than the rest of the country, and in desperate need of assistance from the better off parts of the country. One major pain point in this crisis has been the FAS's economic ties to the United States. While most of the FAS's trade is with Asia, Africa, and Europe, the US financial system still plays a crucial role in the FAS. The stability of the US Dollar has long been used to protect the economies of the Gulf using their vast Forex reserves (earned from oil sales) to peg their currency to the US Dollar. With the US Dollar in complete collapse, the value of the Khaleeji is plummeting right along with it, causing a significant degree of harm to the FAS's economy. To help offset this harm (and to decouple the FAS's economy from a country that the FAS is starting to view as maybe not the most reliable economic partner), the Central Bank in Dubai has announced that the Khaleeji will switch its peg from the US Dollar to a basket of foreign currencies (the Euro, the Pound Sterling, the Swiss Franc, the US Dollar, and the Japanese Yen). The FAS hopes that this will help to salvage the Khaleeji's value, better protecting the economy from the collapse of the dollar-based international financial system. Rumor has it that the Central Bank is discussing the idea of unpegging the Khaleeji entirely and allowing it to float freely, but so far, the Central Bank has made no moves towards floating the Khaleeji. Crises suck. They shatter the status quo and throw established norms and procedures into chaos. No one really wins during a crisis. But in another sense, they're a double-edged sword. The status quo is often a repressive entity, reinforcing existing hierarchies and preventing dramatic shifts in the order of things. Chaos breaks that apart, giving the ingenuitive and the entrepreneurial on opportunity to better their lot in ways they otherwise could not. Put differently: chaos is a ladder, and the FAS intends to be the one climbing it. As the largest economy in the Arab World (and one of the world's 20 largest economies) by both nominal GDP and GDP per capita (by a significant margin--it's probably either Saudi Arabia or Egypt in second place in nominal GDP, and definitely Saudi Arabia in second place in GDP per capita, but the FAS more than doubles the country in second place in both categories, so it's sort of a moot point), the FAS hopes to cement its place as the regional economic power. The FAS has announced a new slate of policies intended to attract rich investors, manufacturing firms, and financiers fleeing the new nationalization program of the United States. New free trade zones have been created throughout the country--especially in the struggling, undiversified regions of Kuwait and Qatar--with the goal of convincing fleeing American manufacturers to set up shop in these areas. Attractions include wildly low tax rates (as low as zero percent in some instances), a common law framework (as opposed to the Sharia-based legal system in most of the FAS), highly subsidized land prices (sometimes free), relaxed financial restrictions (making it easier to move money in and out of the FTZ), and, for large enough firms moving enough operations into the country, preferential visa treatment (making it easier for them to relocate foreign employees into the country). Sitting at one of the major crossroads of global trade, moving operations to the FAS offers easy access to both the world's established consumer markets (like the EU and East Asia) as well as to some of its largest growing markets (South and Southeast Asia, East Africa, and MENA). Pair this with wildly high standards of living (for people who aren't slaves Asian or African migrant workers) and established expatriate communities, and the FAS becomes an incredibly attractive option for American and other foreign firms looking to relocate. In addition to manufacturing-oriented FTZs, special attention has been paid to attracting service-oriented firms to new and existing FTZs in the vein of Dubai Internet City, Dubai Design District, Dubai Knowledge Park, and Dubai Media City, with the goal of developing a robust service economy that can capture growing markets in the MENA, South Asia, and East African regions. In advertising these zones, the governments of the FAS have highlighted the success of previous ventures in Dubai, which have attracted the regional headquarters of giants like Facebook, Intel, LinkedIn, Google, Dell, Samsung, Microsoft, IBM, Tata Consultancy, and more. Perhaps one of the most substantial pushes, though, is to attract American financial services and FinTech firms to base in the FAS (particularly Dubai, Kuwait City, Doha, and Abu Dhabi, the traditional centers of regional finance). New financial industry free trade zones have been set up in the four cities, structured in the vein of the Dubai International Financial Centre (DIFC). These financial FTZs boast an independent and internationally regulated regulatory and judicial system, a common law framework, and extremely low taxation rates. All government services in these regions are available in English (the lingua franca of international finance), and in events where ambiguity exists in the legal and regulatory systems, the systems are set to default to English Common Law (except for the Kuwait City International Financial Centre, which is hoping to better tailor itself towards American financial firms by defaulting to American Civil Law from pre-2020 rather than English Common Law). Much like in the DIFC, these new FTZs will also run their own courts, staffed in large part by top judicial talent from Common Law (or in the case of Kuwait City, American Civil Law) jurisdictions like Singapore, England, and (formerly) Hong Kong. Using these FTZ, the four cities hope to raise their profile as financial centers. Dubai in particular is hoping to break into the top ten global financial centers--and it stands a good chance of doing so, too, as it sits at number 12, just behind cities like LA, SF, and Shenzhen--while the other cities are just hoping to boost their profile into the 20s or 10s (according to Long Finance, Dubai is number 12 in the world and 1 in the region, Abu Dhabi is number 39 in the world and two in the region, Doha is number 48 in the world, and Kuwait City is number 91).
I hope you get filthy fucking rich this week from oil stocks
I have a great feeling about this week. Why? Confidence in the markets. The economy has officially started to recover, in a big way. Thursday night, my beloved cindicator gave me two signals, saying that the non farm payroll data and unemployment data would beat expectations the following morning. I loaded up on USDJPY longs and holy shit did that work to be fair I was basically break even on the week, but that forex trade felt good af. Why did oil stocks go up Friday? Because of this data that came out Friday. I’ve never traded pennystocks and forex at the same time, so I was unaware of how these Friday reports would affect penny stocks. But let’s have a look at the data: Analysts were expecting 9,000,000 jobs to be lost over the past month. Well, 2,000,000 jobs got added. That is a huge surprise. Analysts were also predicting 19% unemployment, and it came in at 13%. WOW. The report came out in the morning, and companies like FET went up 56% in one day lmao (oil is the best indicator of economical health, can’t prop up oil like you can with sp500 etc) Remember when everyone was talking about oil stocks a month ago? Well, now is the time for oil stocks. With this new data coming out, it means people are getting back to work, and will probably use public transport less/ personal vehicles more (just like is happening in China) Oh yeah, OPEC agreed to extend production cuts through July Now is the time for oil stocks Cheers!
I've been spending the last few weeks while in furlough learning about FOREX for three main reasons,
To learn something new
To do something productive with my free time (vs browsing reddit or playing games)
To make some money on the side
Now, ignoring #1 and #2, I've just been thinking about #3. I have a pretty good day job when I'm not furloughed (work in marketing data analytics in the tourism sector which is obviously fucked), but I've been thinking about ways to get some cash on the side to fund my sort of expensive hobbies. I've been thinking, if I could trade on the Japanese market from 6-10pm Mountain Time a few nights a week, could I net more than I would working a part time job? And the answer is, based on the research I've done making the assumptions below, not without a starting capital of in the $20,000-$25,000 range... Which is doable, I guess, but I can think of better uses for my savings account and will probably be playing with less than $5,000 and tiny risks to live test. Anyway, I've made some assumptions below and I guess I'm just looking for someone who wants to step in and confirm or deny my thoughts. That being said, I'm not going to *not* continue on with forex trading as a hobby, but I think I just need to throw out #3 above unless there's something I'm missing. Assuming 1.5% a month which seems reasonable based on the research I've done so far, compounding: https://preview.redd.it/70kd6z2paq051.png?width=175&format=png&auto=webp&s=4a79d70e44d52ca0c9b3b0c5cc8f56bd93e1dad4 With these assumptions, and $20,000 to start, you're looking at about $4,000 in earnings over the course of a year. Now, I could go across the street, get a job at a hotel front desk, and work for $15/hr times 8 hours per week times 40 weeks a year and beat this. Not as fun, clearly, but it seems to take the "making money" side of this whole thing away. So what are you all in this for? Do you actually have six figure or million dollar accounts and are making something worthwhile off the ROI, or set up with prop firms and hedge funds? Are people here actually hitting 20%, 30%+ yearly, more? Or is everyone else just here for shits & giggles?
Weekly Update: The Parachute culture, $COTI on Gate.io, Pynk crowdfunding campaign live, Voyager + Sterling Trading Tech…– 22 May - 28 May'20
Heyo! Continuing with our six-part catch up series to get up to date on the May and June news from Parachute and partners, here’s Part II of VI (22 May - 28 May'20): If you're in crypto, there's often the random pump/moon/wenBinance talk that props up from time to time in groups. Especially, when someone new joins a project and is unfamiliar with the community culture. At Parachute, we have always made it a point to have more meaningful discussions than price. Cap shared some of his thoughts on this as well. For the #culturalweekend prompt this week, Jason got Parachuters to share about “something weird your family does that is a tradition for them but not a traditional tradition”. Peace Love’s Big Trivia in TTR was quite fun as always. The beta testing group for ParJar swaps was set up this week. Also, Chris organised something amazing this week which will possibly remain a secret amongst Parachute admins (and Doc Vic 😊 ). But if word of it ever goes out, you’ll realise why Parachute is the most wholesome project in all of crypto. Chris also gave out some cool $PAR to folks in the Parachute channel to talk about "something that you didn't spend much money on that had a big impact on your quality of life". This week's Two-for-Tuesday featured music from "female artists, including bands with at least one female member". Click here for the playlist. Thanks Sebastian! Some good cheer from Alexis all the way from Germany aXpire’s May recap video covers product updates from Bilr, PayBX etc. To track this week’s 20k $AXPR burn, click here. The team also shared success strategies for law firms. 2gether co-founder Salvador Casquero wrote about best security practices in finance. A new update was pushed to Wednesday Coin’s dApp, WednesdayClub. In this week’s XIO discussions, Citizens talked about ideal time allocation strategies for research and execution. Top Citizens on the Leaderboard stand a chance to win some cool merch. Also, watch out for pesky scams. Voyager announced a partnership with Sterling Trading Tech to launch a crypto trading widget. Proactive Investors covered Voyager in its latest piece chronicling their growing user base. As mentioned in a previous update, CEO Stephen Ehrlich’s crypto investment webinar happened this week. Switch crew did a community AMA just before the $GHOST airdrop snapshot. The team expanded with new dev hires. In preparation for the $GHOST airdrop, ProBit completed its $VSF:$ESH swap and Stex announced support for $ESH/$GHOST airdrop. $ESH was listed on HitBTC and Changelly. Folks who guessed these exchanges correctly won some tokens as well. Founder Josh Case sat down with Mr. Backwards for an interview. Among several updates to the Ghost website, a staking calculator was added. Click here to read the latest technical update from Fantom. $FTM was in the running to be added as a collateral for DAI. Congratulations to Uptrennd for becoming the highest ranked blockchain-based social media platform as per Alexa. They started a SmartLink campaign with 2key Network. The first Uptrennd halvening went live this week. The team is reachable on Discord from now as well. District0x’s latest District Weekly and Dev Updates can be read here and here respectively. Hydro team shared their thoughts on how virtual cards for independent contractors (otherwise referred to as 1099 employees) could improve reimbursement practices. Entries for their Decentralization Ambassador program were opened this week. These look great, XIO team This is what is planned for the GHOST ecosystem currently SelfKey compiled a master list of crypto lending platforms. The Loans Marketplace will feature many of these. Full transcript of the May 12th AMA was released. SelfKey advisor Edmund Lowell spoke at the BlockConf DIGITAL conference this week. Mongolian exchange AIS-X joined the Exchange Marketplace. Pynk’s crowdfunding campaign on Seedrs went live this week. Check out their campaign video here. Amazing production! Plus, this cool feature in City A.M. was the perfect way to close off the week. Wibson hosted a meetup (online of course!) for its Spanish speaking community this week. The crew also introduced the app at an Ethereum event in Buenos Aires. Harmony burned all mainnet tokens mined before Open Staking going public. The latest staking stats and validator data can be seen here and here respectively. That’s right, 3B+ $ONE is already staked. Woohoo! With its latest CoinDCX listing, $ONE got its first INR trading pair. Saweet! The major improvement proposals that were discussed with the community this week were making Open Staking more decentralized and creating a more liquid staking market. This led to the first release after Open Staking. The winners of the effective-median-stake contest were announced. Hope you got a chance to take part in the Flash Quiz. Do you know about all the projects that have been built in the Harmony ecosystem? Here’s a rundown. The team hosted an AMA as well. BitMax changed some of its rules for $ONE staking. Check out COTI’s latest network growth stats here. And super congratulations on winning the Gate.io listing vote! $COTI was also added to Binance’s Locked Savings staking program. Broking platform Troy Trade partnered with COTI to improve its scalability. DoYourTip’s $DYT now has 2500+ HODLers. Neat! Mycro was invited to join BitForex’s app platform CAPP Town. GET Protocol’s GUTS Tickets was covered in Cryptogeeks’ latest blogpost on blockchain-based ticketing. And with that, it’s a wrap for this week in Parachute and partners! See you again with another update. Cheerio!
It's been acrazy few months (78 days to be exact) since I resurrected my Forex journey. Through the ups and downs, I've discovered a unique trading approach that works specifically for me. In doing so I reached out to my mentor, who has been monitoring my progress, about how I can take my game to the next level. He suggested that I pursue the route of getting funded and being able to trade Forex with a much larger balance since I've found a winning strategy that works for me. Needless to say, I started researching prop firms under his guidance and today I was officially approved to trade/manage a $50k account. This is a huge deal for me and I've come a long way since first learning how to trade Forex back in the summer of 2015. Due to the strict details of my contract with the firm I will stop engaging in posts and discussions regarding Forex trading as it could be a breach of my contract. The best part about this is I only ever made trades based on my own analysis/conclusion anyway, so this will be super easy. I'm excited to see where this goes. I'm going to devote the rest of the year to successfully trading and building up the account now under my management. If I'm still on Reddit I may just become more active in my hobbies like luxury watch trading, sports card collecting, and sports betting. Other than that, I'm done with the trading sub-reddits. For the handful of traders that I've been in constant contact with, feel free to DM me for my contact details outside of reddit. I wish you all the best of luck in the markets. BK
[M] This meme I made describes how I feel right now, why can’t my economy just be normal and just function, very upsetting. [/M] The Russian economy is in freefall, which is quite an unfortunate problem to say the least. After experiencing minor growth for the past two years, the economy has decided to kill itself, which can be quite an issue when unemployment skyrockets to 22%, and the value of the rouble drops faster than Saudi Arabia’s chance of not being stuck in an eternal civil war. Taking experience from the 2008-2009 and the 2014-2017 Russian financial crises, we are well prepared to restore economic order to the country. This must be done quickly, as the longer we stall around, the more our people shall suffer, and the odds of escaping this pit of economic despair shrink. To escape this financial crisis, there are three main fields that need to be addressed extensively to prevent the economy from detonating on itself. The first field being social welfare and the lives of the people within Russia. With unemployment at 22%, the people of Russia will be suffering, and if we are to emerge from this crisis, we need to work with them and ensure their safety and wellbeing to recover faster. The second field is the rouble, and the general state of the economy. The value of the rouble has skyrocketed, and inflation is running rampant, which if this is allowed to continue, will decimate our economy even more, so this must be brought under control as soon as possible. Furthermore, many businesses and factories in the country have slashed employees and have almost gone out of business themself, so drastic action needs to be taken there. Finally, the final field being the roots of the crisis, corruption, and the sanctions on Russia from the west. The roots of the problem need to be pruned so that a disaster like this never happens again. Russia is stuck between a rock and a hard place right now, but this is our trying moment. If we emerge from this disaster, we will come out stronger than ever before, and will become closer as a country, showing that Russia is the only way forward. Through cooperation between the people and the government, we will make it through this crisis. Field One: Welfare One of the key fields of this crisis that needs to be addressed is the welfare of the people. Unemployment is at a record 22%, and this must be addressed before anything else can be done. With this many people unemployed and not able to get jobs, this will cause havoc all across Russia as people will struggle to make ends meet in terms of living their lives. To counteract the immediate issues that this will cause, food, shelter, and other amenities for people need to be secured and guaranteed. First off, guaranteeing food for all people who are unable to afford it or acquire it while being unemployed. In recent years our production of all agricultural goods has skyrocketed due to the introduction of GMOs, so we can provide government “soup kitchens” for the unemployed to come and reliably get food. The government will provide the farmers with money for their crops, and in return the food can be placed into these free places for people to eat, therefore avoiding the concern of people starving. Housing will not be as critical of an issue, as there is state housing available, but it is limited in capacity, so something must still be done. This issue can be solved with the issue of unemployment, which I will elaborate on further. Essentially, new state housing will be built in all places that need housing for the unemployed, and this can provide temporary residences for the people to stay out of the elements when the time comes. As for things like health care and such, these are provided by the government, and due to the recession, funding for them will be raised to account for the inevitable rise in human needs. To place a major dent in the issue of unemployment, much with what the United States did during the 1930s during the Great Depression, we will be taking a leaf out of their book and creating a plethora of new programs. The major program however, will be the program known as Rehabilitation Russia, which will revolve around infrastructure improvements all across Russia, and constructing new buildings as well. This ties into building new state housing, and draws inspiration from the programs from the American New Deal in the 1930s, namely the Works Progress Administration, Civilian Conservation Corps, and the Public Works Administration. All of these programs focused on providing work to unemployed people, and working on infrastructure around the country. This same principle can be applied in Russia, hopefully to the same degree of success. The temporary jobs granted through these programs can provide enough time for the factories that these people were laid off from to be up and running again. With all of this in place, this can grant additional benefit to Russia while also ensuring that these people do not go without jobs. While not everyone will get a job from these programs, it will stem the major flow of unemployment for the meantime, and hopefully grant enough time for the major sources of employment to reopen. Additionally, for those who are unemployed, the current unemployment benefits are nowhere close to being enough to allow a person to survive. Per month currently, each person only gets around 12-80$ of unemployment money, which is insultingly low. In this recession, with a large number of people in unemployment, this number needs to be increased drastically. To aid the people who are unemployed, the minimum amount of money that can be granted per month will be raised to $150 USD, and the maximum will be raised to $960 USD, which depends on the lifestyle of each person. Someone who has a large family will receive the larger benefit, and someone who is alone will be granted the smaller funds. By raising the unemployment benefits for the recession, this will allow for the people of Russia to still be able to actually survive during these uncertain times. The funding needed for this will come from slashing other budgets across the scale, and from loans from the Central Bank of Russia. These loans, of course, will be eventually repaid once the recession is over, but something must be done in the meantime to provide the people with a form of welfare and the means to survive. Field Two: The Economy: The rouble is in freefall, and the economy is about to be hit by a large train of shinkage, which is quite an issue to summarize. The first thing that must be done for the economy will be to stabilize the rouble. To stabilize the rouble, just like in 2014, the Central Bank of Russia will withdraw $5 billion USD to purchase roubles in the Russian economy to work on stabilizing the currency. Due to the large reserves of the Russian Federation, this can easily be accomplished, and should be more than enough towards stabilizing the rouble. This being done will go a long way towards climbing out the recession, as the stabilization of the rouble will bring back confidence in the economy. To help revive the economy, a government bailout program will be the way that the economy is saved. Russia has extensive reserves of foreign currencies (henceforth referred to as forex reserves) that we have been saving for an event like this for sometime, and now is the time to use them. While $5 billion USD from our forex reserves is being spent to prop up the rouble, this will not be enough to stabilize the economy totally. Therefore a bailout program on a massive scale is required, and the estimated total cost of the government program is $200 billion USD. Around $100-150 billion of this can be gained domestically through raising the VAT and other taxes, while also dipping into our forex reserves and slashing the budget of other ministries. The rest of this money, however, will be given as a bailout loan from the IMF, depending on how much they are willing to give us. This government bailout will be critical to prevent the entire country from entering further economic collapse, and will give us a swift rebound. Where the money goes for the bailouts, however, will be very important as the money is limited as to where it will go. Therefore the money will mainly be focused on reopening factories and bringing back old job positions before the recession. Furthermore, money will also be needed to bailout other important companies that went under in the recession, so focusing on other businesses other than manufacturing is also important, as more places other than that went under. Small businesses in particular are quite important as large numbers of them went under during the crisis, so further bailouts for them are needed. The money will be divided as follows, $100 billion towards manufacturing bailouts as this sector of the economy was the hardest hit from the recession, $50 billion for small businesses, as they were also hit particularly hard, and $50 billion for other sectors of the economy that were hit, but not as hard as the previously mentioned ones. Through these targeted bailouts and financial measures, this should stem the flow from the recession. These measures emanate those from both the 2008-2009 and the 2014-2017 financial crises, and things that worked then will work now. Acquiring the funding for the bailouts domestically, however, will be difficult, and drastic measures must be taken to ensure this. The value added tax in Russia in particular will be raised from 20% up to 27% for the foreseeable future until the financial crisis has passed, and then past then it will be restored to the normal levels. In particular, the taxes on natural resource extracting will be raised up 2% from whichever level it was previously (this is done because the rates fluctuate for each resource and I don’t want to spend 3 hours writing down each and every one). Through both of these specific taxes being raised, the money from this will be enough to enable the bailout measure to be mostly be funded domestically, rather than through IMF loans. The raising of these taxes is only a temporary measure, and once the recession is over, they will go back to their standard levels so as not to make our citizens' lives even more difficult. Field Three: The Roots of the Crisis Despite having extensive measures to stop a crisis like this from even happening, they were not enough to escape the roots of the problems that led to this happening. Corruption and sanctions from the EU were the drivers of this entire recession, and something must be done to combat each and every one of them. No more measures to just delay the inevitable, these issues all right here stop this year, or the next year, Russia will no longer play victim towards the whims of the roots. Action will be taken, and these issues will cease to exist. Corruption is something that Vladimir Putin has already touched upon at an earlier time, but this time more must be done. Anti-corruption courts were already empowered, and corruption in various different sectors of the government was dealt with to remove the epidemic of bribery that existed within the country. However, one part of corruption that has not been dealt with was tax fraud and tax evasion, which now more than ever is something that needs to be clamped down on. Following the model of the United State’s Internal Revenue Service (IRS), we can mimic their actions to catch those who attempt to deprive the government of their taxes. Russia has a right rate of tax evasion and tax fraud, and by checking over reports sent by their employers and other third parties, and comparing it to their taxes, we can catch people who commit tax fraud. This is an issue that Vladmir Putin feels strongly about, so he will be personally expecting results from this now, and in the future. By attacking those who commit tax fraud and tax evasion, we can also provide the government with more revenue that is sorely needed at this time. Sanctions from the EU, however, have already been lifted significantly, and this will serve as the rallying cause for our economy. With the aid of European trade coming in, this can serve to assist our economy in climbing out of the recession. While this is not agreeable for our policy, this is something that must be done to ensure the economy does not suffer anymore than it has to. In the future, once the recession is over however, Russia will return to its former strength and prosper once again. Government interventions into the recession that are swift and precise can help bring about an end to this recession sooner and better. Following methods that worked during the last recessions and financial crises, Russia can escape this calamity stronger than before.
The wheel is a strategy that I’ve been looking into recently but it seems like I need a decent amount of capital, which I don’t have. In forex and futures, joining prop firms seems pretty common, but I haven’t really heard about it for options. The only one I could find that lets you trade options is Maverick Trading which seems legit but costs about $11,000 plus $200 in desk fees every month. Again, money I don’t have. So my question is could I join a prop firm that allows trading futures options and run the wheel strategy with that? What are the downsides of this as opposed to with stocks? I don’t know too much about futures so any advice would be appreciated.
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I’ve heard online and on reddit that big banks have access to liquidity/sentiment data for forex trades. From what I’ve heard, if sentiment is severely lopsided they take the opposite position and stop out a lot of traders to create a short/long squeeze. Can someone explain to me how exactly they do this? Im specifically interested in the strategy big forex desks use to make money based off level 3 DOB data.
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