UK trader arrested for May 2010 U.S. Stock market flash crash

wrbtrader said:
Wow...he did that much damage from his home. A smart guy like that will still be trading when he gets out of prison via doing it through someone else.
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I think that as a hole the incident in question pertains to this guy confusing market sentiment - by removing placed or entered orders - Trades before the candle is enter in upon he would close the order this shows up on US market broads as sentiment towards the on going positions within the Derivative - People will and do tend to trade from the sentiment indicators that US sites provide this has lead to all the confusion as well other people may have lost lots of money through this mans lack of neglect or the fact could remain that he did not know about US sentiment indicators - Which do you think happen ? And than why would he end up on a prison cell. ? Please follow this link as of obtaining more information on the story : https://www.telegraph.co.uk/finance...ering-global-markets-flash-crash-in-2010.html : Keeping it Forex.
 
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peter matthew matty said:
I think that as a hole the incident in question pertains to this guy confusing market sentiment - by removing placed or entered orders - Trades before the candle is enter in upon he would close the order this shows up on US market broads as sentiment towards the on going positions within the Derivative - People will and do tend to trade from the sentiment indicators that US sites provide this has lead to all the confusion as well other people may have lost lots of money through this mans lack of neglect or the fact could remain that he did not know about US sentiment indicators - Which do you think happen ? And than why would he end up on a prison cell. ? Please follow this link as of obtaining more information on the story : https://www.telegraph.co.uk/finance...ering-global-markets-flash-crash-in-2010.html : Keeping it Forex.
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This has got to go down as the dumbest post in ET dot come history.
My goodness, this is so SIMPLE:
Nav got caught spoofing...in the emini futures market....on the CME Group exchange.
He did it with really sophisticated software that he designed.
Period. They warned him, he continued to do it...and it's all over now.
 
syswizard said:
This has got to go down as the dumbest post in ET dot come history.
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I think that guy is a robot. Or posting drunk. Lots of his posts are edited the same way:

1 quasi related paragraph with philosophical questions and a link to the topic at the end, often years old. He never engages in an actual discussion. I never seen anybody posting like that...

Edit: OK, I looked him up again, maybe not a robot but one strange dude.
 
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Pekelo said:
I think that guy is a robot. Or posting drunk. Keeps digging up old threads, all his posts are edited the same way:

1 quasi related paragraph with philosophical questions and a link to the topic at the end, often years old. He never engages in an actual discussion. I never seen anybody posting like that...
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Sorry Pek - you are totally and absolutely wrong.
Nav was quite brilliant...and no one has acknowledged that....and that makes most posters on this site....extremely stupid....from a relative standpoint.
 
syswizard said:
Sorry Pek - you are totally and absolutely wrong.
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I seldom am. :)

I was talking about the poster PMM not Nav. Now about brilliant people. The cemetery and the prisons are full of smart people. There are lots of different kind of brilliances, but telling to a regulating body who can imprison you to "kiss my ass: is I agree, is special kind of brilliant.

Not to mention the dude didn't have a life. If that comes with brilliance, I wanna be stupid.
 
syswizard said:
Nav was quite brilliant...and no one has acknowledged that....and that makes most posters on this site....extremely stupid....from a relative standpoint.
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Sarao was a brilliant trader, at least for while, in that it appears he had little problem increasing his size during his winning streak in the ultra volatile markets of 2008 and 2009.
He seemed to have made millions trading legitimately.

But when the markets returned to normal (and became harder and less profitable) my guess is he wasn't satisfied going back to making just a fraction of the profits he had made during those two unique windfall years.
Instead he decided he would force the market to continue to give him relatively easy and large profits via spoofing.

A mixture of greed and the destabilizing effects of making a lot money in a very short period of time appear to have sent him down the wrong path.
 
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Millionaire said:
Sarao was a brilliant trader,
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I have to contest that statement. Spoofing the markets, isn't really trading but cheating. Maybe we should give him a 10K account and see what he can do with it. My guess is that nothing...

Now according to one account he occasionally swang big even holding overnight. This actually contradicts his stated style, since if you have a spoofing advantage you don't need to swing trade it big. But if he did so, and was able to make very good money by trading the right way, why did he need the whole spoofing business?
 
Pekelo said:
Now according to one account he occasionally swang big even holding overnight. This actually contradicts his stated style, since if you have a spoofing advantage you don't need to swing trade it big. But if he did so, and was able to make very good money by trading the right way, why did he need the whole spoofing business?
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Based on some of the reports he was one of the most profitable traders at futex before he left in 2009. I got the impression he wasn't spoofing at futex but trading legit, hence the reports of holding overnight..
But his futex profits were insignificant compared to the $10million a year spoofing profits he was making after he left.
 
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