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Former investment bank FX trader: Risk management part 3/3

Former investment bank FX trader: Risk management part 3/3
Welcome to the third and final part of this chapter.
Thank you all for the 100s of comments and upvotes - maybe this post will take us above 1,000 for this topic!
Keep any feedback or questions coming in the replies below.
Before you read this note, please start with Part I and then Part II so it hangs together and makes sense.
Part III
  • Squeezes and other risks
  • Market positioning
  • Bet correlation
  • Crap trades, timeouts and monthly limits

Squeezes and other risks

We are going to cover three common risks that traders face: events; squeezes, asymmetric bets.

Events

Economic releases can cause large short-term volatility. The most famous is Non Farm Payrolls, which is the most widely watched measure of US employment levels and affects the price of many instruments.On an NFP announcement currencies like EURUSD might jump (or drop) 100 pips no problem.
This is fine and there are trading strategies that one may employ around this but the key thing is to be aware of these releases.You can find economic calendars all over the internet - including on this site - and you need only check if there are any major releases each day or week.
For example, if you are trading off some intraday chart and scalping a few pips here and there it would be highly sensible to go into a known data release flat as it is pure coin-toss and not the reason for your trading. It only takes five minutes each day to plan for the day ahead so do not get caught out by this. Many retail traders get stopped out on such events when price volatility is at its peak.

Squeezes

Short squeezes bring a lot of danger and perhaps some opportunity.
The story of VW and Porsche is the best short squeeze ever. Throughout these articles we've used FX examples wherever possible but in this one instance the concept (which is also highly relevant in FX) is best illustrated with an historical lesson from a different asset class.
A short squeeze is when a participant ends up in a short position they are forced to cover. Especially when the rest of the market knows that this participant can be bullied into stopping out at terrible levels, provided the market can briefly drive the price into their pain zone.

There's a reason for the car, don't worry
Hedge funds had been shorting VW stock. However the amount of VW stock available to buy in the open market was actually quite limited. The local government owned a chunk and Porsche itself had bought and locked away around 30%. Neither of these would sell to the hedge-funds so a good amount of the stock was un-buyable at any price.
If you sell or short a stock you must be prepared to buy it back to go flat at some point.
To cut a long story short, Porsche bought a lot of call options on VW stock. These options gave them the right to purchase VW stock from banks at slightly above market price.
Eventually the banks who had sold these options realised there was no VW stock to go out and buy since the German government wouldn’t sell its allocation and Porsche wouldn’t either. If Porsche called in the options the banks were in trouble.
Porsche called in the options which forced the shorts to buy stock - at whatever price they could get it.
The price squeezed higher as those that were short got massively squeezed and stopped out. For one brief moment in 2008, VW was the world’s most valuable company. Shorts were burned hard.

Incredible event
Porsche apparently made $11.5 billion on the trade. The BBC described Porsche as “a hedge fund with a carmaker attached.”
If this all seems exotic then know that the same thing happens in FX all the time. If everyone in the market is talking about a key level in EURUSD being 1.2050 then you can bet the market will try to push through 1.2050 just to take out any short stops at that level. Whether it then rallies higher or fails and trades back lower is a different matter entirely.
This brings us on to the matter of crowded trades. We will look at positioning in more detail in the next section. Crowded trades are dangerous for PNL. If everyone believes EURUSD is going down and has already sold EURUSD then you run the risk of a short squeeze.
For additional selling to take place you need a very good reason for people to add to their position whereas a move in the other direction could force mass buying to cover their shorts.
A trading mentor when I worked at the investment bank once advised me:
Always think about which move would cause the maximum people the maximum pain. That move is precisely what you should be watching out for at all times.

Asymmetric losses

Also known as picking up pennies in front of a steamroller. This risk has caught out many a retail trader. Sometimes it is referred to as a "negative skew" strategy.
Ideally what you are looking for is asymmetric risk trade set-ups: that is where the downside is clearly defined and smaller than the upside. What you want to avoid is the opposite.
A famous example of this going wrong was the Swiss National Bank de-peg in 2012.
The Swiss National Bank had said they would defend the price of EURCHF so that it did not go below 1.2. Many people believed it could never go below 1.2 due to this. Many retail traders therefore opted for a strategy that some describe as ‘picking up pennies in front of a steam-roller’.
They would would buy EURCHF above the peg level and hope for a tiny rally of several pips before selling them back and keep doing this repeatedly. Often they were highly leveraged at 100:1 so that they could amplify the profit of the tiny 5-10 pip rally.
Then this happened.

Something that changed FX markets forever
The SNB suddenly did the unthinkable. They stopped defending the price. CHF jumped and so EURCHF (the number of CHF per 1 EUR) dropped to new lows very fast. Clearly, this trade had horrific risk : reward asymmetry: you risked 30% to make 0.05%.
Other strategies like naively selling options have the same result. You win a small amount of money each day and then spectacularly blow up at some point down the line.

Market positioning

We have talked about short squeezes. But how do you know what the market position is? And should you care?
Let’s start with the first. You should definitely care.
Let’s imagine the entire market is exceptionally long EURUSD and positioning reaches extreme levels. This makes EURUSD very vulnerable.
To keep the price going higher EURUSD needs to attract fresh buy orders. If everyone is already long and has no room to add, what can incentivise people to keep buying? The news flow might be good. They may believe EURUSD goes higher. But they have already bought and have their maximum position on.
On the flip side, if there’s an unexpected event and EURUSD gaps lower you will have the entire market trying to exit the position at the same time. Like a herd of cows running through a single doorway. Messy.
We are going to look at this in more detail in a later chapter, where we discuss ‘carry’ trades. For now this TRYJPY chart might provide some idea of what a rush to the exits of a crowded position looks like.

A carry trade position clear-out in action
Knowing if the market is currently at extreme levels of long or short can therefore be helpful.
The CFTC makes available a weekly report, which details the overall positions of speculative traders “Non Commercial Traders” in some of the major futures products. This includes futures tied to deliverable FX pairs such as EURUSD as well as products such as gold. The report is called “CFTC Commitments of Traders” ("COT").
This is a great benchmark. It is far more representative of the overall market than the proprietary ones offered by retail brokers as it covers a far larger cross-section of the institutional market.
Generally market participants will not pay a lot of attention to commercial hedgers, which are also detailed in the report. This data is worth tracking but these folks are simply hedging real-world transactions rather than speculating so their activity is far less revealing and far more noisy.
You can find the data online for free and download it directly here.

Raw format is kinda hard to work with

However, many websites will chart this for you free of charge and you may find it more convenient to look at it that way. Just google “CFTC positioning charts”.

But you can easily get visualisations
You can visually spot extreme positioning. It is extremely powerful.
Bear in mind the reports come out Friday afternoon US time and the report is a snapshot up to the prior Tuesday. That means it is a lagged report - by the time it is released it is a few days out of date. For longer term trades where you hold positions for weeks this is of course still pretty helpful information.
As well as the absolute level (is the speculative market net long or short) you can also use this to pick up on changes in positioning.
For example if bad news comes out how much does the net short increase? If good news comes out, the market may remain net short but how much did they buy back?
A lot of traders ask themselves “Does the market have this trade on?” The positioning data is a good method for answering this. It provides a good finger on the pulse of the wider market sentiment and activity.
For example you might say: “There was lots of noise about the good employment numbers in the US. However, there wasn’t actually a lot of position change on the back of it. Maybe everyone who wants to buy already has. What would happen now if bad news came out?”
In general traders will be wary of entering a crowded position because it will be hard to attract additional buyers or sellers and there could be an aggressive exit.
If you want to enter a trade that is showing extreme levels of positioning you must think carefully about this dynamic.

Bet correlation

Retail traders often drastically underestimate how correlated their bets are.
Through bitter experience, I have learned that a mistake in position correlation is the root of some of the most serious problems in trading. If you have eight highly correlated positions, then you are really trading one position that is eight times as large.
Bruce Kovner of hedge fund, Caxton Associates
For example, if you are trading a bunch of pairs against the USD you will end up with a simply huge USD exposure. A single USD-trigger can ruin all your bets. Your ideal scenario — and it isn’t always possible — would be to have a highly diversified portfolio of bets that do not move in tandem.
Look at this chart. Inverted USD index (DXY) is green. AUDUSD is orange. EURUSD is blue.

Chart from TradingView
So the whole thing is just one big USD trade! If you are long AUDUSD, long EURUSD, and short DXY you have three anti USD bets that are all likely to work or fail together.
The more diversified your portfolio of bets are, the more risk you can take on each.
There’s a really good video, explaining the benefits of diversification from Ray Dalio.
A systematic fund with access to an investable universe of 10,000 instruments has more opportunity to make a better risk-adjusted return than a trader who only focuses on three symbols. Diversification really is the closest thing to a free lunch in finance.
But let’s be pragmatic and realistic. Human retail traders don’t have capacity to run even one hundred bets at a time. More realistic would be an average of 2-3 trades on simultaneously. So what can be done?
For example:
  • You might diversify across time horizons by having a mix of short-term and long-term trades.
  • You might diversify across asset classes - trading some FX but also crypto and equities.
  • You might diversify your trade generation approach so you are not relying on the same indicators or drivers on each trade.
  • You might diversify your exposure to the market regime by having some trades that assume a trend will continue (momentum) and some that assume we will be range-bound (carry).
And so on. Basically you want to scan your portfolio of trades and make sure you are not putting all your eggs in one basket. If some trades underperform others will perform - assuming the bets are not correlated - and that way you can ensure your overall portfolio takes less risk per unit of return.
The key thing is to start thinking about a portfolio of bets and what each new trade offers to your existing portfolio of risk. Will it diversify or amplify a current exposure?

Crap trades, timeouts and monthly limits

One common mistake is to get bored and restless and put on crap trades. This just means trades in which you have low conviction.
It is perfectly fine not to trade. If you feel like you do not understand the market at a particular point, simply choose not to trade.
Flat is a position.
Do not waste your bullets on rubbish trades. Only enter a trade when you have carefully considered it from all angles and feel good about the risk. This will make it far easier to hold onto the trade if it moves against you at any point. You actually believe in it.
Equally, you need to set monthly limits. A standard limit might be a 10% account balance stop per month. At that point you close all your positions immediately and stop trading till next month.

Be strict with yourself and walk away
Let’s assume you started the year with $100k and made 5% in January so enter Feb with $105k balance. Your stop is therefore 10% of $105k or $10.5k . If your account balance dips to $94.5k ($105k-$10.5k) then you stop yourself out and don’t resume trading till March the first.
Having monthly calendar breaks is nice for another reason. Say you made a load of money in January. You don’t want to start February feeling you are up 5% or it is too tempting to avoid trading all month and protect the existing win. Each month and each year should feel like a clean slate and an independent period.
Everyone has trading slumps. It is perfectly normal. It will definitely happen to you at some stage. The trick is to take a break and refocus. Conserve your capital by not trading a lot whilst you are on a losing streak. This period will be much harder for you emotionally and you’ll end up making suboptimal decisions. An enforced break will help you see the bigger picture.
Put in place a process before you start trading and then it’ll be easy to follow and will feel much less emotional. Remember: the market doesn’t care if you win or lose, it is nothing personal.
When your head has cooled and you feel calm you return the next month and begin the task of building back your account balance.

That's a wrap on risk management

Thanks for taking time to read this three-part chapter on risk management. I hope you enjoyed it. Do comment in the replies if you have any questions or feedback.
Remember: the most important part of trading is not making money. It is not losing money. Always start with that principle. I hope these three notes have provided some food for thought on how you might approach risk management and are of practical use to you when trading. Avoiding mistakes is not a sexy tagline but it is an effective and reliable way to improve results.
Next up I will be writing about an exciting topic I think many traders should look at rather differently: news trading. Please follow on here to receive notifications and the broad outline is below.
News Trading Part I
  • Introduction
  • Why use the economic calendar
  • Reading the economic calendar
  • Knowing what's priced in
  • Surveys
  • Interest rates
  • First order thinking vs second order thinking
News Trading Part II
  • Preparing for quantitative and qualitative releases
  • Data surprise index
  • Using recent events to predict future reactions
  • Buy the rumour, sell the fact
  • The mysterious 'position trim' effect
  • Reversals
  • Some key FX releases
***

Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
submitted by getmrmarket to Forex [link] [comments]

Former investment bank FX trader: some thoughts

Former investment bank FX trader: some thoughts
Hi guys,
I have been using reddit for years in my personal life (not trading!) and wanted to give something back in an area where i am an expert.
I worked at an investment bank for seven years and joined them as a graduate FX trader so have lots of professional experience, by which i mean I was trained and paid by a big institution to trade on their behalf. This is very different to being a full-time home trader, although that is not to discredit those guys, who can accumulate a good amount of experience/wisdom through self learning.
When I get time I'm going to write a mid-length posts on each topic for you guys along the lines of how i was trained. I guess there would be 15-20 topics in total so about 50-60 posts. Feel free to comment or ask questions.
The first topic is Risk Management and we'll cover it in three parts
Part I
  • Why it matters
  • Position sizing
  • Kelly
  • Using stops sensibly
  • Picking a clear level

Why it matters

The first rule of making money through trading is to ensure you do not lose money. Look at any serious hedge fund’s website and they’ll talk about their first priority being “preservation of investor capital.”
You have to keep it before you grow it.
Strangely, if you look at retail trading websites, for every one article on risk management there are probably fifty on trade selection. This is completely the wrong way around.
The great news is that this stuff is pretty simple and process-driven. Anyone can learn and follow best practices.
Seriously, avoiding mistakes is one of the most important things: there's not some holy grail system for finding winning trades, rather a routine and fairly boring set of processes that ensure that you are profitable, despite having plenty of losing trades alongside the winners.

Capital and position sizing

The first thing you have to know is how much capital you are working with. Let’s say you have $100,000 deposited. This is your maximum trading capital. Your trading capital is not the leveraged amount. It is the amount of money you have deposited and can withdraw or lose.
Position sizing is what ensures that a losing streak does not take you out of the market.
A rule of thumb is that one should risk no more than 2% of one’s account balance on an individual trade and no more than 8% of one’s account balance on a specific theme. We’ll look at why that’s a rule of thumb later. For now let’s just accept those numbers and look at examples.
So we have $100,000 in our account. And we wish to buy EURUSD. We should therefore not be risking more than 2% which $2,000.
We look at a technical chart and decide to leave a stop below the monthly low, which is 55 pips below market. We’ll come back to this in a bit. So what should our position size be?
We go to the calculator page, select Position Size and enter our details. There are many such calculators online - just google "Pip calculator".

https://preview.redd.it/y38zb666e5h51.jpg?width=1200&format=pjpg&auto=webp&s=26e4fe569dc5c1f43ce4c746230c49b138691d14
So the appropriate size is a buy position of 363,636 EURUSD. If it reaches our stop level we know we’ll lose precisely $2,000 or 2% of our capital.
You should be using this calculator (or something similar) on every single trade so that you know your risk.
Now imagine that we have similar bets on EURJPY and EURGBP, which have also broken above moving averages. Clearly this EUR-momentum is a theme. If it works all three bets are likely to pay off. But if it goes wrong we are likely to lose on all three at once. We are going to look at this concept of correlation in more detail later.
The total amount of risk in our portfolio - if all of the trades on this EUR-momentum theme were to hit their stops - should not exceed $8,000 or 8% of total capital. This allows us to go big on themes we like without going bust when the theme does not work.
As we’ll see later, many traders only win on 40-60% of trades. So you have to accept losing trades will be common and ensure you size trades so they cannot ruin you.
Similarly, like poker players, we should risk more on trades we feel confident about and less on trades that seem less compelling. However, this should always be subject to overall position sizing constraints.
For example before you put on each trade you might rate the strength of your conviction in the trade and allocate a position size accordingly:

https://preview.redd.it/q2ea6rgae5h51.png?width=1200&format=png&auto=webp&s=4332cb8d0bbbc3d8db972c1f28e8189105393e5b
To keep yourself disciplined you should try to ensure that no more than one in twenty trades are graded exceptional and allocated 5% of account balance risk. It really should be a rare moment when all the stars align for you.
Notice that the nice thing about dealing in percentages is that it scales. Say you start out with $100,000 but end the year up 50% at $150,000. Now a 1% bet will risk $1,500 rather than $1,000. That makes sense as your capital has grown.
It is extremely common for retail accounts to blow-up by making only 4-5 losing trades because they are leveraged at 50:1 and have taken on far too large a position, relative to their account balance.
Consider that GBPUSD tends to move 1% each day. If you have an account balance of $10k then it would be crazy to take a position of $500k (50:1 leveraged). A 1% move on $500k is $5k.
Two perfectly regular down days in a row — or a single day’s move of 2% — and you will receive a margin call from the broker, have the account closed out, and have lost all your money.
Do not let this happen to you. Use position sizing discipline to protect yourself.

Kelly Criterion

If you’re wondering - why “about 2%” per trade? - that’s a fair question. Why not 0.5% or 10% or any other number?
The Kelly Criterion is a formula that was adapted for use in casinos. If you know the odds of winning and the expected pay-off, it tells you how much you should bet in each round.
This is harder than it sounds. Let’s say you could bet on a weighted coin flip, where it lands on heads 60% of the time and tails 40% of the time. The payout is $2 per $1 bet.
Well, absolutely you should bet. The odds are in your favour. But if you have, say, $100 it is less obvious how much you should bet to avoid ruin.
Say you bet $50, the odds that it could land on tails twice in a row are 16%. You could easily be out after the first two flips.
Equally, betting $1 is not going to maximise your advantage. The odds are 60/40 in your favour so only betting $1 is likely too conservative. The Kelly Criterion is a formula that produces the long-run optimal bet size, given the odds.
Applying the formula to forex trading looks like this:
Position size % = Winning trade % - ( (1- Winning trade %) / Risk-reward ratio
If you have recorded hundreds of trades in your journal - see next chapter - you can calculate what this outputs for you specifically.
If you don't have hundreds of trades then let’s assume some realistic defaults of Winning trade % being 30% and Risk-reward ratio being 3. The 3 implies your TP is 3x the distance of your stop from entry e.g. 300 pips take profit and 100 pips stop loss.
So that’s 0.3 - (1 - 0.3) / 3 = 6.6%.
Hold on a second. 6.6% of your account probably feels like a LOT to risk per trade.This is the main observation people have on Kelly: whilst it may optimise the long-run results it doesn’t take into account the pain of drawdowns. It is better thought of as the rational maximum limit. You needn’t go right up to the limit!
With a 30% winning trade ratio, the odds of you losing on four trades in a row is nearly one in four. That would result in a drawdown of nearly a quarter of your starting account balance. Could you really stomach that and put on the fifth trade, cool as ice? Most of us could not.
Accordingly people tend to reduce the bet size. For example, let’s say you know you would feel emotionally affected by losing 25% of your account.
Well, the simplest way is to divide the Kelly output by four. You have effectively hidden 75% of your account balance from Kelly and it is now optimised to avoid a total wipeout of just the 25% it can see.
This gives 6.6% / 4 = 1.65%. Of course different trading approaches and different risk appetites will provide different optimal bet sizes but as a rule of thumb something between 1-2% is appropriate for the style and risk appetite of most retail traders.
Incidentally be very wary of systems or traders who claim high winning trade % like 80%. Invariably these don’t pass a basic sense-check:
  • How many live trades have you done? Often they’ll have done only a handful of real trades and the rest are simulated backtests, which are overfitted. The model will soon die.
  • What is your risk-reward ratio on each trade? If you have a take profit $3 away and a stop loss $100 away, of course most trades will be winners. You will not be making money, however! In general most traders should trade smaller position sizes and less frequently than they do. If you are going to bias one way or the other, far better to start off too small.

How to use stop losses sensibly

Stop losses have a bad reputation amongst the retail community but are absolutely essential to risk management. No serious discretionary trader can operate without them.
A stop loss is a resting order, left with the broker, to automatically close your position if it reaches a certain price. For a recap on the various order types visit this chapter.
The valid concern with stop losses is that disreputable brokers look for a concentration of stops and then, when the market is close, whipsaw the price through the stop levels so that the clients ‘stop out’ and sell to the broker at a low rate before the market naturally comes back higher. This is referred to as ‘stop hunting’.
This would be extremely immoral behaviour and the way to guard against it is to use a highly reputable top-tier broker in a well regulated region such as the UK.
Why are stop losses so important? Well, there is no other way to manage risk with certainty.
You should always have a pre-determined stop loss before you put on a trade. Not having one is a recipe for disaster: you will find yourself emotionally attached to the trade as it goes against you and it will be extremely hard to cut the loss. This is a well known behavioural bias that we’ll explore in a later chapter.
Learning to take a loss and move on rationally is a key lesson for new traders.
A common mistake is to think of the market as a personal nemesis. The market, of course, is totally impersonal; it doesn’t care whether you make money or not.
Bruce Kovner, founder of the hedge fund Caxton Associates
There is an old saying amongst bank traders which is “losers average losers”.
It is tempting, having bought EURUSD and seeing it go lower, to buy more. Your average price will improve if you keep buying as it goes lower. If it was cheap before it must be a bargain now, right? Wrong.
Where does that end? Always have a pre-determined cut-off point which limits your risk. A level where you know the reason for the trade was proved ‘wrong’ ... and stick to it strictly. If you trade using discretion, use stops.

Picking a clear level

Where you leave your stop loss is key.
Typically traders will leave them at big technical levels such as recent highs or lows. For example if EURUSD is trading at 1.1250 and the recent month’s low is 1.1205 then leaving it just below at 1.1200 seems sensible.

If you were going long, just below the double bottom support zone seems like a sensible area to leave a stop
You want to give it a bit of breathing room as we know support zones often get challenged before the price rallies. This is because lots of traders identify the same zones. You won’t be the only one selling around 1.1200.
The “weak hands” who leave their sell stop order at exactly the level are likely to get taken out as the market tests the support. Those who leave it ten or fifteen pips below the level have more breathing room and will survive a quick test of the level before a resumed run-up.
Your timeframe and trading style clearly play a part. Here’s a candlestick chart (one candle is one day) for GBPUSD.

https://preview.redd.it/moyngdy4f5h51.png?width=1200&format=png&auto=webp&s=91af88da00dd3a09e202880d8029b0ddf04fb802
If you are putting on a trend-following trade you expect to hold for weeks then you need to have a stop loss that can withstand the daily noise. Look at the downtrend on the chart. There were plenty of days in which the price rallied 60 pips or more during the wider downtrend.
So having a really tight stop of, say, 25 pips that gets chopped up in noisy short-term moves is not going to work for this kind of trade. You need to use a wider stop and take a smaller position size, determined by the stop level.
There are several tools you can use to help you estimate what is a safe distance and we’ll look at those in the next section.
There are of course exceptions. For example, if you are doing range-break style trading you might have a really tight stop, set just below the previous range high.

https://preview.redd.it/ygy0tko7f5h51.png?width=1200&format=png&auto=webp&s=34af49da61c911befdc0db26af66f6c313556c81
Clearly then where you set stops will depend on your trading style as well as your holding horizons and the volatility of each instrument.
Here are some guidelines that can help:
  1. Use technical analysis to pick important levels (support, resistance, previous high/lows, moving averages etc.) as these provide clear exit and entry points on a trade.
  2. Ensure that the stop gives your trade enough room to breathe and reflects your timeframe and typical volatility of each pair. See next section.
  3. Always pick your stop level first. Then use a calculator to determine the appropriate lot size for the position, based on the % of your account balance you wish to risk on the trade.
So far we have talked about price-based stops. There is another sort which is more of a fundamental stop, used alongside - not instead of - price stops. If either breaks you’re out.
For example if you stop understanding why a product is going up or down and your fundamental thesis has been confirmed wrong, get out. For example, if you are long because you think the central bank is turning hawkish and AUDUSD is going to play catch up with rates … then you hear dovish noises from the central bank and the bond yields retrace lower and back in line with the currency - close your AUDUSD position. You already know your thesis was wrong. No need to give away more money to the market.

Coming up in part II

EDIT: part II here
Letting stops breathe
When to change a stop
Entering and exiting winning positions
Risk:reward ratios
Risk-adjusted returns

Coming up in part III

Squeezes and other risks
Market positioning
Bet correlation
Crap trades, timeouts and monthly limits

***
Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
submitted by getmrmarket to Forex [link] [comments]

Am I being scammed by a financial broker

I got a called from a guy claimed to be a freelance financial broker a few months ago. He introduced me to a platform for forex trading, and tell me to make a new account on the site and he'll manage my account to trade forex using Metatrader 4. He will take 10% of the profit. He told me to think of this as a long term plan. He also said the platform gives my account some credits if I deposit, to kick start the investment. Something suspicious I found during this step, that his Skype account has a different name to his Skype name, like he's using sb else's account. I stupidly still make an account and deposit the money.
Slowly, he starts creating some pressure by holding some risky trades and ask me to deposit more money to increase the margin and keep the trade. He also told me to make a test withdrawal with a small amount of money to make sure that it didn't disrupt the current trades, and I did, and it went smoothly. So I keep depositing money until my friend realize he changed some number on some trades to turn a loss into a win trade. Then I started being very suspicious and looking for info. Turns out I can't contact the platform for anything without going through him. The support email doesn't exist, I can't change my password, the company running the platform only has 3 employees in the UK, with the same last name. I started being scared and tried to withdraw a large amount of the money.
At first some guy call me and said they're from the platform to help me withdraw the money, but he uses the same phone number. He told me I have to deposit 10% of the amount I withdraw, as commission, if I want to take it. I told him to get it from my profit, but he keep saying it doesn't work that way. I never heard from the support guy again. The broker resume contact with me after a while and I told him again I'll be withdrawing a large amount of money. He first say it's okay, but then later when I contact him to actually do it he again says I'll have to pay a fee because withdrawing big money means "closing" the account. He only allow me to withdraw another test withdrawal, and I did. This time the money hasn't come in for a while now. I'm quite certain I got scammed, but I still wants to hear some opinions out there, or at least give an example so others don't get caught in the same scam. Just be careful, don't take calls from stranger, especially if they call you and tell you to invest in sth. They can look and act normal at first, but they'll change their behavior.
Also sorry if there's some grammar errors, English is not my native language.
submitted by vudao to personalfinance [link] [comments]

The most effective method to Become a Disciplined Forex Trader

Fruitful forex exchanging is tied in with creating restrained exchanging propensities and having a dealer attitude instead of a card shark mindset.
The vast majority who take part in money exchanging anticipate moment remunerates and fantasize ending up medium-term tycoons.
The reality of the situation is, best brokers needed to buckle down over a significant stretch of time to accomplish their objectives.
They endured misfortunes en route and gained from them. There are some basic stages one needs to take to turn into a trained forex dealer.
achievement in forex exchanging requires discipline

Have a Plan

To make progress in forex exchanging, the main coherent advance is build up a decent exchanging procedure and to tail it.
Having the order to catch up on a working exchanging plan is the surest method to construct your exchanging vocation and make steady benefits over the long haul.
Exchanging plans online forex exchanging commonly include fastidiously leading essential examination and specialized investigation.
This implies the dealer must have the option to peruse and translate value developments on exchanging diagrams. The dealer additionally must be skilled at deciphering specialized pointers and recognizing perfect exchanging positions.
A decent exchanging arrangement ought to be one that resounds well with your own exchanging style and propensities. Each dealer should attempt to build up an exchanging plan that utilization basic technique.
A few highlights of an extraordinary exchanging plan incorporate clear exchange leave focuses for taking benefits and controlling brought about misfortunes, auto acclimation to key patterns, coherent focuses for exchange passage, and controllable cash the executives.

Control Your Emotions

Feelings are the most exceedingly awful foe for online forex exchanging as they cause the dealer to lose spotlight and settle on choices dependent on different factors instead of obvious legitimate actualities.
Forex order must be achieved by merchants who have figured out how to get control over their feelings and hold them under tight restraints.
The negative feelings that influence most merchants incorporate dread, nervousness, perplexity, and frenzy.
These feelings are generally most obvious when the broker is in a losing exchange. Such losing positions settle on dealers lose trust in their choices and at last wind up veering off their arrangement when they let feelings overpower them.
Another feeling that adversely impacts on forex dealers is avarice. Insatiability for the most part pops up when the broker is in a triumphant exchange. The forex merchant feels constrained to amplify on benefits and accordingly winds up hanging on excessively long to the exchange.
Beside clutching the exchange, a dealer may at first stay on course and close an exchange beneficially as indicated by plan.
At that point avarice assumes control over when the dealer sees the exchange proceeding to pick up and the merchant reenters the exchange wanting to make considerably greater benefits. This may wind up bringing about lost benefits recently picked up.

Secure Good Trading Habits

Great exchanging propensities lead to generally speaking exchanging control and long haul benefits. Such great exchanging propensities incorporate setting practical targets, creating and adhering to working exchanging procedures, keeping away from over exchanging, and legitimate planning of exchange passage and leave focuses.
Be Realistic
Most amateur brokers enter the fx trade field with fantasies about becoming showbiz royalty in a brief period. They fantasy about leaving their tedious day employments and working serenely from their PCs for a couple of hours day by day or week after week and raking in huge profits.
This is an over-oversimplified and unreasonable aspiration that is lamentably never figured it out. One thing a merchant should know from the earliest starting point is that exchanging effectively includes diligent work, assurance, discipline, and a great deal of learning.
Actually you will contribute your cash and in all likelihood, your initial couple of long stretches of figuring out how to exchange beneficially will include enduring a couple of misfortunes.
A decent dealer will keep this is mind and acknowledge the misfortunes while gaining from them. Gainful exchanges will make the taught merchant record the exchange and attempt to imitate that in future exchanges.
Being sensible methods you will set practicable and reachable objectives which will develop with time. For example, on the off chance that you begin with a $1,000 speculation and open a record with a forex dealer in Australia, you ought to understand that it won’t transform into $10,000 inside seven days.
You may make unassuming benefits of about $200 every week and as you re-contribute your increases you appreciate greater benefits after some time.

Keep a Trading Ledger

The most ideal approach to keep up order as a forex dealer is to screen all your exchanging moves. An all around restrained merchant will keep a diary and make standard sections on all exchanges entered and left.
It isn’t sufficient to simply record your exchanges a diary; you ought to continually audit them and utilize the mix-ups and victories to figure out how to exchange all the more productively. An all around continued exchanging diary is additionally the main instrument you will use to build up an extraordinary working system that will work for you.
Keeping a diary gives you a chance to see the 10,000 foot view and makes you less inclined to motivation exchanges, which depend on feelings as opposed to certainties.

Keep To a Trading Timetable

When a dealer makes $500 on a 30-minute exchange, they may wind up considering exchanging 24 hours every day to pursue the capability of getting substantially more cash every day.
This is an off-base methodology that may prompt burnout and awful choices. A savvy dealer will pick normal exchanging times which are ideal for their individual exchanging styles.
A decent timetable may include picking times when forex exchange is at its pinnacle. These are times of high exchange exercises and high liquidity the forex showcase.

Practice

Probably the most ideal approaches to learn and pick up involvement in cash exchanging on the web is to widely utilize a demo account. This will help you increase point of view when you in the end start exchanging on a live record.
It will likewise enable you to figure out how to deal with your feelings. A decent method to abstain from having passionate exchanges is to figure out how to leave and resume exchanging when you are progressively engaged.

Outline

In the event that you need to turn into a forex dealer, the main aptitude you have to secure is forex exchanging discipline. Continuously make sure to abstain from giving feelings a chance to manage your exchanging propensities and choices.
For the best long haul results, make a far reaching exchanging system and carefully tail it.
Keeping an exchanging record demonstrates to you the historical backdrop of your exchanges and you can utilize the sections for back testing and enhancing your procedure.
Tags: The most effective method to Become a Disciplined Forex Trader
submitted by klassicadz to u/klassicadz [link] [comments]

Crypto Story Time

Evening all,
 
Slightly different flavour here, which I hope will be insightful to those who take the time to read. Tonight I'm going to talk about my learnings in this market so far; my biggest mistakes; how you can avoid making them yourself; and the strategy I intend to follow from now on. It’s a long old read, but it contains months worth of knowledge, which could only be gained from first-hand experience. So pour yourself a drink, settle in, and let me take you through a brief history of my first two months in crypto.
 

TL;DR: Been in crypto 2 months, after years trading forex. Learnt a lot, and passing on the knowledge. Hope it helps some of you to become better investors.

 

CHAPTER 1: New market; new opportunity

 
I came into crypto with a real excitement. Finally a market that resonates with me. The ability to buy into something I believe in - something that could change the world for the better - and to make money along the way. I was excited that I could apply my trading background, something that not many in the market possess, to my advantage. I was excited at the prospect of being on the curve of early adoption, in a market that had demonstrably meteoric potential. But I was patient. I knew that I would be risking a substantial amount of money in this space, and potentially other peoples’ too, so I had to approach it sensibly. I was going to invest (hold long-term) the vast majority and day trade just a small portion. I spent many weeks researching before considering pulling the trigger even once. I didn’t come into this without a plan. But looking back on it now, it really was only scratching the surface on what a serious investment strategy should be.
 

CHAPTER 2: Early Strategy

 
In brief, my plan was to research a load of coins that I’d heard have good potential – solid projects which make unique & warranted use of blockchain technology; are disruptive to their industry; are developed by a competent & active team; and are backed by a loyal community. I shortlisted maybe 40 coins through articles, videos and general conversation, and I added them to my watchlist. Admittedly I became a bit lax in completing the deep level of research I told myself I’d do for each – scrutinizing the whitepaper became skimming the whitepaper, which then became watching a video analysis, which then became “oh that sounds interesting I’ll keep an eye on it”. But this was just a watchlist. And still an educated one.
 
I knew that I wanted to wait for an inevitable dip in Bitcoin’s value to enter the market, but it just wasn’t coming. $6k, $8k, $10k… the bullish momentum couldn’t be tamed. Was I missing out? Was Bitcoin going to continue its parabolic move while I sit here waiting for a dip that could never come?
 

LEARNING 1: There are an unlimited number of opportunities

 
At this stage I was ready to get involved, and I’d scouted a few alt coins that had good technical entry points approaching. Do I need to keep waiting for a good Bitcoin price even when there’s a good alt price? In short, if you’re confident enough about a trade, it doesn’t really matter what price you pay to get the BTC (or other major alt coin) needed to trade it, as long as you believe that your trade will outweigh any potential drop in Bitcoin’s value. If your trade goes up 100% and BTC’s value drops 50%, at that point you’re break even. Plus if you keep holding and BTC returns back to its previous value, now you’re in 100% profit. For me this meant that even after buying some Bitcoin at its ATH (all-time high) and having it correct over 40%, I was still in profit, because this particular trade was up over 100%. More on this later.
 
So I bought some Bitcoin! Not all at once – generally a decent strategy is called dollar-cost averaging. In essence, buying a little bit every week at whatever the price at the time is, so that your entry price averages out over time. A better strategy is to only buy if it’s at a good price, or when you need it for a trade setup – not just arbitrarily every week even if the price is high. But I digress, I had some Bitcoin now and I wanted to diversify. Time to buy some alts.
 

LEARNING 2: Every trade is a decision to have the coin you’re buying instead of the coin you’re using to buy it

 
If an alt coin is gaining value against Bitcoin, it’s better to be holding that alt coin than Bitcoin. And if it’s losing value against Bitcoin, you’d be better off keeping it as BTC. Simple, but easy to forget when you load up Coinmarketcap and see all of the price changes in USD. You’ve gone up by 4% today – great! But BTC went up 10%, so you’d have been better off holding BTC. Buying a coin is an active decision that you make to hold the coin you’re buying instead of the coin you’re selling for it, for the period of time until you close that position. So if I buy 1000 XEM using BTC, that XEM/BTC trade is me saying “I think that XEM will increase in value at a greater rate than BTC will”. If both of them increase in value but BTC does it faster, that was a sub-optimal decision.
 

LEARNING 3: Satoshis are your friend. Accumulate as many of them as possible

 
So how does one measure profit on a trade? It’s intuitive to think of it in fiat terms – how many £££ did I make? Something tangible. But really everything should be measured in the smallest unit of Bitcoin (1 satoshi = 0.00000001 BTC). It’s easier to migrate to this way of thinking if you think of your total investment as the total amount of BTC (or the other major alt coin) that you were able to buy with it. Say I invested £1000 in crypto, and with that I managed to buy 0.1 BTC – that’s my total investment. If I want to diversify and put 10% of that into each of my favourite alt coins, I’d buy 0.01 BTC worth of each of them. Let’s say Litecoin was one of them and I got 1 LTC for my 0.01 BTC. Litecoin’s rocket then fuelled up and started on its journey to the moon, and I decide to bank my profit. I now trade it back for 0.015 BTC. From 0.01 BTC to 0.015 BTC is a profit of 0.005 BTC, or 500,000 satoshis!
 
“But why not just measure it in £££ - that’s far less complicated?!”
 
Well here’s the kicker. Let’s say Bitcoin’s value plummeted over the course of that trade. I’ve got more BTC, but because the value of each one decreased, I may still have lost money. So does that mean that trade was a bad decision? Not at all. That trade was a decision between BTC and LTC, and you made the right call. LTC held its value better than BTC did, so you would have lost more if you didn’t take the trade. Profit measured in satoshis allows you to strip away the financial layer and answer the most important question – “was it a good decision to make that trade?” A gain in satoshis is always a win. A gain in £££ is not.
 
Taking that same scenario in which I’ve got an equal amount of my 10 favourite alt coins. Let’s say 9 out of 10 of them stay at exactly the same value, but the other one shoots to the moon on a lambo all the way to 100%. Woohoo! Shame that was only 1/10 of my portfolio - overall it’s worth 10% more now – but if I’d have invested all my money in that one coin I’d be up 100% overall. Now I’m certainly not advocating putting all your eggs in one basket. Rather, in reference to my previous learning, this helped me realised another very important point.
 

LEARNING 4: Understanding opportunity cost is a must

 
Any trade I make is not only a decision between the two coins I’m trading; it’s also a decision to buy that coin instead of any of the other coins I might be interested in. I have 0.1 BTC to spend and 10 alts I want to spend it on – should I just divide it equally? Not necessarily. If you’re super confident about a couple of them, but not so much on the others, spreading it equally doesn’t sound like such a good plan after all does it? Take your time analysing each trade / investment and rank them in order of confidence. In order of potential (risk:reward if you’re a trader). Invest more in the ones you’re more confident in. It’s a really basic point, but one that’s so often forgotten when there are so many exciting prospects out there. Holding a particular coin doesn’t just cost the price that you paid for it, it costs the opportunity to buy something else instead. One of the first things I learnt in trading was to cut your losers short and let your winners run. Why should crypto be any different? Even when you’re in a trade, every moment is an active decision to keep holding it instead of trading it for something else. Don’t blindly HODL hoping for a bad decision to improve, when there are better decisions you can take to re-coup that loss. Equally, don’t sell for a loss just because the value goes down. Re-analyse. Has anything changed? If every reason you had to buy it in the first place still applies, HODL. If something’s changed, including your confidence in it compared to other cryptos, consider switching it for a better opportunity.
 
So I learnt all of this in my first month – December 2017. Did I make optimal decisions all the time? Absolutely not, but with cryptos riding to all-time highs, my investors were very happy, as was I. It’s not often that you can get a 100% return on investment in just one month in a market. But it’s easy to profit in a bull market.
 

CHAPTER 3: It’s not all sunshine and lambos

 
It was around the end of December in which things started to get a bit too parabolic, and I was naturally suspicious of how long this could last. But you find yourself, inexperienced in a new market, eager to see how far you can ride the wave. The fear of missing out on further exponential gains becomes as much of a psychological challenge as taking a loss. In short, you get greedy. Highs that I had once been ecstatic with, a few days later became lows. I told my investors not to expect anything like this in future months. In my monthly summary I said “we are in perhaps the most bullish market the world has ever seen”, and I estimated that we had “a maximum of 1-2 more weeks to ride this momentum”. Prophetic, no? Well it’s easy to make predictions that come true – even a broken clock is right twice a day. What’s difficult is having enough conviction to take your own advice.
 

LEARNING 5: Make your rules and stick to them, no matter what

 
This is without a doubt the biggest thing I’ve learnt over the months. If one day you set yourself a target of £X profit – a level you’d be really happy to achieve, be that on a trade or overall – take it. Cash out as soon as you reach it and buy yourself something nice. Make it tangible. It’s easy for the world of online trading to feel gamified, but remember what you’re staking – this is real money. But it’s easier said than done. If you rise suddenly to that target I can tell you your first thought will be “whoa look at it go, I’m gonna see how much further it can get before I cash in”, rather than “mission accomplished, time to get out”. Humans are greedy. We want to take shortcuts – to our dreams, to wealth – but this isn’t a get rich quick scheme. If someone told you they could get you 10%/month gain on your savings (that triples your money every year) you’d probably bite their hand off. So why in crypto would you not be chuffed with 50%, or 20%, or 10%? Don’t move the goalposts. Decide in advance when to take profit and take it.
 
First off, it’s always a good idea to take out your initial investment at a level after which you’d be psychologically happy if the market goes down or up. For example, if I took out my initial investment (say £1000) when it went up 50% to £1500, and then the market went lunar and doubled the next month, I’d personally feel a bit annoyed at myself for not leaving more money in. That £1000 would’ve been £3000 had I kept it invested…shit. However if I took out my initial investment when it went up 200% - I’d now have £2000 left of my £3000 investment, and if it doubled the next month, I’d be happy with the stake I had remaining, not regretting my decision. That level can only be decided by you, based on your attitude towards risk. Obviously the higher that value is before you cash out your profits, the greater the risk you’re taking since it may never reach that level. Taking out your investment as soon as you’re happy to is a good move because from then on in you’re riding on pure profits. If the market were to crash to zero, you’d still be break even, so it’s much easier to detach yourself from the emotions involved (and we all know how emotional this market is). And if you’re a technical trader, rejoice at the fact that this market is hugely technical, and you can very often predict good levels to get out at – often doubled with buying back in cheaper. I highly recommend for everyone to spend some time learning to analyse charts - even at a basic level. It works. And for heaven's sake if you're day trading don't do what I did and "neglect" to apply basic trading principles like setting a stop loss and sizing each position at maximum ~1% risk. You can call it investing; you can call it speculative buying; but at the end of the day that's just gambling. Don't be lazy. Don't be wreckless. Apply what you've learnt in other markets - crypto is no different.
 
And for context, no I did not take my own advice. The correction shocked me. Not the fact that it happened, but the fact that it happened so hard and fast. At first I thought it was a healthy dip, and that the uptrend would resume soon enough – no reason to sell. But then the bears took over, and we were in a full on downwards movement. News emerged from South East Asia which caused a great deal of negative sentiment, and Bitcoin’s value tumbled (even when some of the speculation was later deemed invalid), and with that I realised how inherently linked to Bitcoin that all other cryptocurrencies are. You may dislike Bitcoin - the slow transactions; the high fees – but you can’t argue how critically important it is to this market.
 

LEARNING 6: 40+% market corrections are normal in crypto, but they still hurt

 
I neglected to mention earlier, but I have a background in trading forex. I understand market patterns, cyclicity and technical analysis such as Elliott Wave Theory and Fibonacci ratios. It is foolish to think that charts will continue indefinitely in a given direction – there will always be corrections and reversals. All through the correction we’ve started this year with, I have remained very optimistic. Nothing at all has changed to make any of the leading crypto projects less credible or via as future industry disruptors. This is why it’s important to do your own research on coins you invest in – so that you’re psychologically happy holding them long term through price corrections. But I’ll be honest, when Bitcoin broke down through several technical support levels a few days ago, I became apprehensive. Not even close to panic, or tempted to sell. After all I am investing long term, and I still see this as a requisite correction in a much larger up-trend. Or at least the upside potential of that outcome is comfortably worth the risk for me – it’s the opportunity of a lifetime. But even as an experienced trader, doubts can set in. All of the profits I had gained in month 1 were gone, and I have now slightly dipped into loss. As I say, I’m not selling, and my analysis is still very bullish. But HODLing is not always the best strategy.
 

LEARNING 7: When things are looking bearish, consider the trade to fiat

 
With the benefit of hindsight, and now having dedicated substantially more time to learning Elliot Wave Theory and studying crypto charts, there were a number of points at which you could have predicted a big ol’ correction was on the cards, before it fully developed. A quick ‘n dirty rule of thumb, for those of you who don’t know how to read charts, is: “Don’t buy into a parabolic market or at an all-time high – it’ll likely correct soon”. But I’d also like to add an addendum to what is a common mantra in the crypto community: “Buy the dip” – this is for day trading. If you’re intending to hold a coin long term, zoom right out and look at the entire coin’s price history. Wait for a macro scale correction, not a micro scale dip. A lot of people got excited the other day at Bitcoin rising 10% - I saw tonnes of calls saying “the correction is over” or “Bitcoin to the moon” – but when you zoom out, we’re still in a downtrend with room to go lower, and substantial resistance to get through before we can rise to new highs. Play the long game and look for long-term signals. And if you are in that subset of people who can predict an imminent correction, or indeed if you’re halfway through a correction with a good chance of it continuing, the best decision may well be to get out of the market until it’s over. Trade your positions back to fiat, and wait for clear recovery to the upside. It’s much more difficult to trade profitably in a down-trend. Most of us could have doubled our BTC holdings just by getting out of crypto before the correction and buying back in cheaper now. So make sure you have an exit plan. Know the steps that you’d need to take to get your money off exchanges / wallets and back into your bank account. Getting out of crypto doesn’t have to be a permanent move. There’s no harm in waiting things out until you’re confident again. After all, refer back to Learning 1 – there are always more opportunities.
 

CHAPTER 4: Moving forwards

 
At last, filled with learnings and plenty of inactive time spent refining my strategy, I’ve gone back to my technical analysis roots and really analysed why I’m in my positions.
 

LEARNING 8: Never stop analysing. You will make mistakes. Learn from them.

 
Does my portfolio need to be this diverse? Are my invested amounts proportional to my confidence in them? Probably not, so I’ve taken this opportunity to start shifting around. Don’t be precious about losses – losing is a natural part of trading – you only need one 10:1 winning trade to offset ten losing ones. So take some losses and make some mistakes. I’m sure glad I did, because it’s made me a much more confident and competent investor today.
 
And since everyone always looks around for opinions on the market, I will leave you with one bit of bullish technical insight on our King, Bitcoin. Basic Elliot Wave Theory says that markets move in ebbs and flows – 5 waves in the direction of the trend, followed by 3 waves of correction. And these waves are fractal in nature, meaning that a full 5-wave pattern forms a single larger wave within a higher degree pattern. All that being said, IF Bitcoin’s run up to its ATH in December constitutes a completed 5-wave pattern, we could consider that history as Wave 1 of a larger up-trend. Using Fibonacci extension ratios that appear in all markets (including crypto, very prominently, even with BTC), we can project the likely extensions of the Wave 3 that would come after we’re done correcting here. Based on analysis run by eSignal, a popular trading platform, the length of Wave 3 will likely reach either 1.62, 2.62 or 4.25 times the length of Wave 1. That means our Wave 3 high would take the price of a single Bitcoin to roughly $32,000, $64,000 or $98,000.
 
You can view these Elliot Wave Projections (in GBP) here
 
Technical analysis is very subjective, this is merely one possible outcome. But ask yourself, if you had the chance to invest in something with global reach that could make a 5x or even 10x return on your investment, what would you risk for that opportunity?
 
Thanks for taking the time to read, and I hope this helps some of you.
 
Happy investing, Andy
submitted by StrengthGoals to CryptoCurrency [link] [comments]

[Table] IAmA Goldman Sachs Investment Banker AMAA

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Date: 2013-01-12
Link to submission (Has self-text)
Link to my post
Questions Answers
I have a good friend who is a VP at your firm . They blamed the entire Financial crisis on ' poor people who could not afford their mortgages ' they said this was pretty much he opinion among the investment banks . How do you feel about what happened to Greece and Goldmans hand in it ? That is not true. Opinion is very much split within the investment banks and there is no right or wrong answer. I personally don't believe at all that the crisis was caused by 'poor people' - and I don't like that sort of categorization of people in the first place. There are perhaps 15/20 different institutions you could blame for the crisis, there's no way of isolating individuals. I'm not sure what exactly you think GS's hand in the Greece affair was. Of course it's a sad story and I feel remorseful - I recently donated £50,000 at a charity ball to help rebuild one of the islands which has almost been burned to the ground. But ultimately Greece employed GS at the time because they wanted to fudge their finances so as to meet entry requirements for the Euro i.e. the greek government was knowingly employing GS to help perform an extremely risky task - GS didn't force anything upon them. If the experiment explodes 10 years later (as it did), should GS really be the party to blame?
The next day, you are flipping through television channels and randomly come across a pre-season CFL game between the Toronto Argonauts and the Saskatchewan Roughriders. Knowing your inevitable future, do you now watch it? Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name.
I love seeing the ignorance that emerges in these AMA's relating to investment bankers. I am really interested in a career in either IB or Consulting, have a few questions for you. Thank you to fletch below for answering this question.
1) How did you cope with the hours? I like working hard, I like working for my money but I also like enjoying free time and having a social life. When working a 100 hours as an analyst that would certainly have to suffer 2)What were you academic results like through your degree? I'm currently in my second year and will be realistically looking at 2.2, 2.2, 2.1 and 2.1 (years 1-4). This summer I'd hope to get an accountancy internship in one of the big 4 followed by an internship next year in one of the large IBs. I know there's more to a candidate than solely their academic credentials + internship but would this stand me well for a BB in London? (Top Irish university, undergrad will be in Business and French) 3) What is it that makes you enjoy this job? I know the paycheck is certainly a bonus but you've said there's more to it than that? Whatever your breakdown between modules is, you need a 2.1 overall. Even if your average is 60% or 61%, that's enough to get you past the minimum requirements and through to interviews. After that it's up to you - they'll take someone with a good business mind and strong communications skills irrespective of whether they average 60 or 78 or 92. I disagree with him. My job is extremely rewarding and i wouldn't swap it for any other industry at the moment. If you want evidence of people enjoying their jobs look at the number of years they spend at their respective firms. Most of the partners at GS are 'home-grown' and have spent 20/30 years sweating away but don't regret it for a second.
Do you realize that in countries like Spain you're seen as an evil person that only wants to get profit and don't have any soul or feelings and probably kicks puppies for fun? If so, how do you feel about it? Yes and understand their anger but it should be re-directed to politicians!
Proof? and of course... how much did you make in 2012 approximately? Approx 600k. How do upload proof e.g. photo evidence?
Sorry, new to reddit!
Do you have free ticket for me? Always looking for handouts. What is it young people say, lolz??
I'm very curious of your opinion of Secretary Geithner's role in LIBOR. Do you think he was guilty? innocent? Thanks! LIBOR scandal is way too complicated to explain at 2.30 am after a few beers. Many active players are implicated and i think he will be seen in the wrong eventually like many others.
What hours do you work? Approx 80 hours a week not incl. flight time I go to festivals in Europe but would love to go it. Do you have free ticket for me?
If the concept and idea of a monetary system was replaced with something better (hypothetically) what would you do? As in for a career or what not since now you are jobless. Resources will always be scarce so someone will have to ensure an optimal allocation. There will always be a market of some kind whether it be a public market or an internal government one.
Hypothetically we could have unlimited power, molecular production, and master matteenergy conversion. Would that change your answer? Good interview question. I'll keep it in mind.
In your view, are there any regulations that could meaningfully alter the moral hazard typified by the 2008-2009 bailout of the financial sector? If so, what might they be? And if not, to what extent does regulatory capture play a role? Regulatory capture is a seriously problem not just in banking e.g. also in the energy business. How do you reduce it? It won't happen unless the public demand it, as everyone with power tends to benefit from it and so they won't make meaningful steps to change anything, i.e. its a win win situation for government and business. However it needs more than just 'occupy movements' but rather i am talking the mass voter population.
Have you seen @gselevator on twitter? if so have you ever contributed/is it legit? Haha yes i have seen it and no its not legit, well at least i think its not. Seriously though the elevator chats can be quite entertaining and revealing.
Do you use a mouse when you work on excel? Are you joking?
No.
In your opinion, do you think the money you make is worth the hell that you go through to make it? I love my job and so i am lucky that the money is not the only motivator.
But yes i love checking my bank balance at an atm.
How can i break into finance with a sub-par gpa? Network and try non BB firms.
A company founded by 100 duck sized horses. or A company founded by 1 horse sized duck? 100 duck sized horses every time. Basic risk management theory - don't put all your eggs in one basket. If that 1 horse sized duck isn't exceptional, your business is going down the tubes.
Prior to the collapse, did you have any idea what was about to happen? It was getting obvious that there was a bubble, but never predicted how great the fallout would be and that in 2013 we would still be suffering
What do you do day to day? I work in the energy field in Europe but don't want to get too specific. Day to day we advise natural resource companies on all things financial such as m&a and financing strategy and then execute on their behalf. So I am on the corporate finance side rather than sales and trading. However I work closely with the syndication and sales guys such as if we are executing an IPO or a follow-on share offering.
I have a buddy who's small but established clean tech company needs money building biodiesel manufacturing plants around the US that run off garbage and wood chips. The technology is actually coming from a company based in Sweden. Can you help him on the money side? Send me a link to their website.
I find clean tech very interesting.
How did you get your job? Did a summer internship then got FT conversion.
What college did you go to? I went to LSE (university in the UK)
What jobs did you work before getting this one? Did another internship whilst at university at an oil company.
At what age did you get this job? 22.
I hear the GS company culture is like " a frat on steriods" true or false? False more than true but depends on team.
Is it as cut throat as I have heard with the bottom 50% of people getting sacked each year to make way for new guys who will probably be sacked the year after? Bottom 5% is more accurate. 7-8% in a bad year, 3-4% in a good year. It's a fine line between 'cut throat' and having a 'healthy competitive atmosphere'. But we'd be out of business very quickly if we kept firing half of our staff every year...
Is there any stock I should look into in 2013? Long term or short term. Short term- African Barrick Gold. The chinese walked away and so the share price plunged and despite serious operational issues, the massive drop has presented a golden buying opportunity.
Long term- anything to avoid inflation, inflation scares the crap out of me and is going to be a big problem in the Uk and elsewhere in the future.
Also buy into soft commodity boom e.g. meat in africa, think zambeef etc if you can find an attractive entry point.
What's the best preparation for an interview with an i-bank? I'm over here in the states and come from a non-target. Read WSO, the forums are full of useful hints and tips especially for non target guys. Depending on what area you are applying for, make sure you know some really good examples and stock pitches as it is amazing how many candidates lack knowledge e.g. if applying for ECM for god sakes know some of the recent IPO's and likewise for equity research have good stock pitches and have conviction when presenting. Best of luck!
How important is your undergrad majogpa I'm double majoring in Econ/Conflict resolution studies with a possible minor in poly sci (depending on how the credits work out) I got a 3.9 gpa last semester but it only brought my overall gpa to a 2.4 because fuck klonopin. I should have at least a 3.0 by graduation, but I'm wondering its worth it to pay for and retake my first semester. Can I have $373 dollars? :D :D I promise only to get moderately drunk with this money. Sorry, a lot of questions, thanks for answering. Oh also, one last thing, all else being equal, is calc I enough math to apply for analyst job? or do I need more? Undergrad course choice is not that important for IBD but obviously for more quant roles you need maths skills Again i am sorry but i am not very clued up on GPA Ok i give you money but first you have to register yourself as a charity so that you can gift aid it and get much more!
Where did you go to college? LSE.
As an undergrad? How hard was it? I hear it's very difficult. Yes, undergrad.
Harder than most places depending on your course. Especially as you are competing with loads of kids from Asia who do extra calculus to relax.
How do you see regulation affecting the overall banking culture? Everything I have been reading and what people have been saying is that the culture is changing. Have you been seeing this? I recommend reading "The Culture of Success" by Lisa Endlich.
Also how do you like the goldman culture? Regulation is hurting us...but: Link to business.financialpost.com
How much total did you make in each of your years at the firm? I don't want to get into specifics.
But for your first three years as an analyst roughly 50k-70k (£ not $)
As an associate 120k-160k.
After that the numbers get exciting.
What tools do you use on a regular basis? Excel, Outlook, Excel, Outlook, Excel, Outlook...powerpoint.
What is the biggest reward of working in IB? Where I study, students with high grades are pushed to chase the prestigious internships firms like GS, MS, etc offer. Their reasoning why they chase these jobs is that they think it is the highest (prestige) in finance they can go or are attracted by the money. It seems shallow to me. What does IB offer that makes your career personally fulfilling? Why didn't you choose to work elsewhere? I find what i do at the front end of the energy sector fascinating. If your interested in business or globalisation or other similiar areas then IBD is pretty much at the cutting edge of it.
Thanks for the reply! When you were first starting out at GS, were you able to balance a personal life aside from your work? Has it gotten easier as you have gained more experience? Would you recommend IB as a field to pursue to your own children today? Thanks again! I'd say during my first 3 years as an analyst the 'balance' was almost non-existent i.e. i was regularly working 100+ hours/week. Since then it's become easier year by year and i think that's true for most. And yes certainly i would encourage my children to pursue it - not that i have any yet.
Where did you go to uni what was your gpa? how many physics majors work their? did you start off as an intern? sorry for rapid firing questions. LSE (london school of economics) - first class honours but don't know how that translates into GPA.
I know only 3/4 physics majors in the office at the moment.
Yes started as an intern.
Do banker run the world? how much political influence do they really have? It works two ways. Some bankers have their fingers in politics in a way they perhaps shouldn't. But equally many politicians have their fingers in banking and can force our hands.
How hard is it for a non ivy leager studying finance to get an entry level job at GS? what about internships? Tough. But with enough internship experience beforehand it's possible.
What do you think of Forex? Would you ever trade on it with your personal money? Difficult to answer - you can trade forex in a million different ways - some ways are more interesting than others. I don't personally trade it, but others forge a very successful career out of it.
What was your bets investment in? (If that's how it works) That's not really my role in IBD.
But outside GS I invested in the Shanghai property market a decade ago or so. My 4 flats there are now worth 10-12 times what they were worth then.
WTF caused the 2010 flash crash? Good question. Nobody knows for sure.
From the link you've provided, I find no.2 the most plausible explanation. But I would also add 6. UBS did something stupid again.
As hardcore capitalists what is your feeling about (management of) banks that seem to live under the impression that profits are for a happy few while losses should be carried by tax-payers? That's not what I believe at all.
And by the way all of us are tax payers too. The top 5% contribute approx. 50% of the government's taxation revenue. So if losses are being 'carried by tax-payers' - that doesn't exclude people in the banking industry by any means.
Matt Levin at Dealbreaker (former GS guy) describes Investment Bankers as "Travelling money salesmen". Do you feel that this description is apt? The operative word in your question is 'former'
Do you think that's how he described investment bankers whilst he was still with the firm?
People tend to get very bitter and sensitive after they get fired. See Gregg Smith for further evidence..
Is an MBA necessary to be competitive when looking for a job or is a B. Comm enough to compete with others when looking for jobs in the industry? Depends on what entry point - if you do an mba then you apply for associate entry whereas b.comm is an undergrad degree and so you apply for analyst roles. If you do a b.comm at a top university/college and get some internships then you should be well placed. Good luck!
Do any of your co-workers frequent Reddit? I imagine less than 0.1%.
Then again 2 people on this feed at least have claimed to be my co-workers, so who knows...
Since you're new to Reddit, what made you want to do an ama here? I'd like to alter the public perception of bankers - not all of us are the obnoxious greedy individuals you read about in the media.
I'm also extremely interested in hearing what non-finance people see as our key economic issues at the moment - this seemed a good way to find out.
Proof? How do i upload photos? i will upload photo proof. Sorry not very experienced with reddit!
I am a senior in high school and I am interested in majoring in either accounting or finance, but I don't think I know enough about either career path to make the best decision, can you explain the large differences the two paths I would go down depending on major, or any advice that may influence my decision that I would not know at this point? What you choose to study doesn't necessarily determine the industry you'll end up in. We have guys in the office who studied history, languages, even medicine. Just go for what interests you the most and focus on getting high marks.
Curious as to what kind of degree you hold/what was your GPA in college? BSc. Economics degree from LSE. First class honours, don't know about gpa
I used to work for the swiss banks and swiss stock market indirectly, and have a few friends in the banking business, including GS and Nakamura in London. What is your personall opinion on prostitution, cocaine, and medication misusage in your business? Also, also what is your stance on GS' questionable involvment in Backpage.com? With regards to backpage.com, the guys on the deal did not do their KYC checks properly. KYC checks are crucial for banks- your reputation and future success is more important than any single customer. Look up riggs bank and the Obiang family and then you'll see!
Possible. But realistically those kind of excuses are given no matter what really happened. For a company as big and powerful as GS I can only take it with a grain of salt. Are you content in the way GS does business from a moral point of view? It's either a pinch of salt, or a grain of sand...
Thanks. I'm not a native english speaker and have not used it regularly for years, so it's gotten pretty shit. Any chance you answer the other questions? Yes, apologies. I think some of our deals have been morally reprehensible in the past. The same goes for any major investment bank. But i think we've done a very good job in 'cleaning up our act' over the past few years and the public has played a large part in that. With any luck we will see a much healthier banking industry soon.
How accurate is what is said on the Twitter handle @GSElevator? It's grossly exaggerated, but not entirely inaccurate...
You guys got trolled hard. A GS IBD guy not knowing how to upload something to the internet? Seriously wtf. Probably some guy from wso who wanted to feel like he was "in". Link to i.imgur.com Just doing some work now! Link to i.imgur.com In case you wondered what Lloyd's signature looked like.
Is there anyway you can help me out, connections or anything, someone I should talk to to get a interview? Can you interview me, I shall forward you my resume! Private message me and we will discuss. Sure i can help you out. I know how tough it is for you guys who are trying to get in!
Any thoughts on the MSI/SSG mini-scandal this week? Yes but won't comment.
Very hush hush.
I also work for GS. Which building are you in? I'm based in PBC. Also IBD, North. Would do an AMA and provide proof. I'm in PBC too, moved from RC quite a few years ago. I'm not sure exactly what sort of proof i'm supposed to provide...?
Would you say you were groomed for this kind of work from a young age? LSE is an elite school. Did you go to elite private schools growing up or were you an exceptional student at a normal school? Yes, Jimmy groomed me from four years old
Do you like your job, or should i say career? Yes. If i did not then i would go and sail around the world again.
From your experience, how relevant is CFA nowdays? Definitely worth doing.
How large was your Xmas bonus and did it get taxed over 50%? See below - total comp was c.600k and yes taxed above 50%
You said in other replies that you were 22 when you got this job and make 600K now. How old are you now, and how long did it take you to get the that salary level? Is it all commission? Was analyst at 22 and then moved up the ranks. Just turned 30, feeling old now!.
Can you give some insight on the business model of Investment banking? (I have no clue to be honest) . And what does a portfolio manager do exactly? Portfolio manager is not IBD. He/she would work in investment management e.g. for blackrock or GSAM or a hedge fund.
I'm currently writing a thesis on the future of rentierism in the gulf with an emphasis on Saudi Arabia. I don't have much of an economic background apart from this, but the international energy market is obviously important to my research. Can you recommend any good (preferably free or low cost) primers and newsletters on the subject? Hmm there are many on energy market but not too sure about rentier specific ones. Will have a think. I did my university thesis on Saudi and so will have a dig around.
How do you live with yourself? Knowing that the company that you work for doesn't give a fuck about you or anybody. All they care about is money. They have ruined america many times over. Seriously, how do you live with yourself? Actually our business is dependent on America and more importantly the rest of the world's prosperity. So actually our interests are nicely aligned.
Link to www.rollingstone.com. Seems to me like your bosses and former bosses don't give a flying fuck about anyone but themselves. Can you name one good thing Sachs has done since you have been there? I think you meant 'don't give a flying fuck" in your comment.
Do you happen to work with quantitative analysts? Depends which deal we are working on. Sometimes we need them, other times we don't.
What's your retirement savings invested in? Property (international and uk), shares mainly through tax efficient ways e.g. isa and EIS, pensions and artwork.
No swiss bank account i am afraid.
"The first thing you'll realize is that they are extremely disciplined. You would never come across a Goldman employee, who would, after two or three beers, say "My colleagues are a bunch of dickheads" From Money and Power William D Cohan. What do you have to say about this? I agree with it.
What advice would you give someone who is interested in going into finance and is currently in university. What would you have liked to do in your time spent at LSE now looking back? Party more! You only live once. You can have that advice for free.
Thanks for the AMA. Do you know anybody I could speak with regarding interviewing and internship opportunities? Private message me.
Doing an AMAA are you putting your job at risk for releasing company secrets/opinions whatever? I've not released a single company secret.
Edit: added an A to AMA. There's nothing in my contract to say I can't express my own opinions.
What do the hopes and dreams of Americans taste like? Raspberry sorbet, in my opinion
What is your feeling on the separation of traditional banking and investment banking as is proposed by the FSA? I think overall it's sensible - Barclays being the best example of why they should be separated.
At GS specifically of course we're not involved in traditional retail banking at all so it's not the most pressing issue for us at the moment.
You mentioned 80 hour work weeks. Could you explain the timeline for your typical work day. Do you work 7 days per week? Is your work more project based where you go non stop and have some time off between projects? There's no typical working day - some days are 18 hours and others are 12. Depends entirely what stage of a deal we are at. Generally I work 5/6 days a week, but keep in email contact with the office 24/7.
Yes, entirely project based. But if we are doing our jobs properly there's not much 'time off' in between.
I'm currently on target for a 2:1 or a first at university in my economics degree. But due to a slight hiccup in my a-levels, in which i got A* A C, still managed to go to a top 10 university but do they look at the C, which was in maths. Your university grades are definitely more important. If you do well in a mathematical module at uni that will allay any fears they have about an A-level grade.
Do they look at a-level grades and expect a minimum maths grade? I'm not bad at maths by any means, just an unfortunate anomaly in the exam season. Which uni are you at and what do you study?
Manchester and economics BA - but i have econometric modules and another mathematical module for 2nd year. Any chance of switching it to a BSc? Immediately reassures employers about your quantitative skills..
Hello there, first of all I want to thank you for doing this AMA. I am a dutch college student and currently I'm writing an essay about the BRIC countries. I used your book to write down predictions of their economic future, and I'd like to ask: did you participate in writing that book? Are you referring to Jim O'Neill's book? I have a copy on my desk, but no I wasn't involved in writing it.
What do the guys at GS think about @gselevator? See same q&a earlier on!
How often do interns get recommended to come back? In a good year, approx. 50% of an intern class will get hired.
In a bad year (2008 for example) perhaps only 10% or 20%
Any opinion on Nautilus Minerals? Can't comment on that company i am afraid.
How do you feel about manipulating the currency markets to screw over the average retail trader? I don't know what you are talking about.
Have you ever seen American Psycho? Yes.
I am going to copy and paste this in an email and send it around my team. You will famous at the firm, well at least in my team in london anyway! Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name. That would also be an awesome interview question! And i give them 5 secs to answer.
I highly doubt GS interns work for free. I've almost never heard of an internship in finance that didn't pay -- most firms I've encountered usually pay the same base wage as the first year full timer positions you are interning for. Interns in front office at GS in london get circa £42k pro rata. So not bad for a summer job and remember no tax as they are below threshold across the year!
Gold Mansachs. Not sure about that one.
I prefer Goldman Snachs, the name of our canteen.
Yes, Jimmy groomed me from four years old But yes went to a private boarding school before. Widening the diversity of applicants in IB is a key target for HCM.
What is the future of investment banking in a new world order where both governments and the people are fed up with the excesses that led us into this credit crisis. The industry is always evolving, that's what makes it an exciting industry to be in. I imagine it will take us a good few years to fully regain the trust of certain clients, but ultimately if this whole saga causes us to readdress our methods and practices to improve our service then in the long run it's a positive outcome.
PS. Do you not think people should be fed up with the governments too, as well as the banks?
Not OP but I can answer this as a 2012 intern who got converted for Programming. A Math degree is a good +. There are 2 ways. Either join in as a programmer, show your merit and change departments, ie move to Quant side. Other option is to get a MBA, and join the I-Banking dept you want. What's your name?
Do you have any books or resources you'd recommend the layman for learning investment skills (i.e. the wealthy barber) I ask because i feel there is a lot of crap out there and would like to genuinely learn. I have never heard of the wealthy barber.
Last updated: 2013-01-16 15:54 UTC
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Weekly Roundup | Random Chat | Notifications

News roundup for the previous week.
In International news
  1. Feature: U.S. dignitaries say U.S., China must keep good relations to benefit world
  2. 'Serious' hack attacks from China targeting UK firms: The gang behind the attacks has compromised technology service firms and plans to use them as a proxy for attacks, security firms have said
  3. Americans' concerns about China: ranked
  4. China donated 12,173 tonnes of rice to Zimbabwe to assist vulnerable people that were affected by drought which wreaked havoc last year. In 2016, China already donated 19,000 tonnes of rice which had been distributed to the needy throughout the country
  5. China, South Korea discuss more sanctions on North Korea amid talk of Trump action
  6. Freight train to leave Britain on long haul for China
  7. Blackwater founder Erik Prince eyes opportunities with China
  8. China’s National Space Administration Secretary-General Yulong Tian says that China is contemplating developing cooperation with Russia with respect to space debris
  9. American-Chinese Lady's Dream of Attending Tsinghua: Those who were born in America should know their roots and identify themselves as Chinese because they will not get lost, feel ashamed or reject their motherland's culture in the crisis of identity of American society, Tan concluded
  10. Racist United Airline Overbooked Flight, Forcibly Removes Asian Doctor and His Wife For No Reason Other Than to Free up Seats (United - has acknowledged that the man's only apparent crime was that the flight was overbooked and he refused to leave voluntarily)
  11. Boy, two, and parents suffer burns after acid attack in north London
  12. Russia may abandon International Space Station to join forces with China
  13. A consortium of Chinese and Indonesian firms on Tuesday signed a contract with KCIC, a firm tasked with monitoring the high-speed train project linking Jakarta to Bandung, unveiling the construction phase of the project
  14. China warns against using military force in Syria
  15. United Passenger's Violent Removal Sparks Outrage In China: Images of a bloodied passenger being forcibly removed from a United Airlines flight in Chicago drew widespread condemnation in China following a witnesses' report that the man said he was targeted because he was Chinese
  16. Chinese Lives Matter Petition Becoming Viral in the Overseas Chinese Community
  17. China and Norway resume free trade negotiations after diplomatic freeze: The memorandum of understanding was one of six pacts covering cooperation on economic development, technology, health, science and sport
  18. Russia and China Finding Ways to Avoid the U.S. Dollar: The Central Bank of Russia opened its first overseas office in Beijing. ICBC established a clearing bank in Moscow to handle transactions in Chinese currency. Russia is preparing to issue its first federal loan bonds in Chinese currency
  19. Many in China think doctor was dragged off because he was Asian. 'United Airlines just randomly chose an Asian? It’s blatant racial discrimination' 'a perfect illustration' of human rights in the US. 'I am going to tell you a joke: America is the country with the best human rights'
  20. Chinese social media continues to rage at United, and the airline may face real fallout
  21. China tells US to resolve Korea tensions peacefully
  22. China commits US$60bn to Africa
  23. China warns India over Dalai's visit to disputed area
  24. China Might Bomb North Korea If It Crosses Beijing’s ‘Bottom Line’
  25. Trump, in an interview with the Wall Street Journal on Wednesday, appeared to acknowledge that China hasn’t been intervening to weaken its currency recently. “They’re not currency manipulators," he said. (finally we can move on from this made up/outdated fight)
  26. Trump says he told Xi how he bombed Syria over ‘most beautiful piece of cake’: says that he was faced with a dilemma – whether to inform Xi. “What does he do, finish his dessert and go home and then they say, you know, the guy you just had dinner with just attacked a country?” Trump mused
  27. Trump claims China has turned back N. Korean coal ships, lauds it as 'big step': "The vast amount of coal that comes out of North Korea going to China, they've turned back the boats. That's a big step, and they have many other steps that I know about."
  28. Chinese premier holds talks with Sao Tome and Principe counterpart on cooperation
  29. Lukashenko: Belarus is ready to increase food supplies to China's Hunan Province
  30. China publicly criticises US missile strike on Syria
  31. China, Sri Lanka vow to deepen cooperation to further develop strategic cooperative partnership
  32. Russian-Chinese Joint Ventures in Russia’s Far East, Arctic: An integral element in increasing bilateral trade will be the increased maritime transit of goods and hydrocarbon resources by developing Russia’s merchant marine infrastructure
  33. Russian President Vladimir Putin confirmed his plans to visit China in May to take part in the "One Belt, One Road" forum in Beijing
  34. White House: China Abstained From UN Vote on Syria Thanks to Trump-Xi
  35. The 10 minutes with Xi Jinping that changed Donald Trump’s mind on North Korea
  36. First rail freight service to China departs UK: British goods including soft drinks, vitamins and baby products are in the 30 containers carried by the train, which will be a regular service. The train will pass through 7 other countries before arriving on 27 April
  37. Chinese FM: Political settlement is only reliable and right way to solve crisis in Syria
  38. Belarus' cooperation with Hunan Province hailed as example to follow
  39. "There can be no winners in an armed conflict between the U.S. and North Korea over Pyongyang's nuclear weapons and missile programs, Chinese Foreign Minister Wang Yi said Friday [14 April 2017], while pledging China's support for any attempts at dialogue between the sides."
  40. In the Travel and Tourism Competitiveness Report 2017, China ranked 15 among 136 countries in 14 dimensions, up two spots
  41. China seeks Russia's help to 'cool' N. Korea situation
  42. China says deal reached at last with Myanmar on oil pipeline
  43. Foreign Minister statement on Korea situation. Check out the comments.
In Domestic news
  1. China anti-graft body investigating chief insurance regulator
  2. Beijing to reward informants on spying
  3. Luxembourg Consulate Staff tries to physically assault old Chinese man in Shanghai
  4. China emerges as digital rights champion with new info privacy law
  5. President Xi meets incoming HKSAR chief executive
  6. JD.com to build 150 airports in China for drone delivery: Drone delivery would help reduce the freight costs by 70 percent. It said its drones, which can carry 50 kilograms of parcels, have been put into use and drones that can carry 500 kilograms are in the pipeline
  7. Graph: Finding China's missing girls who show up in the census years -- sometimes decades -- after birth
  8. China raises pensions amid pressure from slowing economy, aging population
  9. China Focus: Xiongan's key role is to receive Beijing's non-capital functions: vice premier
In SciTech news
  1. The Top 10 Artificial Intelligence Startups in China
  2. Self-charging robots sorting system helps Chinese delivery firm finish at least 200k packages a day in the warehouse
  3. Seaweed: From superfood to superconductor. Yang, currently at Qingdao University, worked with colleagues at Qingdao University and at Los Alamos National Laboratory in the U.S. to make porous carbon nanofibers from seaweed extract
  4. Squishy robotic manta ray flaps its wings to spy in the ocean: The goal is to use the robot to explore underwater areas, says Tiefeng Li at Zhejiang University in Hangzhou, China. “The soft body will make it easy for the robot to sneak through reefs without damaging them,”
  5. Geek Culture Could Teach Americans About Chinese Technology, Says Technopreneur: According to Zhang, being called a geek is a compliment in China as someone who is "super cool" and knowledgeable about technology, and doesn't mean being weird or socially awkward
  6. Baidu, Alibaba, Tencent advance China’s AI development goals, says Microsoft research head. The mainland may be closing in on the US in developing AI, led by its three main internet firms, says Harry Shum Heung-yeung, executive vice-president for the artificial intelligence and research group
  7. China Emerges as Powerhouse for Biotech Drugs
  8. China launches 1st high-throughput communications satellite
  9. Legion Y520 Review - Lenovo's Best Laptop For $850 (Dave Lee review)
  10. Researchers in China and US made a new viral tracking tool by encapsulating HIV-1 in fluorescent quantum dots to observe how the virus enters macrophages at the single particle level in live cells. Technique may help in development of inhibitors that stop HIV from entering macrophages altogether.
  11. Chuwi Hi13: First Look at the Windows 10 2-in-1 with Surface Book Display
  12. SpaceX doesn’t scare Asia’s space players
  13. Google AI's AlphaGo to face Chinese teen in May - Science & Tech
  14. China’s Desert Hamsters on Medicine’s Front Line: The humble Chinese hamster has played a vital role in medical advances for more than a century, thanks to its biological makeup
In Economic news
  1. The bulls are back after China kicks off 2017 with strength: "There's been this cyclical recovery — China's in an easing mode … It shows up in the economic numbers, and it shows up in many company earnings reports," said Brendan Ahern, chief investment officer at Krane Funds Advisors
  2. America owes China $1tn. That's a problem for Beijing, and Trump knows it
  3. U.S. and European regulators have cleared ChemChina's proposed $43 billion acquisition of Swiss agribusiness giant Syngenta on condition it sells some businesses to satisfy anti-monopoly objections
  4. Ballpoint pens and the danger of China’s ‘one-dragon’ policy
  5. The Next Time Americans Want To Believe They Have Free Markets, Remind Them of United Airlines
  6. The surprising rise of China as IP powerhouse
  7. US firms cashing in on China's shift to consumer economy
  8. China is investing in Silicon Valley start-ups with military applications at such a rapid rate that the United States government needs tougher controls to stem the transfer of some of America’s most promising technologies, a Pentagon report says
  9. WhatsApp looks to copy China's Tencent-owned WeChat
  10. Why Trump won't be branding China a currency cheater
  11. China Focus: China's consumer inflation steady amid firming economy
  12. China Focus: Chinese companies come, hiring more locals in U.S.: Chinese investment in the U.S. outstripped U.S. investment in China for the first time in 2015, according to the Rhodium Group. Chinese investment has supported about 104,000 jobs in the United States
  13. China's forex reserves rise for second month in a row: concerns about capital outflows have receded lately, with the Chinese economy on a firmer footing, supported by a string of upbeat data including industrial profits, factory activity and fixed asset investment
  14. Trump won't label China a currency manipulator
  15. U.S. business leaders see benefits from strong trade ties with China
  16. China’s top maker of air conditioners breezes into Brazil’s economy and society
  17. Beijing thinking big on switch to a big data economy: Ministry pushes five-year plan to develop big data into a trillion-yuan industry. The target is for the big data industry, including related goods and services, to exceed 1 trillion yuan (US$144 billion) in revenue by 2020
  18. How Oppo, Vivo and xiaomi conquered India (OPPO、vivo和小米们如何夺取印度半壁江山?)
  19. Korea, China, Japan to hold new round of free trade talks
  20. U.S. Treasury says China does not manipulate its currency
  21. China’s Global Solar Business Shakes Foreign Competitors: China’s relentless pursuit to become self-dependent on sophisticated industries, such as solar panel systems, have left foreign competitors and even smaller-scale Chinese businesses in the dust
In Military news
  1. Thailand to buy more Chinese tanks, reportedly for $58M: According to Thai government spokesman Sansern Kaewkamnerd, the cabinet has approved the acquisition of 10 more VT4 main battle tanks designed and built by China’s Norinco
  2. China and US agree to top military talks to head off close armed encounters: New mechanism between Chinese and US armed forces could ease Beijing’s suspicions about US moves, analyst says
  3. China and Russia are Catching Up to the U.S. Military: America’s enemies are rapidly catching up and in some cases exceeding the United States in terms of military technology, according to senior U.S. Navy official Rear Adm. Mark Darrah
  4. US racing China to develop hypersonic attack drones by 2040
  5. China is testing its new PL-15 long-range air-to-air missile (LRAAM) designed to shoot down defenseless U.S. Air Force and U.S. Navy aerial tankers and airborne early warning and control aircraft (AEW&C) from as far away as 300 kilometers
  6. China Takes Wraps Off National Hypersonic Plan
  7. Chinese armed police hold anti-terror drill in Xinjiang
  8. SOUTHCOM Tidd: Russia, Iran and China Expanding Influence in Central, South America. Russia, China and Iran are increasing interest in Central and South America, especially Moscow’s renewed focus on Nicaragua, the head of U.S. Southern Command told the Senate
  9. China Coast Guard vessels patrol Diaoyu Islands on Fri, the 10th time this year
Other Notables
  1. Demolishing Dalian: China's 'Russian' city is erasing its heritage – in pictures
  2. DJI - M200 – Search and Rescue in Extreme Environments
  3. Driving under the rainbow! Watch China's first and only rainbow tunnel
  4. Ancient Chinese tomb-sweeping festival goes hi-tech: If you can't get to the grave yourself, staff at the Yuhuatai Gongdeyuan cemetery will clean tombs and place bouquets for paying clients, who watch the ritual via a livestream on the Wechat app instead
  5. Shanghai past and present
  6. High Profile Korean-Chinese Movie coproduction is a scifi set to release June 30th in China - Starring Yang Mi, Wallace Huo, Produced by Jackie Chan
  7. Westerners oughtn’t to criticize China for its ‘fake cities’: hypocrisy in the way Western media approaches "duplitecture". Core neighborhoods within Manhattan Island owe their architecture to Mannheim, Germany. Try and tell apart the central districts of Buenos Aires, Argentina from Madrid, Spain
  8. The Chinese engineer who mined an American life in Hibbing: In 1914 Wen Ping Pan became the first Chinese student at UofM. Met his wife Mae Humm, who was half-Irish like his mother. She retained an Irish temper and a talent for gab. As a result, she did most of the talking in their 63 yr marriage
  9. 3-part online low-key documentary series looking at different lives in China. First part features Wuhan and punk band SMZB.
  10. Is Hong Kong less free now than under British colonial rule?
  11. Goddess Ivanka continues to win the hearts of Chinese people as she began teaching Mandarin Chinese to Theodore, her youngest son. The boy began his Mandarin lessons just a week following his first birthday
  12. The Mercury Rivers of Emperor Qin Shi Huang
  13. The Chinese engineer who mined an American life on Minnesota's Iron Range
  14. Parcel sorting facility in China
  15. China and The Troubling Idealization of Ivanka
  16. Xiongan New Area to be Shenzhen of the north
  17. China's New World Order - the new Silk Road
  18. Why The NY Time’s Title of ‘Goddess Ivanka’ Is Misleading
  19. The Lionsgate movie “Power Rangers” got the approval of China’s censor for theatrical release on May 12 even if it has a gay character
  20. A Chinese bank employee is being hailed as a hero after risking his life to save a female customer from a robber who put a knife to her neck
  21. Unfettered online hate speech fuels Islamophobia in China.
  22. 汉服音乐微电影 汉家衣裳 超清
  23. Xiongan construction expected to drive up China steel market
  24. China's Xiongan New Area: Protecting environments a major task
  25. White Mainstream Media Goes On The Offensive Against Critics of United Airlines
  26. Success of China behind the growing allure of authoritarianism: the economic successes of China and some other countries may have helped create an underlying crisis of confidence in liberal ideas and values
  27. What does the Hong Kong Sevens have to do with Hongkongers?
  28. Thoughts on article about British Colonialism holding India Back? How did China overcome the Century of Humiliation while the British Raj's legacy still looms over India?
  29. Taiwanese music festival
  30. Foreign girls and their Chinese Mr. Right: Confronted with failure in College Entrance Examination Mei Aisi went to Ukraine for study
  31. What Would Have Happened If China Didn't Develop Nuclear Weapons?
  32. Child prodigy from Sale scores highest possible IQ score, beating Einstein and Hawking (From Messenger Newspapers)
  33. Discussion: Do you think the current escalation in the Korean Peninsula could possibly end up becoming a big boon to China?
  34. Chinese explorer's incredible arctic journey: This is the Arctic Circle, and Zhanjiang-born Wu Yu has just become the first person to ever drive here from China, some 8,000 kilometers away
  35. Reviving traditional Chinese archery: As one of the traditional Six Arts that have their roots in Confucian philosophy and formed the basis of education in ancient Chinese culture, archery has a long history in China
  36. The Results Are In: 2016 Is a Record-Breaking Year for Tall Buildings
  37. Pictures: Apricot flowers in blossom at Jinshanling Great Wall
  38. Something I noticed about chinese-canadians in canada
  39. TIL that the first king of the first muslim kingdom in indonesia was chinese indonesian
  40. Getting paid to do nothing: why the idea of China’s dibao is catching on
  41. Five thousand years of Chinese civilisation through 108 million relics - Four year survey finds that is just what is in the hands of the state. The number grows even more when considering overseas museums and private collectors
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How to Place a STOP LOSS and TAKE PROFIT when Trading Forex!

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