Supporting my Extraordinary Son

[TradeViper]

Hey Martin Luv ya Braugh, but. Oh and for Mr Allen also.

@anon81929759

There’s a lot of BS in the industry and Scams. be aware of that, Meaning, is he with a reputable broker, because if he is not he COULD (but not necessarily WILL) Lost the entire $10k because the broker won’t pay out. IT HAPPENS

No, not in a regulated market, unless the broker goes Belly up due to bankruptcy etc. The little guy is always the last in line. If a broker here in the US does that, you have recourse, but unregulated, bahahahahaha

@anon81929759

it depends on the broker
mine usually takes up to 9 business days, sometimes sooner
THIS IS NORMAL, don’t worry about it

If you deposit by Debit card, brokers will generally send the initial opening balance or within 24 hrs. Back to the card/account you open it with, this applies to regulated brokers in the US. But to be sure, ya gotta read the agreements. The profits take longer, if ACH you get it faster, if you get a check, well it takes even longer.[quote=“Martin_K, post:11, topic:125668”]
Mate, if they can trade together, WHY NOT ? Seriously

His Life experience and financial experience and the kids guts to want to take risks
Im sure a middle ground can be found where the dad takes more risk , the kid takes less risk and they are successful together , thus strengthening the bond between father and son
[/quote]

Well, neither know how to trade, that is one, two, six months is nothing, time wise, look at all of the trend followers who blew up after the market shifted to a range market, in fact there are still some trying to trade like a trend is in place, expecting 200 pips, in a day or so, YUUUUUGE mistake.

@anon81929759

Now… is there such a thing YES
Will he get his hands on that NOT A CHANCE

Well, in context you are correct, retail, no. But for $100,000.00 and moving a minimum of 50k units per trade you have access to prime brokers and the feed.

@anon81929759

the broker may choose to take the other side of the trade
it depends.

This is a clarification, here in U.S. the trade offset occurs on the brokers segregated Hub, with their liquidity provider, usually a bank, or big fund. It will not affect, to any great degree the retail data or Hub execution. Remember, this is a market with a lot of little markets making up the whole.So taking the other side, here in the US anyway, does not mean they are literally trading against you in the same pool of liquidity “Hub”.

@anon81929759

i did indeed think that this bloke on the phone was a top bloke, he sounded like a really good guy, he used to give me information for free, he used to say things like this (half of which i wasn’t really understanding to be honest, hehe
but he said things like…

The reality of the financial industry, most people work sell side, this means they are basically salesmen. They will try to rah rah sis boom bah you, it’s their Job. Understand also, they don’t know much more than anyone who has good research habits. My favorite show to listen to while I work is Surveillance on Bloomberg, with Tom Keen, but every time he says, “There is a risk on feel today” I don’t double my position size, and haphazardly start taking positions. It’s generally anyone’s best guess, the key is to guess right more times than not. So maybe the salesman in Mr Allen’s son’s case is just trying to be nice. Don’t forget, customer service reps are scored on customer surveys, and this can affect raises, promotions, and even continued employment.

Now this having been said, I really can’t find anything else in this thread that I can refute. As far Mr. Allen’s relationship, upbringing of his son, I don’t even know if Mr. Allen is real, but it sounds like what he is doing with his son is pretty well balanced, EXCEPT for the lack of a contractual agreement, so there is that.

Now, MK, a word of advice, because you are kinda startin to sound like Mikey, if Mr. Allen appreciates your input, who cares about the rest, now if this was your thread, then I could understand, but trying to correct someone who states a generality, “you don’t know what you are talking about”, unless they state something specific, like you claimed to be a floor trader, then it might be better to let it go. Just report it, you don’t have to worry about your rep, it’s not worth the emotion. Also by allowing yourself to be drawn into this, it could set a precedent mentally, causing a domino effect in your trading.

Now for this thread, as we used to say at my Dad’s Bar, “Y’all need to take this outside”, so, how bout leaving Mr Allen’s thread to helping his son, if he exists, and take the argument to a nice big Smackdown in the parking lot Lobby, where you will find Clint lurking with a .44 AutoMag, and perhaps myself with a Custom/Modified Desert Eagle, symbolically/metaphorically of course.

The Ever Watching The Antics VIPER

PS Martin, seriously Braugh, you are sounding like Mikey, hang loose Braugh.

[anon81929759]

Hi Viper, how are you dude
RE this

@TradeViper

If you deposit by Debit card, brokers will generally send the initial opening balance or within 24 hrs. Back to the card/account you open it with, this applies to regulated brokers in the US. But to be sure, ya gotta read the agreements. The profits take longer, if ACH you get it faster, if you get a check, well it takes even longer.

Yeah, i do do it with Card, i used to use Poli Pay once, it was BS
now, i also did get told it would take 24 hrs, like you said,
it usually doesn’t, but hey… the time my broker takes is lat, but consistant… hehe so hey… why complain,
at least i know when to expect it more or less

@TradeViper

Well, neither know how to trade, that is one, two, six months is nothing, time wise, look at all of the trend followers who blew up after the market shifted to a range market, in fact there are still some trying to trade like a trend is in place, expecting 200 pips, in a day or so, YUUUUUGE mistake.

I Agree they both don’t know how to trade, but my point really was, it’s a father son bonding thing if nothing else,
Dad can bring life experience to the table, The Son can bring his testing and i suppose a middle ground can be found.
that’s all i meant

@TradeViper

Well, in context you are correct, retail, no. But for $100,000.00 and moving a minimum of 50k units per trade you have access to prime brokers and the feed.

You are right

@TradeViper

This is a clarification, here in U.S. the trade offset occurs on the brokers segregated Hub, with their liquidity provider, usually a bank, or big fund. It will not affect, to any great degree the retail data or Hub execution. Remember, this is a market with a lot of little markets making up the whole.So taking the other side, here in the US anyway, does not mean they are literally trading against you in the same pool of liquidity “Hub”.

yeah, i know, i was just trying to show the possible conflict of interest
but you’re right it’s not black and white when they take it there are always details involved

@TradeViper

as we used to say at my Dad’s Bar, “Y’all need to take this outside”,

LOL… Cmon, mate… it’s firetrucking ON LOL
yeah… i grew up through the 80’s hehe. I understand “Take it outside”

@TradeViper

a word of advice, because you are kinda startin to sound like Mikey, if Mr. Allen appreciates your input, who cares about the rest,

Thanks mate, appreciate the input
you know what. to be frank
i’m not really starting threads, i just sit here when i get a moment have a cup of coffee and if some newbie asks something, i like to help, simple as that
they thank me for it, it’s nice and it’s appeciated

as for Mentally damaging… No… Hell No mate
it won’t affect my trading at all

Look, i’m in Australia (Sydney), now most people here , by now, given all this, would have told the other Guy to F Off, that’s just how we talk
me, Personally, i have a lot more patience.
i believe things can be worked out and if both parties are willing to show a bit of patience and respect towawrds each other it usually works out well,
but they are not always willing to.

in those times there is not much you can do , other than, like you said… Drop it

now that being said, there are some cool people here that are worth talking to, (you being 1 of them) and a few others, MissPiPa was another
i thought at one point LaughingCharlie was another but hey , look how that turned out hehe

anyway, in reality, the truth is, it’s not like i’m going to be here for months and months,
i have a business to run, this forex thing requires concentration and i’m not gonna spend all my time on baby pips, i only really came for some minor revision then figured, hey,i’ll jump on the forum a bit since it’s been a few years.

so, since i probably won’t be here long and regularly, i think you’re right
as opposed to taking it outside, it’s also better to finish up your drink , let the other guy stay in the pub and go to your pickup truck outside and just drive away (so To speak) hehe

i won’t lie though,
i do wish most of this stuff didn’t happen with (i won’t mention their names because then it will start more crap) but yeah, i wish it was all worked out
but it’s clear that with these individuals it can’t be

Now, whether that’s because i did something wrong or a personality conflict or their unwillingness to calm down and talk or whatever
point is… We’ve tried, it didn’t work

so i agree with you mate
Thank you also for understand, i do appreciate it

as for my rep, My rep is intact, and when someone suggests or accuses me of being a scammer, truth be told, i don’t really have to explain myself, but we all know how this goes.
if i don’t give some sort of explanation, it comes across as if i am, so at the least i will say that i have never scammed anyone (i’m not that kind of guy)
but what a person believes beyond that is their own affair

but i certainly don’t stress over it, i just like to clarify things for them if that’s how they perceivd me to be, that’s all.

anyway mate
Thanks a lot for your words of wisdom BRAUGH hehe
Be cool mate \m/ \m/

[Luke_Ronchi]

I just discussed this with him. he has done some live trading and says the results proved out as expected.

If really it is; I think then he will be able to manage a healthy trading capital!

[anon81929759]

@danallen
that’s awesome mate , i agree with @Luke_Ronchi
Facts are facts.
if he can prove to be sustainable and his live results reflect his Demo results, then he should be ok.

as i always i would advise caution, Especially with using the money of others, but, I’m not his dad hehe (that’s your job), but i do wish both of you well.

i heard a saying somewhere (Can’t remember where), but it goes something like this, it pertains to business in general.

When you are using your own money you can make mistakes
When you are using OPM (Other People’s Money) YOU HAVE TO COME GOOD, NO MATTER WHAT

hehe… it’s so true to
a lot of people make excuses,
When people use Other People’s Money, the first thing they have to forget is excuses.
They have to become used to the fact that EXCUSES NO LONGER EXIST AND THEY ARE NOT AN OPTION
the only thing that matters is results

tell him to keep this in mind, because when investors are in question, they don’t care.
They pay money to get a return NO EXCUSES

Now. if he can deliver on that promise, that’s great.
if he can’t, tell him to be careful and consider not doing it until he can deliver

Hope it all goes well.
Take care and Merry Xmas and Happy New year

[Luke_Ronchi]

Once again good direction! I also agree with your opinion on own money and OPM.

[danallen]

After a crazy-long time, I have some results from a demo account at forex .com This account was opened yesterday. The demo account came with $50,000 fake USD.

My son has complete ten pair of buy/sell trades. Six times he bought then sold, the other four he sold then bought. All the trades were USD for EUR. These screen shots from the forex app on my phone. I cannot find the history when viewing the account through the forex web site.

He has done some trading with real money, but he thinks he cannot have an account of his own, because of the fact is on Social Security disability for bipolar disorder. He was really sick for awhile and it scared me to death. He is doing ok now, seems normal to me. I am trying to get a realistic understanding of his trading abilities.

[QuadPip]

@danallen

After a crazy-long time, I have some results from a demo account at forex .com This account was opened yesterday. The demo account came with $50,000 fake USD.

My son has complete ten pair of buy/sell trades. Six times he bought then sold, the other four he sold then bought. All the trades were USD for EUR. These screen shots from the forex app on my phone. I cannot find the history when viewing the account through the forex web site.

He has done some trading with real money, but he thinks he cannot have an account of his own, because of the fact is on Social Security disability for bipolar disorder. He was really sick for awhile and it scared me to death. He is doing ok now, seems normal to me. I am trying to get a realistic understanding of his trading abilities.

Not sure I’m following the trades. Would you please order the P&L statement by time? And please tell us what contract size he’s trading.

[danallen]

As a veteran thrasher in many forums, Iove bei g able to enjoy this one as a spectator.

I am like you. No matter what someone wants to say, I know I am being honest, that I am a human with at least my full share of shortcomings, open to other points of view and learning from them, so what’s with the diss?

You rock.

[danallen]

CONTRACTS
I have an update regarding contracts and the relationships between my son and people putting their money in his hands.

There is a broker that sets up management accounts, where investors deposit their money in their account at the broker, and sign a power of attorney making another of the broker’s customers (I. E., my son) able to trade the investor’s funds. The terms for spitting profits and the investor holding all the risk for losses goes into contracts the broker has put together for these deals. The broker provides legal defense of the money manager (my son) if the investor sues. This sounds fantastic, except there is no way the broker is going to have a lawyer defend my son for everything that could go wrong.

The broker splits the profits into the right accounts, in accordance with the terms of the contract (my son can charge up to 30% of the profit plus a flat magagement fee (I have to read the paperwork to be more precise).

The broker gives my son a web address where his investors go to open their accounts and deposit/withdraw their money.

This is not in place now. Initiating this is my son’s next move.

Broker gets their money from the trading fees/spread.