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

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

    Just started a new 11 month gig in a big swanky IB in Canary Wharf.

    I just had a meeting request to an induction for all IB sector employees/contractors about do's and don'ts. With it came a long and complicatedly worded policy document that said all sorts of things like:

    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?
    "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

    #2
    Basically what it says.

    You have to approve all your trades. You can't sell shares, options futures etc for 30 days if you buy them.

    If you're a day trader I suggest you look for a new job.

    Oh there's no restrictions on FX trading, there you can gamble err I mean trade to your hearts content.
    I'm alright Jack

    Comment


      #3
      Originally posted by BlasterBates View Post
      Basically what it says.

      You have to approve all your trades. You can't sell shares, options futures etc for 30 days if you buy them.

      If you're a day trader I suggest you look for a new job.

      Oh there's no restrictions on FX trading, there you can gamble err I mean trade to your hearts content.
      I'm only interested in FX and commodities - some of them via futures contracts, maybe some indeces as well.. I'll ask them in the meeting.

      I'll take the gig over not being able to trade live for a year - this gig is building my account
      "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

      Comment


        #4
        Originally posted by Jog On View Post
        I can't close any positions before holding them for at least 30 days?
        Good rule, but it should apply to everyone and time period should be much longer.

        Comment


          #5
          Originally posted by AtW View Post
          Good rule, but it should apply to everyone and time period should be much longer.
          Go and play with your squirrels

          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...
          "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

          Comment


            #6
            This makes me think of another forum where squirrels were used to illustrate how price reacts to certain levels - (by PPZ the poster is referring to "price pivot zone" where prices tend to bounce between, these are also known as "support" "resistance" and "pivot levels"):

            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.
            Link of quote

            Quite a good illustration
            "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

            Comment


              #7
              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.
              While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

              Comment


                #8
                Originally posted by doodab View Post
                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?
                "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

                Comment


                  #9
                  Originally posted by Jog On View Post
                  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?

                  Comment


                    #10
                    Originally posted by AtW View Post
                    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
                    "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

                    Comment

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