Journal Section Guidelines and Ethics

I

intradaybill

I propose that ET sets standards for the journal section. The most important is that all orders displayed should be time stamped with price and date. Otherwise, this leaves a lot of room for play. For example if XYZ ranges from 10 to 14 during the buy day and then from 13 to 8 during the sell day, someone can just say the he bought XYZ for a gain, buying at 10.5 and selling at 12.5, when in reality he bought at 14 and sold at 8.

I think this is a very serious issue and I hope that ET will not overlook it. It is a simple matter to issue a guideline standard, it takes two lines, and those that they do not follow it will be banned and their journals removed.

Thank you.
 
Magna has played a large role in the Journals section, he would have to be brought in to discuss ethics since his moderation would play the larger role in assuring that everyone abide by the rules.
 
Quote from intradaybill:
For example if XYZ ranges from 10 to 14 during the buy day and then from 13 to 8 during the sell day, someone can just say the he bought XYZ for a gain, buying at 10.5 and selling at 12.5, when in reality he bought at 14 and sold at 8.
More...

Just use the ET time stamp of the post, it takes less than a minute to post a trade to ET after the actual trade as been opened or closed. If the trade is being posted hours later then just take it for what it's worth.
 
In an ideal world anyone posting a trade would be required to post entry price, stop location, and target(s). And unless the intended entry price was posted in advance any after-the-fact entry (say, for the ES) would have to be within 2 ticks of time-stamped price. That way no one could wait until price moves 4-6 ticks their way before posting a trade, as you no doubt have seen many people do. Funny how you never see them post after-the-fact entries that have moved 4-6 ticks against, but probably just a coincidence. After entry any adjustments to stop or target(s) would have to also be posted in a timely manner. That way, no one's stop would be hit and the poster later claiming, "Oh, forgot to mention it but I moved my stop 2 ticks right before it was hit, lucky thing..."

This would remove 99.9% of the BS but, like I said, that's in an ideal world. Very tough to do in a bulletin board setting like ET where scalpers might rightfully say they have great difficulty making timely trading posts. A little easier to do in an IRC type setting with realtime communication going on all the time, but even there posting rules are rarely adhered to. Rarely. Bottom line, and I know this is not what the OP wants to hear, if you follow someone for a while it's easy to tell who are the genuine traders/posters and who are the wannabees. In the anonymous internet world it's up to you to separate the wheat from the chaff and only follow the former. And, as you probably noticed, ET like all trading boards have a whole lot of chaff.
 
I see you have no intention of implementing even the minimum of a standard where the journal creator is required to post the price and time of a new position. This is really sad for ET. There are journals where prices are not even mentioned just a plain "bought XYZ". I have to tell you that this really hurts the reputation of this forum. There is no reason why ET should resist implementing minimum standards for the journal section unless you do not care about the quality of information but just about the quantity.
 
You must log in or register to reply here.
Back
Top