Ray's amnesty page

[wiseambitions]

Trying to stick to the 20 trades principles mentioned by Immy

In pip terms: the last 20 trades, since Wednesday pm..... 9W and 11L 124.7 net, average 6.2 green.

It is still a very positive result but this batch contains more losers than winners (which is OK if they are small losers)

Today was fantastic, making up for bad experience on Wednesday, adding to yesterday's success, but I got slipped badly on a 5 pip SL which went to like 3 times that when it spiked a bit quick the wrong way on me.

I recommend the 20 trade system, Immy wrote a very good article about this, and the thing is to keep trading on the same principles, accept the wins and losses and forget the individual scores, just add things up in the 20 rolling average, and if you have stuck to your rules it would be unusual not to have made a decent profit in that context. I am not proud of my losses, I could have done better, but I don't care if I am making forward progress of 6.2 pips (on average) for every go.

Update - another trade takes the 20 ma to 7.2 (144pips) 10w 10l
then again now, 174pp in 20 (8.6 ave) 11w 9l end of Friday.

[wiseambitions]

AND THE FINANCIAL REGULATOR CANT STOP THEM BECAUSE THEY ONLY REGULATE THE BITS THAT THIS SHOWER DONT DO ! ! ! !


TONY HETHERINGTON: 'Free money' led me to bet away £8,500 on 'once in a blue moon' opportunity with Banc de Binary
By TONY HETHERINGTON FOR THE DAILY MAIL
PUBLISHED: 22:14, 14 February 2015 | UPDATED: 12:06, 15 February 2015

Tony Hetherington is Financial Mail on Sunday's ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below.
S.L.writes: After I opened an account with Banc de Binary, adviser Danny Goldman predicted poor UK unemployment figures and that the pound would fall.
Within minutes the results were the exact opposite. I came under high pressure to bet more, and give more to Banc de Binary from my credit card.
When I was €4,000 down (about £3,000), he pressed me to deposit more and gamble on a ‘once in a blue moon’ opportunity, betting on US job figures. His company claimed a 90 per cent success rate with this.

But my experience was that four out of five US job bets went the opposite way to Banc de Binary’s advice. I was never able to make a withdrawal because I had accepted a bonus that meant I had to place bets for 20 times the amount in my account before I could withdraw anything. I have now lost about £8,500.
Banc de Binary is not a bank. It is not even an investment firm. It is an online gambling business that looks and sounds like some sort of commodity dealer, which it is not.
It simply takes bets on whether certain shares, indices, currencies or commodities will go up or down by an agreed time, which can be as little as a minute. You might as well place bets on which of two flies on a wall will take off first.
As a company, it cannot be trusted. It has made claims that have turned out to be untrue. Its so-called advisers are really salesmen, whose only interest is to get you to hand over more and more money. In all, you had three advisers who helped you to lose £8,500.
The third, Elliot Green, told you he was ‘Head of the Recovery Department’. He advised you to stake half your remaining money on poor US employment figures and a fall in the dollar.
When he proved completely wrong and you lost, he told you to double your bet on exactly the opposite to his original advice. And when you refused, Green told you it was the first time a bet on the US job figures had gone wrong.
It was left to you to tell him that this was untrue, as you yourself had lost three times, all with Banc de Binary’s helpful advice.
expert
As for the firm’s ‘free money’ bonus system, this was a device aimed at stopping you from withdrawing even your own cash until you placed so many bets that it was virtually certain you ended up a loser.
I invited Banc de Binary to comment, and it told me that it simply passes on ‘capital market analysis and trading signals from a licensed third party, Trading Central’.
You were to blame for taking its advice and relying on those signals. The firm emphasised that ‘the customer has sole discretion regarding any involvement with his or her trading account and only the customer can execute trades.’
Some of your bets did show a profit, the Cyprus-based gambling firm told me, but it added that you ‘chose to continue trading even after making a number of loss-making trades’.
When you finally decided not to lose any more money, you asked Banc de Binary to send you whatever was left. Green told you that ‘unfortunately there are no funds to withdraw, and what’s left is our bonus’.
This was not true. Banc de Binary has released €194 – about £150. So really, you have only lost £8,350. It is too late for you, but I hope nobody who reads this will fall for the same sales pitch. It appears the dice are loaded against you.
If you believe you are the victim of financial wrongdoing, write to Tony Hetherington at Financial Mail, Room 301, 2 Derry Street, London W8 5TS or email tony.hetherington@mailonsunday.co.uk. Because of the high volume of enquiries, personal replies cannot be given. Please send only copies of original documents, which we regret cannot be returned.

Banc de Binary has been fined €125,000 (about £96,000) by the Cyprus Securities & Exchange Commission for a series of offences that include giving false information to the regulator and having two executive directors not of ‘good repute’.
The watchdog, which issued the licence allowing it to benefit from EU rules and register in Britain, revealed last week that Banc de Binary had twice said it would not market its services in the US in breach of investor protection laws. Those pledges proved untrue.
Last April the watchdog imposed a €10,000 (£7,500) penalty on Banc de Binary for concealing material information when it applied to be licensed.
A statement issued by the firm’s London representative, Mattison PR, says it is ‘the proud holder of a Cyprus Investment Firm licence’, and that it has invested more in internal controls to ‘help ensure US residents cannot use our services.’
Banc de Binary would be trying to overturn the watchdog’s ruling.
Meanwhile, Banc de Binary faces legal action in the US, where financial regulators accuse the company of trading unlawfully and falsely claiming to investors that its ‘world headquarters’ were on Wall Street.
A court in Reno, Nevada, has held that Banc de Binary chief executive Oren Shabat Laurent, an American-Israeli, broke US investor protection laws.
Court documents seen by The Mail on Sunday show that when questioned, Laurent repeatedly pleaded the Fifth Amendment – the part of the US Constitution that allows someone under suspicion to refuse to answer questions because they might incriminate themselves.
In Britain though, Banc de Binary has a clean record with the Financial Conduct Authority. The FCA says that under Brussels rules, because the company is licensed in Cyprus, Britain has no choice but to list it on the public register of authorised financial firms, even though it does not appear to carry out any business that it regulates.
The watchdog explained last week that it only regulates things that Banc de Binary does not do, adding that the firm’s betting schemes ‘fall under the remit of the Gambling Commission’.
However, the commission refuses to take any interest in Banc de Binary’s activities in Britain because though it has used a City of London address, there was nobody actually there.
The result is that Banc de Binary can point to its appearance on the watchdog’s register as a token of its good standing, despite repeated fines and court appearances elsewhere, and the FCA is unable or unwilling to kick it off.



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[wiseambitions]

Week ending 27 Feb

According to the Forex Widget chart, the 5 day ADR of Dax has been 128 this week

Change the setting to 20 and it becomes 144

Change it to 50 and it is 196

So we have seen less volatility, perhaps a bit more ranging most days this week.

Probably explains why I've had a few more rent trades than average The s1/s2 strategies do best when things move!

[wiseambitions]

I have counted 20 crosses of the ZL of AO on m1 Dax between 0700 and 1300 GMT, now that's what I would call CHOPPY and enough Dot Alerts to paint a dalmation

[wiseambitions]

The 5 day ADR of Dax is up a bit this week to 154, which offers us a bit more vola which brings more opportunities
GBPAUD is 174, I don't need anything else than Dax but I do wonder whether it could be a pair of choice for people who can't do the Dax core hours from their own time zone.

[Tomi]

For M1 the spread is critical. On weekend it's difficult to see actual spread for GA, but I would guess that in my broker at least it's something quite high. Many pairs have a bit low ADR's at the moment. Personally I'm interested in EU, EJ, UJ, AU and GU due to low spread in my broker. Not trading all, but I regularly check how those are going. Only EU and EJ were good for trading last couple of days (over 70 pips ADR). Of course above M1 it's totally different story. Just personal thoughts....have a nice weekend fellow! ~o)

[wiseambitions]

For M1 the spread is critical. On weekend it's difficult to see actual spread for GA, but I would guess that in my broker at least it's something quite high. ~o)

Yes I think when we are used to a pip or two on Dax that 3 or 4 on another pair would make it less appealing, but hey on m5 etc it might be more bearable. I am not advocating anything else than Dax, but it does rather need to be used at certain times, I'm trying to apply a bit of analysis to the times of day when most of the winning trades are available. The late morning (UK time zone) seems to be the one where in general I see most ranging and whip..... therefore I think 1030GMT to NYO are no-go zones for me. All we need to do is a couple hours a day and not over-trade. The NY session offers more potential pips but suits me less well

[wiseambitions]

If this guy knew what we know here, he wouldn't have got into this fix!



A former IFA has been sentenced to 10 years in jail for defrauding investors of £3.5 million, following an investigation brought by the Financial Conduct Authority (FCA).

According to the FCA, Phillip Boakes ran a scam through his company CurrencyTrader taking sums ranging from £10,000 to £700,000 from 30 investors amounting to more than £3.5 million.

Boakes pleaded guilty for two counts of fraudulent trading, three counts of using a forged instrument and previously admitted an offence of accepting deposits without authorisation on 31 October 2014.

Boakes claimed to carry out foreign exchange spread betting for his customers and encouraged people to invest on the promise of guaranteed annual returns of 20% or more, the FCA said.

Boakes was not authorised by the FCA to accept deposits and the returns’ to investors were funded from the deposit itself or from funds received from new investors. Eventually the scheme collapsed and investors lost over £2.5 million.

The FCA said that £1.3 million was spent by Boakes on his lifestyle, of which £175,218 was spent on cars and £213,659 on foreign holidays.

Of the total £2.1 million actually traded by Boakes, almost £1 million was lost.

Boakes had previously been an FCA approved adviser and, according to the FCA, he misled some of his investors into thinking that he was still an IFA.

According to the Financial Services Register, Boakes had been a regulated adviser with Ashley Law from December 2001 until October 2002. He then spent just over a year with Suffolk-based mortgage firm GBP Financial Solutions from July 2007 to December 2008.

Boakes admitted that between October 2002 and January 2013 he failed to trade investors’ money as promised, lied about the value of funds and the returns they would generate, and used client funds for his own benefit. In addition, he used forged documents to support the fraud.

Sentencing Boakes at Southwark Crown Court, Justice Nicholas Lorraine-Smith said: ‘This was a classic Ponzi scheme over a number of years with a large number of victims.

‘Lives have been changed and life savings have been lost. Boakes and his family lived a lavish lifestyle that he could not begin to afford but for his fraudulent activities.’

[wiseambitions]

It's not always just the height of the Aims box which would say be careful about a trade

Here's an example around 1130GMT on GBPAUD (m5) where the gator is also active at a high point within a high aims box

So this means price has to travel a lot further after a dot alert before it breaks an Aims level, and in any case eWaves had decided to draw a TZ1 line just about there, so the potential to get lucky with a short trade would have been low probability rather than a good entry. Anyway I don't really touch Gbpaud but I do admire the way it moves (ADR nearly 200, spread 1.5 to 4), but due to the conversion rate a pip on that pair is not worth so much in sterling as a pip on Dax.

[wiseambitions]

A point to ponder.

Opening trades only by Pending Orders, not by Market Orders, as per the basis of the s1/s2 strategy, is the best way of avoiding revengeful and impulsive trades. (Admitting those are the ones with a greater likelihood of going wrong).