Reply to: Dirty Spekulant contracting in IB sector - no spekulanting? :(

[aussielong]

Trading restrictions

People do ignore them at IBs, they trade though partners, cousins, etc.

I have seen people that work on the trading floor, nipping out to internet cafes down the road using internet trading accounts.

[thunderlizard]

How on Earth can one trade futures if the minimum holding is 30 days? The frackers expire FFS!

You just need a very large shed.

[HairyArsedBloke]

Do you understand the purpose of the rules that were put in place?

To prevent insider trading?

Also to prevent conflicts of interest.

Also to prevent the fall out of blowing your account up. Large losses can make people do desperate things.

One set of rules I came across include the condition "Absolutely no trading in derivatives".

[doodab]

To prevent insider trading?

Also to prevent conflicts of interest.

[sasguru]

All IBs enforce that rule. It applies to your spouse as well (and I'm guessing your immediate family).

[Jog On]

Do you understand the purpose of the rules that were put in place?

To prevent insider trading?

[AtW]

Not sure if I want to ask you to explain that one or just not bother..

Do you understand the purpose of the rules that were put in place?

[Jog On]

You are trying to violate their spirit.

Not sure if I want to ask you to explain that one or just not bother..

[AtW]

No - I want to stay within the rules and still trade

You are trying to violate their spirit.

[Jog On]

Not that I'm advising you to do this, but I'd just keep positions small and my gob shut.

This might be the solution

[HairyArsedBloke]

I might have to get my spekulant broker and activities approved and vetted?

I can't close any positions before holding them for at least 30 days?

I have no interest in trading fundamentals and won't be trading during the day - but this could be bad for my filthy spculanting activities....

Anyone been in the same situation and can give a lowdown that's a bit clearer than the policy doc I've just been sent?

Lordy, did I ever suffer from this. It was when all this was coming in. I had untold grief talking to compliance about it at on IB I was at. They had no understanding about the instruments they were making rules about.

How on Earth can one trade futures if the minimum holding is 30 days? The frackers expire FFS!

Anyway, the next role I had 'crossed over' and after that I've been proprietary so there is no compliance whatsoever.

Not that I'm advising you to do this, but I'd just keep positions small and my gob shut.

[Jog On]

So you got presumably well paying contract job in a bank during recession and you want to piss it away by breaking simple rules?

No - I want to stay within the rules and still trade

[AtW]

I wonder if I do it all through a spread betting account it will all be classed as gambling and won't make a difference...

So you got presumably well paying contract job in a bank during recession and you want to piss it away by breaking simple rules?

[Jog On]

So the gist of it is that when the price hits a certain level it will either go up or go down?

Complicated stuff. You can see why they need to explain it using squirrels.

Yeah - basically you put money on it going one way and it either does - or it doesn't!

I amazes me the amount people get paid when they figure out how this stuff all works - I mean anyone can do it can't they?

[doodab]

Think of a PPZ level as a "live electrical wire" and Price as a "squirrel". When Price (the squirrel) hits the PPZ level (the live electrical wire) that Price is going to jump one way or the other.

So the gist of it is that when the price hits a certain level it will either go up or go down?

Complicated stuff. You can see why they need to explain it using squirrels.