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Maybe not, but it always was irrational to use an earning/asset test to determine if you're "sophisticated" enough not to require protection from harming yourself while someone who's demonstrated the expertise with an exam or certification system aren't considered "sophisticated" enough...

I just did, if you disagree then feel free to articulate why. Otherwise not sure what your point with the "mehs" and "champs" are, just an inability to admit you're wrong?

Like I said, while that certainly goes on there's absolutely no evidence that the prop trading portion of it provides the "single biggest delta to p/l". In fact the breakdown of profits on financial statements would indicate otherwise, as well as the size of the desks vs the size of the former...

That's an interesting comment to make given that Merrill and GS shut down their prop trading groups in 2012, as did all the U.S. bulge bracket banks, and are not longer legally allowed to prop trade. Yet somehow they are still doing pretty well. Sure there is a little prop trading going on in...

True words for sure. I'd say the only exceptions are if you can pull a Soros and force a currency to revalue or corner a market. Same thing with activist investing, i.e. buying up a company with a bunch of value locked up and forcing them to unlock it or buying enough junior distressed debt in a...

The easiest way to do this is to find a bank with operations in your country and the U.S. and talk to their high-end private banking group. If you just try to open an account with a random online bank they're going to choke on the "know your customer" part where you have to provide them ID...

I don't think the youtube videos referenced in the post I was replying to were subject to such scrutiny.

Or the oldest trick in the book, you open up 2 accounts with opposite strategies. One does great and the other does the opposite. You just show us the one that did great.

We actually have an answer for that, it would work about like the U.S market did in Sep, 2008.

No question they did a horrible job of firing this customer. It's a difficult conversation, just like firing an employee is a difficult conversation. As a result it's often poorly done, as firing an employee is often poorly done. I was addressing the perception that it's...

Its not just alpha, it's all of the above. If you have a bunch of random $10K accounts making high risk, high reward directional bets one is going to put up spectacular returns. That has zero correlation with the manager of that random account being able to consistently deliver alpha with...

Any Jackwagon can make a couple high risk, high reward fop bets and win something like this. Institutional investors care far more about alpha, beta, sharp ratio, max drawdown...than they do about absolute returns during an arbitrary short time period like this. I can't imagine you'd ever get a...

You can be a customer that costs the bank money if your customer service load is higher than the commissions you generate, i.e. the company had to spend 3 hours on the phone with you and have a programmer do 10 hours of work to get your trading software working this month, $2,500 in labor costs...

Thanks for this, it's a great summary and so true. I've certainly been bit by the penny wise and pound foolish impact of IB and their random and arbitrary policies. Lost way more on improper auto-liquidations plus my time trying to deal with their imbecile customer service reps than I saved on...

The recent price of oil is a supply effect, not a demand one.

Lower interest rate currencies are expected appreciate wrt higher interest rate currencies per the no arbitrage forward curve, that's a basic fundamental concept of forex. Of course the spot price doesn't have to appreciate, but it should be expected to. Why would you expect the opposite?

I'll put a Cuban cigar on it being Bolivia, Ecuador isn't really that into the whole communism thing and Cuba appears to be heading in the wrong direction (for Maduro).

Without knowing the probability of the small and large losses you can't know the R:R. For example, let me give you two choices. 1. You have a .00000001% chance of winning $1,000 and a 99.9999999% chance of loosing $10. 2. You have a 99.9999999% chance of winning $10 and a .00000001% of losing...

This was an assignment for an undergrad machine learning course, not a published academic paper. No peer review and as pointed out who knows what dataset they used. Given the quality of what I churned out for similar courses back then, I'm not sure I'd put much faith in it.

Coding in the financial world requires a high level of attention to detail. While you may be a brilliant coder, the general incoherence of your post either reflects a lack of attention to detail, i.e. reading what you wrote before you post, or perhaps English as a second language. If it's the...