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Anton Kreil Annihilates Retail Brokers and "Trading Educators"

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so welcome everyone to this seminar

hosted by The Institute of trading and

portfolio management we're lucky enough

to have Anton creel with us here today

managing director of the company who's

flown in from Singapore especially to

give this

presentation and it wasn't long ago that

I was sitting there in your position

listening to One of Anton's

presentations back in

2012 um with little or no trading

knowledge myself and just looking for

somewhere to learn and Anton's certainly

been a great mentor to me over the years

as I'm sure he will be with you guys

going forward so that being said it's my

pleasure to introduce our speaker for

creel hi guys welcome so we're short on

time today it's a huge

presentation uh we're not going to be

able to take questions during the Pres

presentation but we're going to be in

the pub later uh you can see all the

some of the mentors here as well from

The Institute so you can ask a lot of

questions there later we're going to aim

to get finished by around 9

9:15 so without further Ado let's get on

with it so here's the schedule for

today first thing we're going to look at

we've called it the other side of the

fence professional training knowledge

that professionals do not want retail

traders to

know some of the things you're going to

see today of of very harsh and

aggressive home

truths and you might not like some of

the things you see but it's honest it's

truthful and you've just got to deal

with it there's things that professional

Traders don't want you guys to know so

they are at an informational advantage

in the financial markets versus you guys

we're going to look at some of the

market participants the broker the

educator and the retail Trader how your

side of the industry works so B

basically not the professional side and

we're going to look at the differences

we're going to look at something called

the inversion narrative so why the vast

majority of retail traders in the UK

Europe and Asia lose money and why the

vast majority of retail traders in the

US lose money there's some subtle

differences and we're also going to look

at charlatan Educators fake Traders how

these guys create uh a story about

themselves and suck naive retail Traders

into believing what they want you to

believe so I'm going to show you how to

spot these guys and then we're going to

look at how you actually go about

getting consistent profitability as a

retail Trader so let's get

started first things first why the hell

do we

care how many people here have actually

traded who's got a brokerage account

okay so that's quite a lot 40% of the

room who

hasn't who's who's never who's never

ever tried

it okay so minority of the room has

never actually pushed the button okay so

that's quite

interesting so why do we care well

people have tried and the vast majority

lose money but if you haven't tried if

you haven't done anything in the retail trading

trading

World whether you like it or not you are

in the finance industry if you

participate if you've got a mortgage you

own a business you own a home you've got

a bank account a credit card a debit

card whatever you are in the finance

industry whether you like it or not you

are a participant in the

economy but there's another reason as

well pensions the pensions

infrastructure that was essentially set

up in the 70s has failed the Western

World what's the pensions

question the pensions question is can I

get income in retirement

can I live my life in

retirement and the pension solution is

to provide that income but no one can

retire what's the average pension number

in the United Kingdom average pension

£30,000 in the US in in dollar terms

it's about 60

$7,000 in Europe it's about the

equivalent of the UK about £30,000

40,000 Asia there's varying degrees so

for example Singapore have the highest

pension values in the world the average

pension value is

$330,000 but there's reasons for that

which is another lecture um but

essentially in the Western World

pensions have failed so what's happening

Boomers and gen X's are

desperate because they know they can't retire

so people are always looking for a

solution and this is why people come to

seminars like this but you've got to be

warned you're not the only people that

have realized this everyone's realized

it and also an entire industry has been

built around a narrative to provide you

with solutions to this

problem essentially catered to the

now this idea of learning how to do everything

everything

yourself it's a noble idea but it's

fraught with

dangers because there's a lot of bad

people in the world who want to K as of

the middle class fool and those bad

people do things that are not good for

you they're only good for

them and our our continuous campaign at

The Institute is to basically first show

you guys how it actually

works show you basically how the

landscape how the industry works so you

can figure out how not to lose money how

not to fall into all the traps how to

make all the classic errors as a Trader

or an

investor and then the second thing we do

is actually teach you how to then go

make money so the first thing you have

to do as a retail person in this

industry is to essentially make sure you

have no

downside don't do all the stupid things

learn how basically to avoid all the

mistakes then it's about learning how to

make money over

time and we've been providing the

information in this seminar for example

for close to 5 years in closed seminars

so it's never been publicly available

and this is why we're filming today

because we're now going to stick this on

YouTube and the whole world's going to see

it and this is why you have to if you've

heard of this phrase be woke

okay what you're going to get taught

today pretty much every retail Trader

will never ever figure it

out and it's pretty simple

straightforward stuff but most retail

Traders the vast majority will never

figure it

out and even if they do they've been on

a journey where they've lost so much

pointless so here we're literally saving

you a lifetime of losses or if you

figure it out after 10 years a decade of

losses so this is really useful

information first thing you have to do

when entering any industry whatsoever if

you were going to set up a new business

the first thing you would do is do an

industry appraisal who are the winners

who are the losers how's the industry

set up what parameters can I operate in

how do I be successful what mistakes do

I need to

avoid if you were going into any

industry you would do that as a smart

business person why would you not do it

in trading

it's the first thing you have to do and

there's been some major Trends in the

last 30 years that really affect retail

and they're very important they have significant

significant

consequences the first one is how the

Market's set

up who owns the exchanges the exchanges

is where all the business is cleared

every time you press the button it goes

the order goes down a pipe through a

broker through an investment Bank to The

Exchange who owns all the exchanges

well there we have it Intercontinental

Exchange ice own nysse and uron next

that's the majority of business in the

market the Chicago mertile Exchange owns

the Chicago Board of

Trade NYX and

comex so basically we have a monopoly SL

duopoly what does that mean what do we

think it

monopolies do we like them what's the

negative of monopolies

monopolies

hket potentially

pricing pricing power and

control so we'll come back to that later

but the exchanges are now basically

owned by a couple of

companies and by by having a

monopoly they can control the market if

they want to how the market is set up

how the players must

operate who they

incentivize parameters like this we'll

come on to it later again second

technology obviously Technology's played

a major role in the last 30

years first things first infrastructure

massively increased retail Trader

participation 30 years ago you'd be on

on the telephone calling a broker and

just accepting the price on the phone

whatever you

got what have you got now well internet

penetration internet

capability speeds very low B very low

barriers to entry everyone can trade

from their bedroom or their phone very

easy access is that is that necessarily

a good

thing if you have access does it mean

you're good of course not Hardware

microchips processing

speeds massively increased and then

that's affected the the uh penetration

of retail Traders much lower cost of

production again Lower barrier lower

barriers to entry software connectivity

to financial markets and everything

being organized for you so making life

easier none of it actually means that

the Trad is going to be

profitable it just means you're

supposedly you're or you're supposed to

have better access and better capability

it's supposed to help you more but it

doesn't necessarily mean you can make money

money

Regulators every problem we've had in

the financial markets in the last 30

years the regulator's done nothing to

happened it's always happened afterwards

the regulator is always passive and

reactionary in pretty much every

so in 2010 one of the main instruments

that retail Traders use are contracts

for difference they were

banned in the United

States why because too many people lost

too much money too quickly also in 2010

IB contracts which we come to later does

anybody know what IB stands

for if you do it means you're in the

industry and you're on The Brokerage side

side

introducing broker contract introducing

broker contract are you a broker yeah

congratulations you're not going to like this

seminar okay so IB stands for

introducing broker we'll go into the

details on those

later but essentially it means that

people introduce retail Traders onto the

broker's platform and get a kickback for doing

doing

so they were banned in Singapore in 2010

banned why do we think they were banned

in Singapore because they're

great conflict of interest hit the nail

on the

head loads of bad people were turning up

into Singapore like they do all over the

world and teaching people absolute

nonsense putting them on trading

platforms and everyone was blowing up

and losing their money so the regulator

government stepped in and banned

them and this is very typical of

regulators they do it after after the

event so what does that mean if you're a

retail Trader well history tells us as a

retail Trader you have to regulate

yourself because the regulator is not

going to save you they're passive

reactionary you'll lose all your money

then they might change a law

afterwards doesn't matter you're done

you're out the

game financial markets

volatility volatility in all the major

asset classes since the financial crisis so

0809 so from 09 onward

has been

Traders sure so volatility for

Traders is the lifeblood of a

Trader a Trader is a slave to

volatility because without volatility

you don't have any risk and you don't have

have

opportunity and risk and opportunity are

two sides of the same coin it's called volatility

and if volatility gets

crushed risk and opportunities get

crushed which means returns over certain

periods of time over certain time

Horizons Peter to

zero so wise Financial Market volatility being

being

crushed in all the asset classes well

the first main reason was the monetary

policy after the financial crisis so if

you remember the Fed was implementing QE

quantitative easing what does that do

guaranteed buyer of bonds suppresses

yields permanently that feeds over into

other asset classes because money keeps

buying other asset classes to chase

yield which suppresses

yield so it goes all the way through the asset

asset

classes obviously they stopped a few

years ago but there's other reasons as well

well

technology why does technology and

access for retail Traders suppress

volatility because there's more Market

Market participants why does more Market

participants suppress

volatility because it increases

liquidity why does more liquidity equal less

less

volatility in most cases it means

there's more willing buyers and more

willing sellers at every price for an

asset which means if you have an

infinite amount of willing buyers and

willing sellers assets don't

move create zero

volatility so this idea of trading now

being like it used to be 15 25 35 years

ago where you can just turn up day trade

and we used to call it

scalping is not existent

anymore it hasn't existed for a good six seven

seven

years and this is why day Traders have

basically not made any money or lost

money over the last six

years so so this is a big this has had a

huge impact on retail Traders because

there's there's less opportunities over

shorter time

Horizons so the professionals have

totally changed their approach in the

last seven

years why because

professionals do what the market tells

them to do not the other way

around and we get this message through

the Institute probably 10 times a week

exactly the same

question through the website and it's

literally worded the same all the time I

am a Forex day trader can the

institute's education help

statement why is that we think it's the

most stupid statement or question anyone can

can

ask as as a Trader what do you think

that is the person is trying to dict to

the market TR

exactly so the person is literally

saying I only trade one asset class and

I only trade over one time frame that's

all I

do now think about it like this euro

dollar most liquid Forex pair in the

market what's euro dollar done in the

last 18

months 104 to

113 that's been the

range what happens if euro dollar is

106 from now to over the next 250

trading days

and every day you buy it at 106 and sell

106 what happens can you make money well

of course not so this idiot is going to

be sitting at his desk for the next 250

days saying I am a Forex day trader can

The Institute help

me what what what mistake has that

person made they've limited their

opportunities because they're only

trading one asset class one time Horizon

and they don't have any ability to trade

anything else over any time

Horizon that's the first error everyone

makes in retail trading what you have to

do in your first one to two years as a

retail Trader is to learn how to trade

everything and get yourself a proper

Educational Foundation so you can follow

the volatility or predict where it is

and go where the money is so if you're

over one time Horizon in one asset class

and it stops working you can shift and

move you don't Define Yourself by one

asset class over one time

Horizon and the only way to do it is to

emulate what professional Traders do and

that's what they've

done so on the left hand side we've got

pretty much all the behaviors of a

professional Trader and on the right

hand side all the behaviors of a retail

Trader what's the approach of a

professional Trader systematic mostly

long short portfolio management across

multiple asset classes

no narrow

definition every Trader wishes they

could have an infinite discretion

discretionary mandate to be able to

trade anything at any time in any way

they want it so they can just follow

where the money

is so this idea the popularized

perception of a Trader as in you see

lots of guys screaming on a floor like

in the movies it doesn't exist anymore

it's complete nonsense but there are

people in the world that

wish it was the case but it's all

pretend it's a narrative that people use

to get you to do things that you don't

do the protrader approach is 80%

fundamental 20%

technical in the vast majority of cases

investment banks at prop desks and hedge

funds retail Traders what's the approach

what do retail Traders tend to do when

they approach the

market short time frames everything's

over one day 4 hours 2 hours five minute

candles one minute

candles always looking for quick returns

that potentially don't exist because

they're not actually monitoring

volatility correctly what's the Outlook

of risk for a professional Trader this

is where they differ as well Investment

Bank prop desks and hedge

funds will have multiple positions long

and short and they will build

portfolios usually position sizes are 5

to 10% of

portfolios so you're looking at 10 to 20

positions in a

portfolio and they'll trade correlation

within the

portfolio and not one position will be

allowed to blow them up that's why they

have position limits like

this what's the uh retail Trader

approach what happens when you open a

typical retail Trader account

well actually a very very high

percentage of retail Traders don't have any

positions there's a massive problem in

The Brokerage industry and we get asked

to try and solve it all the time which

is dormant accounts guys who go to

seminars with Brokers and

Educators they get convinced to open a

trading account they deposit a couple of

thousand or $10,000 or 25 Grand they go

home and they realize they don't have

the confidence to pull the trigger why

because they realize that what they've

just learned is a load of

nonsense and then they leave their money

there it earns no interest and every

month they pay inactivity fees to the

broker what does the broker want them to

do the broker wants them to trade of

guys if you open up their account

typically two or three

positions their favorite Forex pair long or

short because it's on it's in the news

every minute of every day

short the S&P 500 because they're

reading doomsday research online I'm

watching too many YouTube

videos and usually their favorite cheap

stock which they bought two years ago

it's now down 50% and they're moving it

over to their pension because they can't

it that's a typical retail Trader

account think of all those mistakes

they're really really

common professional Traders don't do

that it's all about portfolio management

and getting consistency in return which

point with Pro Traders consistency means

risk adjusted

returns risk adjusted Returns what does that

that

mean let's let's think about this with

two Traders as an

example Trader one and let's say you're

pitched to invest money in either of

these Traders Trader one takes 50% risk

per anom

annualized volatility in their portfolio

you can measure the volatility of a

portfolio very

easy 50% risk of year and gets 25%

return and trader TWO takes 10% risk per

year and makes 16%

Trader of course Trader one you can't

invest in so whatever you put with

Trader one he could blow up literally in

six months and your your your investment

is zero with the other guy he could lose

10% in a

16% his return is higher than the

volatility of his portfolio he's an

Trader and a lot of these hedge funds

are literally employed to do

that so they will have a volatility cap

on their portfolio that they can't go

over they're not mandated to take the

market risk they're mandated for example

to take 10% risk that's why their

investors are investing so if they don't

beat the S&P they don't

care because that they're signing up to

more what do retail Traders do

everything short short-term

binary so they'll have no positions one

or two positions they'll sit around for

3 weeks waiting for the nonform payroll

number and then they'll take a bet 3

minutes into it or two seconds after

it and the vast majority vast majority

afterwards and that's probably one of

the stupidest trades you'll ever

do because all the professional Traders

have got a very very good idea what the

number is going to be and when a retail

Trader reacts to it the professional

Traders have already predicted it and

Retail Traders are providing the

liquidity to the professional side to

trade so professional Traders have

before and even if it's higher or lower

than consensus which is economists the

professional Traders have predicted that

it's going to be higher or lower than

and the market moves on it only because

of retail Traders professional Traders

don't trade on it and initiate positions

they use the liquidity to get

out so it's all short-term binary for

retail Traders and the the the

short-term binary approach provides

liquidity for the smart guys who are

predicting the

future it's providing liquidity for them

to get

out what's the outcome of a professional

Trader what do they want to achieve well

the first thing is capital preservation

and then

growth the retail Trader wants to

achieve big money very quickly and not

necessarily consistency and they the

destruction so the key difference is

here the professional Traders have

realistic expectations and

targets and their target is to get rich

slowly and they want to trade forever or

at least until retirement or until they

die retail Traders very unrealistically

high targets and they never meet their

targets so they stay poor or get poor

quicker expectations are never ever met

targets are never met and they just blow

up that's the typical

scenario now I want you to think about

this in terms of a retail

broker a professional Traders broker is

the Investment Bank that's an

Institutional broker

let's think about a retail broker who's

got 10,000 retail clients and 90% of

them lose money how does the how does

the business grow let's think about the

reality of this business if you own The

Brokerage company how do you grow it if

90% of your clients lose money you have

to spend a significant amount of the

money that you make from the guys

blowing up and it's usually between 30

and 50% on marketing to get new guys to

open accounts to replace the accounts

that are blowing up and closing down

that's the only way you can actually

stay at the same level if you want to

grow you need to open more accounts than

down so imagine you have 9,000 out of

do if you had access to 9,000 traders

who always lose

money come on someone think outside the box

here there we go you take the other side

of their trades wouldn't you

why because then you'd have a 90% win

ratio you'd be the best Trader in the

world so what we're going to show you

here applies mostly to International

markets outside the US as we mentioned

earlier us cfds were banned so we're

going to look at cfds mostly how these

contracts operate how the Brokers

operate within that industry we'll have

a look at us brokerage companies later

us guys mostly trade options so we'll

concentrate on outside the US as in the

rest of the world so we're going to be

looking at UK Europe Hong Kong Singapore

Middle East Australia New Zealand South

Africa what we'll show you here

initially is what happens in all of

these territories all the same Brokers

are in all the same places so I've

mentioned this briefly again the 19990

phenomenon who knows what that stands

for 90% of Traders l% their yeah

90% let's be specific of how it works

90% of retail Traders so the retail

Brokers clients lose 90% of their

deposited margin within 90

days so what is margin it's the money

you put in your account and you get

leverage when trading cfds

but what is a cfd well you don't

actually own the asset cfd is contract

for difference so if you were to buy a

cfd on a stock it's a contract that is

supposed to mirror the price of the

underlying asset as in the real stock so

when the real stock goes up a point the

contract is supposed to go up a point at

time that's what it's supposed to do so

when you're on the platform and you

press the button to buy on a cfd

platform you don't own the stock you own

a contract that mirrors the

price and that's why it's called a

derivative because the price of the

asset and there's two types of margin

there's the initial margin that you put

in your account and then once you have a

position what we call variable margin

how much your margin is going up and

down how much you're making or losing

because what happens at the end of the

day if you buy the contract and the

stock goes in your favor the broker pays

the difference into your

difference if you have the reverse

situation the broker takes money out of

your account if you're losing money and

what happens when your margin goes to

zero you get a margin call you have to

deposit more money in your account and

if you can't the broker will stop you

out the position and you're done your

account's blown

up so that's why we call them contract

for difference because the difference is

taken out or put

in typically in Forex obviously Forex is

a very popular instrument for a popular

asset class for retail Traders typically

in Forex whatever you deposit in your

account you are allowed to borrow up to

100 times that what you put in your

account so what does that mean well it's

1% variable margin which means if you

lose 1% It goes to zero so let's say you

put $1,000 in your account you'd be

allowed to take up to $100,000 of risk

equivalent in the currency pair that

you're buying or shorting and if you

lose 1% you're

gone but what if you put 10 grand in

your account so in that scenario you

lose 100% of your margin what if you put

10 grand in your account and had 100 Grand

Grand

risk well if you lost one % you'd lose

10% of your

margin that's how it

works so what do most retail Traders do

what do you think the average balance of

a retail Traders trading account is in

the UK

Europe so this is in rest of world

outside the US it's a couple

of, and what are they doing taking

$200,000 positions in Forex and blowing

days 100 times leverage we call it with

stocks Commodities ETFs

you're looking at 10 times leverage so

the numbers work exactly the same if you

at but think of all these guys on the

platform trading in the way that we've

discussed in the opposite way the way

the to the way retail uh professional

Traders do

it wouldn't it be amazing if we run a

company where we could just take the

other side automatically every time they

and this is the big

problem the way the brokerage industry

works is that there's major conflicts of

interest with with retail Traders so

major conflicts of interest between the

broker and their clients the the retail

Trader that create a scenario where that

literally happens because those guys

want it to

happen the infrastructure has being built

built

benefit your objective is to turn up and make

make

money that's not their

objective their objective is the

money so the first two conflicts of

interest are really obvious there's four

main conflicts of

interest spread and

commission so spread what's spread well

if you buy

something you're buying it in the market

for example at six and if you sell it

you're selling it at five so the broker

makes one you pay the spread so if the

broker has two

clients the broker can buy it at five

and sell it to you at six so one seller

one buyer they make a

spread so make a spread on every trade

and take turns we'll use this phrase

again in a second the word turn

taking a turn is buying something at

five and selling it at six so the spread

and commission so spread happens in

Forex there's no Commission in Forex you

pay the spread in Forex you pay the

spread in stocks but in stocks you also

pay commission so you'll pay a

percentage commission to trade in and trade

trade

out so those two are really obvious

conflicts of interest but everyone tries

to ignore them for some reason so what

does that mean those two things mean

that the broker by default is absolutely

100% incentivized by volume and

frequency so they want you to trade in

the biggest size possible as frequently as

possible so put two and two together why

do they lend you a 100 times what you

paid the next two are not so obvious the

financing turn and the OTC gain does

anybody know what OTC

means over the

counter right so cfd contracts are over

the counter contracts okay and when they

take the other side and make money it's

called an OTC

gain first incentive we'll just get it

down now first retail broker incentive

volume and size trading as frequently as

possible in the biggest size possible

the other two not so obvious this is how

it works so the first one financing

turn who finances The Leverage with

Brokers does the Magic Money fairy from

the sky come down and give Brokers money

to lend to

you where does it come

from comes from investment

Banks so if you want to set up a retail

brokerage company get yourself $ 30 $50

million go to an investment Bank use

that money to collateralize some debt

and ask them to borrow $250 million ask

them if you can borrow 250 you get

yourself a revolving credit facility

build a build a trading platform and

then Farm out the credit on the platform

to retail

Traders so you borrow at pretty much now

this will be the case you borrow at two

and three quarters Farm it back out for

a point higher so you take a financing

turn on the debt but what else gets

collateralized how do you get away with

turning up to the investment bank with

only $ 30 to $50 million regulatory

capital and then borrowing

250 how do you get away with that

because retail Traders are going to open trading

trading

accounts and when they put their money

in the accounts that money is

collateralized as part of the revolving

credit facility and then you're

basically putting the money in your

account and sponsoring the broker to

lend you money at a point

higher so essentially you're financing

works now of course if 90% of clients

lose money and you want to take the

other side you want to borrow as much as

side so of course you're going to lend

out as much as possible teach people how

to trade as frequently as possible in

the biggest size possible so they pay

you you take a point on the financing

and then you get the gain on the other

lose so retail broker incentive

to provide thirdparty financing with no

risk or very little risk take a turn out

the financing and use the credit

facility to encourage retail traders to

trade as frequently as possible in the

biggest size possible and take the other

side of all the

trades not a bad

business and again why we looking at

this you need to understand the reality

of the industry step one this is how it

works step back for a second and think

how long it takes you to open a trading

account quite a few of you have opened

trading accounts before how long did it

take you someone shout

out 10 minutes what did you provide to

account passport utility bill so

identify yourself utility bill confirm

address you are who you say you are what

do you'll sign some terms and conditions

because they'll qualify you as someone

who's got money did you read the small print

ask profession sure and we're assuming

everyone's nonprofessional so in the

terms and conditions what are you

actually doing when you sign them

off the only line that matters is one

line and it'll be in there somewhere I'm

happy to lose all my

money and the broker is not and the

broker it's not his

fault broker's got nothing to do with

it it's a risk disclaimer I'm happy to

lose all my money so that's all you do

passport utility

bill fill out to terms and conditions

sign it off I'm happy to lose all my

money then what happens you've got a

trading account you've got access a

total stranger who's never met you is

willing to lend you a 100 times what you

put in your training account because you

provided them a passport utility bill

everything welcome to the world of retail

trading but what why are they doing that

why is it so simple and straightforward

well think about The Regulators passive

retail Brokers clearly with these

conflicts of interest are absolutely

incentivized to create a

narrative around the infrastructure that

increases your chances of losing money

in fact the infrastructure itself is

self-perpetuating think about it like

this if you own that company where

you've got 10,000 clients and 9,000

always lose money and you're spending 30

to 50% of your money to replace them every

every

month the ones that are closing down

what happens when a new guy opens their

account well you know you've only got 90

days to rape

him so what do you

do do you wait 90

days no you get on with it you do it as

Qui you do it as quickly as possible

before he

disappears you've only got 90 days to

take the money and make and take the

ownership of that money from his account

to your

account so it becomes self-perpetuating

it's a very negative feedback

loop so they're very very heavily

incentivized to make you believe in

short-term trading and to trade in the

biggest size

possible so they can make the four

revenue streams spread commission

financing turn OTC

gain so write them down make sure you

don't forget them this is how the

volume and size incentives spread and

Comm third party financing with a turn

gain and this is what the industry looks

like this is what the trading industry

looks like the

infrastructure on the left hand side

Banks and everything to the right of

that is retail Brokers trading Educators retail

retail

Traders we put a few labels under each

so the Investment Bank what are they

doing they're providing the credit

facility and clearing to the Brokers and

that order flow goes through them

electronically down to the exchanges And

Trades it all happens within within less than

than

seconds what's the retail broker doing

well the retail broker if we skip the

educator for a second the retail broker

is providing the access so platform and

software financing leverage and

liquidity now that's important because

without the Brokers you wouldn't have

liquidity so that's the positive that

retail Brokers provide to retail Traders

you can access liquidity that you

wouldn't get anywhere else as a retail

Trader so what does that tell

you it's a necessary evil to use retail

brokerage platforms as a retail Trader

you have to use them we'll come back to that

that

later but what type of education do you

get from Brokers well

there's an incentive there's a conflict

of interest you're not going to get

education that helps you make money

you're going to get education that makes

you behave like a

monkey press the button as many times as

possible per day until you blow

up and it'll be wrapped up in some sort

of strategy usually a technical analysis

strategy very short term less than a day

in hours in minutes follow this line on

a chart

every time the every time this line

crosses this line from below buy every

time this line crosses this line from above

above sell

sell

signals very typical you're not going to

get education that

works so they're providing this to the

retail Trader what have we called the

retail Trader dumb money why because

they believe everything that the broker tells

tells

them and on the left hand side we've got

the smart money in Investment Bank

Traders on Prop desks why do we call

them smart money because they believe

nothing that anybody tells them in the

market who has conflict of

interest we'll go into more detail on

that later they do the opposite of the dumb

dumb

money what's the retail Trader paying

spread and commission what are they

providing they're providing the demand

for the

financing the demand for the false

narrative and the demand for losing

trades so they're providing the

liquidity for all of those conflicts of

interest and we have the acronym there

COI so if you see that in the

presentation later the acronym COI

conflict of interest and the education

is a false

narrative we're going to go into a

little bit more detail on how this works

in terms of the OTC game and how all of

the conflicts of interest work help the

drivers of

conflict so spread commission financing

turn and OTC believe it or not it

actually happens automatically

it's now all being set up to be

automated it's been going on for seven

eight years

already so if you're only learning this

behind think of the 10,000 client broker

example what happens when a losing

client comes onto the platform and

presses the button well at 7: a.m. all

the losing clients whose accounts are

down go into one liquidity

bucket and all the guys who make money

go into another liquidity

bucket the guy who loses money comes on

presses the

button they provide the liquidity

automatically instant take the other

side they could if they want hedge it

they could go into the market the real

physical market and purchase the

physical underlying asset so then they

the Brokers short the contract and they

buy the underlying

asset but they don't they stay short the

contract retail Trader loses comes back

sells the contract back to the broker

broker buys closes out the position

retail Traders closed out broker's

closed Out Broker makes money takes the

difference out the

account what have they made on that

trade they've made every Revenue stream

spread Comm financing and OTC

gain and literally it's all automatic

it's it's automated software it happens

in a second so the

Hedge if they choose to put it on will

happen automatically down the pipe

through the Investment Bank it's just a two-way

two-way

pipe now what happens if it's a guy who

makes money well the guy trades buys the

contract on the platform broker shorts

automatically Hedges by buying the

underlying asset the guy makes money

comes back sells the contract broker

pays the difference into the account

after unwinding the Hedge has the broker lost

lost

money no so what's the broker made

they've made spread commission and

financing turn so they haven't made the

OTC gain what else has happened though

what else has happened in that tradeit

look at the green bar they've hedged

they need money to

hedge winning clients are annoying for

two reasons to the broker one because

the OTC gain is eliminated so they only

make money on three revenue streams but

two they have to commit twice as much as

twice as much Capital relative to a

losing Trader because they have to

hedge so winning guys cannibalize the broker's

annoying losing Traders are fantastic

because they get the full revenue

streams and they use x

capital to trade with that

client winning Traders are annoying

because they make less money and commit

2x so remember this trend over the last

situation where's the credit coming

from it's coming from the investment Banks

Banks

this is the value chain or supply chain of

liquidity in the trading and portfolio management

management

narrative who's the what's the perfect

retail broker to lend money

to one that pedals The

Narrative why because the Investment

Bank can lend the money and make money

out of it

forever so it's starting to add up

there's a Monopoly duopoly situation

with exchanges and investment Banks who

Banks more on this later but smart money

and dumb money this is why we labeled

smart money on the professional side

investment Banks propest dumb money on

the rightand side as the retail Traders

smart money understand how the financial markets

markets

work they understand conflict of

interest it's professional trading

101 it's the stuff you get taught in

your first couple of months at Goldman

good they avoid trading in the way that

other participants in the market who

have conflict of interest want them to

they avoid

it and they do everything in the

opposite way to the way retail Traders

do it what a dumb money do

believe everything they're told and rely

on the infrastructure provided to them

by Financial Market participants with

conflict of interest believe that the

infrastructure has been built for their

benefit when it's actually been built

for the opposite purpose they trade in

the way that they're told to trade and

they do everything in the opposite way

to the way professional Traders do it

but there's a catch we talked about it

earlier with the nonone payrolls example

that's very typical smart money requires

dumb money to exist

who's supplying the credit facility the investment

investment

Banks who's the perfect broker the one

that pedals The Narrative who's the

perfect client the client that believes the

the

narrative and it creates the negative

feedback loop and the professional Traders

win we can also had add uh hedge funds

and Pension funds into here so in the

gray box on the left Ed funds are smart

money they're basically exactly the same

as Investment Bank crop Traders Pension

funds are slow money they're investing

over a long time but the key here is is

they are the market participants that

are on the professional side and they

are the biggest clients of investment

Banks and combined investment Banks

hedge funds and Pension funds are the

biggest payers of exchange fees on the

planet and two companies own 90% of the

order flow on all exchanges in the world

it's a

Monopoly so what you're looking at

ladies and gentlemen on the left hand

side is Wall Street and if you don't

think they all work together you've got

your head up your

ass there's not many of them six or

eight investment Banks control 90% of the

volume and everything on the right is

narrative so everything we've discussed

regarding the structure of the industry

outside the US actually applies in the

us too but the cfds were banned in the

US in 2010 so what's happened since

retail Traders have been moving more

towards trading options in the US so

they obtain their leverage through

essentially implied leverage or implied

volatility through trading options if

you wanted to actually trade normal

physical assets in the US the margin

requirement is is pretty high so you

don't get much leverage you'd have to it

would be 33 to 50% margin requirement

overnight so two to three times leverage

and why do you think it's restricted in

that way they banned cfds and that

replaced it and then everyone's going

for options to get leverage index Forex

and commodity Futures there's lower

margin requirements but the tradable set

is pretty small as in your amount of

opportunities to make money because of

the amount of contracts or assets you

can trade is very

low so it's about 60 contracts typically

on a retail brokerage

platform and that compares to

potentially 42,000 stocks so your

tradable universe is really small and

this is why options contracts have

become very popular in the

US because retail Traders can deposit

less margin and get potentially much

higher return if they make money through

trading the option of an

asset and this is obviously a to

separate class in terms of options but

the two most important variables to

consider with an option are Theta so

time Decay and volatility feta you have

to be right by a certain

date options adds this other element to

a trade whereby you're not just long

something and you can be long forever

you have to be right by a certain date

volatility why is volatility

important well the more volatile

something is if volatility goes up

there's more opportunity to lose or make

money well risk and opportunity in this

in the asset so what happens when

volatility gets bid

up when volatility goes up options

become more

expensive and Retail Traders don't

understand how to calculate volatility

and opportunity properly so they always

for example go long something

and buy the buy the asset at a level of

volatility that doesn't even exist in

the real market so the odds are always

massively against them so what happens

in the US is the vast majority of

options expire

worthless retail traders in the US use

options as a proxy for simply going long

or short the underlying asset without

realizing that they have to be right by

a certain amount of time or the

volatility that they're either going

long or short

can't be Beed by the underlying assets real

real

volatility but there's a very obvious question

question

here if 70% of options contracts in the

US expire worthless why don't you just

sell options all day

long easy money right

wrong selling naked options as a

strategy constantly just to take money

dangerous why unlimited losses unlimited

losses on many of the trades yes so if

you do that it's basically like picking

pennies up off the railway truck you're

playing a very dangerous game if you

don't have significant amounts of money

to bail yourself out when you get one in

10 wrong you're going to blow up very very

very

quickly now do the Brokers know this or

not of course so if you go on the plat

form and start naked selling options a

lot the broker's going to just stop you

in your account from doing it and ask

you to put up significantly more amounts

of margin to cover the potential for any

crazy losses you essentially have Gap

risk in your in your

trades so you sell a call option hence

giving the buyer the right to buy the

underlying asset at a certain price

before a certain

date you take in a few hundred bucks

congratulations go to bed wake up the

next day the company's been taken over

for a 100% premium by one of their

bankrupt happens all the

time so that's why it's not that

straightforward just because 70% of

options in the United States expire

worthless doesn't mean just go into the

market and start selling options every

day to make an income what people don't

understand in the US is that buying an

option relative to buying a stock or a

commodity uh or an index buying an

option on those products there needs to

be a marginal

benefit in addition to owning the option

than to just owning it outright and if

there's no marginal benefit there's no

point because you have to be right by a

certain amount of

time so the risk reward has to be much

more favorable over the amount of time

and you have to see catalysts that the

market doesn't

price if you're not trading at the right

price the risk reward will never be in your

your

favor so again this massive Gap in

education and understanding of how these

things work exists in the United

States so the options class is a whole

different class but let's have a look at

the uh inversion narrative we already

know what the uh incentives are the

conflicts of interest

these conflicts of interest lead to what

we call essentially a front door to the

industry of lies and [ __ ] that's

what the inversion narrative is you're

being told the opposite of reality and

the opposite of Truth so you fall for

the narrative and do everything that

they want you to do and these lies and

the [ __ ] is extremely intricate in

detail you've got to have a very very

well-trained eye and understanding in the

the

industry to recognize some of the things

that are going on what does the

inversion narrative exist for it exists

so they get paid and wealth is

transferred from your pocket to theirs

it's that

simple first thing we'll look at

agreements this is infrastructure that was

was

inside that chart that we saw of the

industry and we briefly mentioned it the

retail broker provides contracts to people called

Educators and these contracts are called Introducing broker

Introducing broker agreements now the broker has to do this

agreements now the broker has to do this in every country where there's

in every country where there's regulation the broker has to provide a

regulation the broker has to provide a contract to somebody who is introducing

contract to somebody who is introducing people onto their platform what do those

people onto their platform what do those contracts typically State whoever you

contracts typically State whoever you put on the platform whatever they pay us

put on the platform whatever they pay us every month we'll rebate you 25 to 50%

every month we'll rebate you 25 to 50% of the money they pay us so what does

of the money they pay us so what does that mean conflict of interest it means

that mean conflict of interest it means that the trading educator is

that the trading educator is incentivized by exactly the same

incentivized by exactly the same formulaic process as the broker so what

formulaic process as the broker so what do they want you to

do they want you to trade in the biggest size possible as frequently as

size possible as frequently as possible and believe the inversion

possible and believe the inversion narrative

narrative and

lose now in the US this happens all over the rest of the

US this happens all over the rest of the the rest of the world outside the US in

the rest of the world outside the US in Singapore they're banned in the US

Singapore they're banned in the US a training educator can't get a

a training educator can't get a percentage rebate they'll get a flat

percentage rebate they'll get a flat rate but the inversion narrative still

rate but the inversion narrative still exists

why if you get paid by the broker as an educator whether it's a percent

educator whether it's a percent percentage or a flat

percentage or a flat rate it doesn't really matter the

rate it doesn't really matter the outcome is the same what's what's the

outcome is the same what's what's the outcome you still have volume in just

outcome you still have volume in just the

the price no so let's say for example you

price no so let's say for example you got introduced onto a platform and the

got introduced onto a platform and the trading educator got paid 500 bucks flat

trading educator got paid 500 bucks flat rate why does the trading educator care

rate why does the trading educator care how much you trade he doesn't well he

how much you trade he doesn't well he does because the broker is paying him

does because the broker is paying him and he's the broker's [ __ ]

he works for the broker and the broker will not work with an educator who

will not work with an educator who doesn't push the inversion narrative

doesn't push the inversion narrative they won't even get a

they won't even get a contract they'll have their contract

contract they'll have their contract canceled so this is why when we look

canceled so this is why when we look from the left hand side to the right

from the left hand side to the right hand side of the

hand side of the industry those red arrows you see are

industry those red arrows you see are essentially arrows of where the

essentially arrows of where the narrative is coming from and the power

narrative is coming from and the power is coming from

is coming from because all the way to the from the left

because all the way to the from the left to the

to the right every participant individually as

right every participant individually as you continue across is the [ __ ] of the

you continue across is the [ __ ] of the one next to

sense they won't even get the contract the contract will get canceled and then

the contract will get canceled and then the trading educator doesn't have a

the trading educator doesn't have a platform that they can introduce their

platform that they can introduce their students onto or their clients onto

students onto or their clients onto so then they're lost they don't have a

so then they're lost they don't have a business make sense they're the

[ __ ] so how does the Institute get around

around this we spent four years doing

this we spent four years doing this convincing Brokers because they

this convincing Brokers because they have to have the contracts in place by

have to have the contracts in place by law by

law by regulation we force the Brokers to write

regulation we force the Brokers to write zero on the contract

zero on the contract so it says on all our contracts The

so it says on all our contracts The Institute will receive 0% rebate and and

Institute will receive 0% rebate and and commission and flat rate zero why do you

commission and flat rate zero why do you think we do that to eliminate the

think we do that to eliminate the conflict of interest because we know if

conflict of interest because we know if it's there only bad things can

it's there only bad things can happen why would the Brokers do that do

happen why would the Brokers do that do you think the Brokers like

you think the Brokers like that why would they not like

it yes potentially can't less

winners so think about it like this right if if you're The Brokerage company

right if if you're The Brokerage company with 10,000 clients okay what did we

with 10,000 clients okay what did we look at before with

look at before with marketing 30 to 50% is spent to get more

marketing 30 to 50% is spent to get more accounts in to open more accounts that

accounts in to open more accounts that than accounts are closing down okay what

than accounts are closing down okay what do IB agreement provide

do IB agreement provide Brokers they provide them with

Brokers they provide them with distribution and marketing where they

distribution and marketing where they don't have to pay marketing dollars UPF

don't have to pay marketing dollars UPF front so a trading educator is going out

front so a trading educator is going out on their own

on their own dime setting up events like seminars

dime setting up events like seminars webinars stuff like this teaching

webinars stuff like this teaching nonsense introducing guys onto the

nonsense introducing guys onto the platform they pay commission they trade

platform they pay commission they trade as frequently as possible in the biggest

as frequently as possible in the biggest size possible broker takes the money in

size possible broker takes the money in hasn't cost the broker anything

hasn't cost the broker anything and then a check goes back out every

and then a check goes back out every month 25 50% or a flat rate to begin

month 25 50% or a flat rate to begin with in the US but they won't work with

with in the US but they won't work with anybody who doesn't push the inversion

anybody who doesn't push the inversion narrative so what what is it doing it

narrative so what what is it doing it creates

creates infrastructure that lowers their

infrastructure that lowers their marketing

cost so if you write zero on a contract why would you not want to do that

why would you not want to do that because you want the the traders to be

because you want the the traders to be the trading Educators to be incentivized

the trading Educators to be incentivized to get people onto the platform because

to get people onto the platform because it's it's lowering your marketing cost

it's it's lowering your marketing cost it provides distribution does that make

sense so the status quo must be maintained so they don't like

maintained so they don't like it

it but there is a discussion to be

but there is a discussion to be had with Brokers as to why there's a big

had with Brokers as to why there's a big positive for it why why is there a big

positive for it why why is there a big positive

sorry no we not it's not the revenue streams retention retention is a very

streams retention retention is a very very big positive so if you introduce

very big positive so if you introduce guys who only make money they're never

guys who only make money they're never going to close their account of course

going to close their account of course cheap marke cheaper

cheap marke cheaper marketing what else what do we think's

marketing what else what do we think's going to happen in the future IB with IB

going to happen in the future IB with IB contracts who banned them in 2010

Singapore who recently banned them and who recently banned cfds

who recently banned cfds Belgium us bans

cfds it's our strong belief that IB contracts at some point will be banned

contracts at some point will be banned everywhere so here's your first trade

idea First Trade idea from The Institute the morning you wake up and

Institute the morning you wake up and you see the

you see the headline IB agreements

headline IB agreements banned in UK Europe us

banned in UK Europe us everywhere what happens to the publicly

everywhere what happens to the publicly listed brokerage

80% 40 50% of their clients come from the distribution of

the distribution of individuals introducing people onto

platforms so that's gone distribution and marketing is gone

and marketing is gone but if you sit there and tell them that

but if you sit there and tell them that maybe the trade doesn't exist because

maybe the trade doesn't exist because they can save themselves before it

they can save themselves before it happens so the conversations we've

happens so the conversations we've always had is this is going to happen

always had is this is going to happen and you know it's going to happen so you

and you know it's going to happen so you need to set up infrastructure internally

need to set up infrastructure internally that Hedges your business against that

that Hedges your business against that happening and the day it happens all you

happening and the day it happens all you have to do is send out an email to all

have to do is send out an email to all of your

of your Educators and tell them here's the new

Educators and tell them here's the new contract sign it or go away it says zero

contract sign it or go away it says zero and it can all be sorted out in a day

and it can all be sorted out in a day and you can make a public announcement

and you can make a public announcement and say our distribution stays the

and say our distribution stays the same and where else are they going to go

same and where else are they going to go because if they've been banned

because if they've been banned everywhere in the country that they're

everywhere in the country that they're in they can't say to the Brokers oh I

in they can't say to the Brokers oh I don't like that I'm going to one of your

don't like that I'm going to one of your competitors because been banned

competitors because been banned everywhere so the

everywhere so the infrastructure can be set up very

infrastructure can be set up very quickly very efficiently for the Brokers

quickly very efficiently for the Brokers to respond to that in the future

to respond to that in the future retention is a big

retention is a big one instead of having to spend marketing

one instead of having to spend marketing dollars all the time to open trading

dollars all the time to open trading accounts that are opening more trading

accounts that are opening more trading accounts than the closing

down it lowers marketing dollars because you give them a coupon business it's

you give them a coupon business it's like a bond

like a bond so if you put a 100 Traders like

so if you put a 100 Traders like Institute Traders onto a brokerage

Institute Traders onto a brokerage platform and they're trading two or

platform and they're trading two or three times a

three times a week and they never blow up it's like

week and they never blow up it's like the broker owning a bond they're getting

the broker owning a bond they're getting paid a coupon

paid a coupon constantly what if a high percentage of

constantly what if a high percentage of your guys make

your guys make money well they don't like that either

money well they don't like that either that's

that's annoying so they're told to hedge and if

annoying so they're told to hedge and if they don't they've only got themselves

they don't they've only got themselves the blame

the blame and we don't want to hear them

and we don't want to hear them complaining like and crying like [ __ ]

complaining like and crying like [ __ ] on the

on the phone so we're very straight up with

phone so we're very straight up with them we will give you a coupon business

them we will give you a coupon business and a business hedge but we want zero on

and a business hedge but we want zero on that contract you should hedge

that contract you should hedge everything we do because a very high

everything we do because a very high percentage of our guys make

percentage of our guys make money and we want one thing in

money and we want one thing in return we want access to all the data so

return we want access to all the data so we can see in real time under One login

we can see in real time under One login through the back end of your brokerage

through the back end of your brokerage account back end of your brokerage

account back end of your brokerage platform everything that every single

platform everything that every single Institute Trader is doing in real

Institute Trader is doing in real time so we can monitor the

time so we can monitor the risk and they like it if you want to see

risk and they like it if you want to see our IB contracts go to the uh account

our IB contracts go to the uh account section of the website itpm

section of the website itpm doc so we got a new website up we're on

doc so we got a new website up we're on an overlap situation at the moment

an overlap situation at the moment uh so ins trade.com is the old website

uh so ins trade.com is the old website itpm tocom is the new one we've got the

itpm tocom is the new one we've got the four four contracts that we have

four four contracts that we have globally available on the site you can

globally available on the site you can literally download them in a PDF took

literally download them in a PDF took several years to negotiate them all the

several years to negotiate them all the one we have in the states we've gone a

one we have in the states we've gone a step further now and we're about to get

step further now and we're about to get another one in the rest of the world

another one in the rest of the world that does the

that does the same instead of them writing zero on the

same instead of them writing zero on the contract which has taken us 3 four years

contract which has taken us 3 four years to negoti iate prove the infrastructure

to negoti iate prove the infrastructure works let Brokers like us let Brokers

works let Brokers like us let Brokers see that it works give them a business

see that it works give them a business hedge show them that the business is

hedge show them that the business is good and they're just being stupid if

good and they're just being stupid if they think it's

they think it's not the one we've got in the US at the

not the one we've got in the US at the moments with trade

moments with trade station

station 20% of the money that you pay well

20% of the money that you pay well Institute Traders pay to trade station

Institute Traders pay to trade station gets rebated back into their account

gets rebated back into their account every month

every month so just give it back to them up to the

so just give it back to them up to the value of the education that you buy

value of the education that you buy through the Institute so what do that

through the Institute so what do that mean that means you get your education

mean that means you get your education for free you've just got to commit by

for free you've just got to commit by putting the money up first to pay for it

putting the money up first to pay for it then when you become an Institute

then when you become an Institute Trader over a two threee period you're

Trader over a two threee period you're going to get the money back into your

going to get the money back into your account that pays for the education so

account that pays for the education so it ends up being

it ends up being free and we've negotiated the contract

free and we've negotiated the contract outside with a new broker that we're

outside with a new broker that we're bringing in in the next one to two

bringing in in the next one to two months and

months and they'll they're going to rebate 20% in

they'll they're going to rebate 20% in the rest of the world so what that is

the rest of the world so what that is called is a soft dollar agreement called

called is a soft dollar agreement called softing You're providing a service and

softing You're providing a service and the broker's paying for

the broker's paying for it you're providing a service to their

it you're providing a service to their clients and they're paying for

clients and they're paying for it so we always eliminate the conflict

it so we always eliminate the conflict of interest it's one of the most

of interest it's one of the most important principles that we get right

important principles that we get right in the Institute

in the Institute that we always Implement so unlike the

that we always Implement so unlike the other Educators we're not incentivized

other Educators we're not incentivized by volume and frequency we're totally

by volume and frequency we're totally the opposite we actually want you to

the opposite we actually want you to make money because if you do it means

make money because if you do it means all of our data is

all of our data is good so what are they these guys the

good so what are they these guys the trading Educators that have got volume

trading Educators that have got volume and size

and size incentive they're essentially the

incentive they're essentially the brokers in Disguise they're incentivized

brokers in Disguise they're incentivized by the four revenue streams well the

by the four revenue streams well the three three as well three because they

three three as well three because they get the financing so not the OTC gain

get the financing so not the OTC gain but the broker is paying them who gets

but the broker is paying them who gets the OTC gain so they're incentivized

the OTC gain so they're incentivized indirectly they just want you to trade

indirectly they just want you to trade as frequently as possible in the biggest

as frequently as possible in the biggest size possible so they're always going to

size possible so they're always going to show you trading strategies that pay

show you trading strategies that pay them not

you charlatans they're known as guys who pretend to be Traders but they're not

pretend to be Traders but they're not they're fake Traders they're internet

they're fake Traders they're internet marketing imposters

here's the red flags of a charlatan educator who pushes

educator who pushes the inversion narrative and is

the inversion narrative and is essentially working for the

essentially working for the broker day trading always

works well we know it doesn't always work because the trader is a slave to

work because the trader is a slave to volatility and the trader doesn't tell

volatility and the trader doesn't tell the market what's possible the market

the market what's possible the market tells the trader what's possible

remember our euro dollar example 106 buy and sell for the next 250

106 buy and sell for the next 250 trading

trading days buy at 106 sell at 106 if there's

days buy at 106 sell at 106 if there's no volatility you can't make money

no volatility you can't make money impossible so day trading doesn't always

impossible so day trading doesn't always work in fact it works in the minority of

work in fact it works in the minority of cases it only works in history in the

cases it only works in history in the last 15 years 20% of times on

last 15 years 20% of times on average and that is a statistical anal

average and that is a statistical anal Anis you can't argue with it we're

Anis you can't argue with it we're looking at us equities in partic

looking at us equities in partic specifically and the major Forex

specifically and the major Forex Pairs and 80% of the time it hasn't

Pairs and 80% of the time it hasn't worked the odds are not in your

worked the odds are not in your favor so what does that mean you're

favor so what does that mean you're being told the inversion

being told the inversion narrative you're being the told of

narrative you're being the told of you're being told the opposite of what's

you're being told the opposite of what's true but what does that do for the

true but what does that do for the broker and the educator guaranteed

broker and the educator guaranteed volume every day day if you absolutely

volume every day day if you absolutely believe that day trading always works or

believe that day trading always works or works in the vast majority of

works in the vast majority of times in history and going forward what

times in history and going forward what are you going to do well you're a

are you going to do well you're a guaranteed idiot you're guaranteed to

guaranteed idiot you're guaranteed to trade all the time fantastic perfect

client they get paid not you next

you next one it's better to not have overnight

one it's better to not have overnight risk and to exit your positions at the

risk and to exit your positions at the end of the day

end of the day always why is that good for the brok ER

always why is that good for the brok ER and the

and the educator because you guaranteed to trade

educator because you guaranteed to trade twice a day you enter a position and

twice a day you enter a position and exit it also just means that the

exit it also just means that the educator has no idea about risk because

educator has no idea about risk because risk can be hedged out overnight risk

risk can be hedged out overnight risk can be hedged out for months with assets

can be hedged out for months with assets that are correlated next myth you can

that are correlated next myth you can make a monthly income from

make a monthly income from Trading well we know that not that's not

Trading well we know that not that's not that can't be true

that can't be true why because you need volatility

what's what's the big one of the big educator

educator slogans make $10,000 a month trading the

slogans make $10,000 a month trading the international Forex

deserve well what if the Forex markets don't

move you're not making $110,000 a month trading the international Forex markets

trading the international Forex markets you're losing and they're actually right

you're losing and they're actually right you are getting the life you deserve

you are getting the life you deserve because you're an

idiot but what does it mean if you believe that

narrative it means you're a guaranteed fool it means you're going to chase the

fool it means you're going to chase the monthly

monthly income you're going to trade all the

income you're going to trade all the time chasing the income and what happens

time chasing the income and what happens if loads of guys chase the income will

if loads of guys chase the income will you get an

you get an income it's the inversion narrative

income it's the inversion narrative trading is

trading is easy you just need to follow a few lines

easy you just need to follow a few lines on a chart technical

on a chart technical analysis here's some signals follow the

analysis here's some signals follow the lines Buy Here Sell Here Buy Here Sell

lines Buy Here Sell Here Buy Here Sell Here what does that do guaranteed traes

Here what does that do guaranteed traes it's the mice hitting the pedal trying

it's the mice hitting the pedal trying to get a piece of

to get a piece of cheese psychology is the most important

cheese psychology is the most important thing in trading if that's your only

thing in trading if that's your only narrative you've got nothing

narrative you've got nothing if you've got a strong mind you'll be

if you've got a strong mind you'll be good at risk management and make money

good at risk management and make money if that's your only narrative you've got

if that's your only narrative you've got nothing you don't have a trading

nothing you don't have a trading strategy all you need is risk management

strategy all you need is risk management to be a good Trader nonsense you need

to be a good Trader nonsense you need ideas if you've got Amazing Ideas you

ideas if you've got Amazing Ideas you can be a terrible risk manager and still

can be a terrible risk manager and still make money next narrative lifestyle

make money next narrative lifestyle messages get the life you've always

messages get the life you've always deserved one day you'll own a car like

me what they what are they trying to do there they're trying to just distract

there they're trying to just distract you away from the

you away from the reality of the industry and the

reality of the industry and the realities of trading with hopes and

dreams and they're not living that life it's a fake life because they're not

it's a fake life because they're not even real Traders they're fake Traders

even real Traders they're fake Traders and if you remember right from the

and if you remember right from the beginning we looked at Boomers and gen

beginning we looked at Boomers and gen x's and the problem with pensions

x's and the problem with pensions everyone knowing that they can't retire

everyone knowing that they can't retire this is the Crux of the problem

this is the Crux of the problem when desperation from the middle class

when desperation from the middle class fools meets conflict of

fools meets conflict of interest so just two sides of the

interest so just two sides of the equation when desperation meets conflict

equation when desperation meets conflict of interest only bad things can

of interest only bad things can happen it's all designed to distract

happen it's all designed to distract your attention away from what's

your attention away from what's important and they're going to go to

important and they're going to go to extreme lengths to convince you

extreme lengths to convince you otherwise the inversion narrative is

otherwise the inversion narrative is huge outside the United States much more

huge outside the United States much more so outside the

so outside the US but what about inside the us we've

US but what about inside the us we've already mentioned this in the example

already mentioned this in the example with you about how the commission is not

with you about how the commission is not paid as a percentage it's a flat

paid as a percentage it's a flat rate but there's still the broker [ __ ]

rate but there's still the broker [ __ ] they're only going to push the inversion

they're only going to push the inversion narrative because they need a brokerage

narrative because they need a brokerage platform to put people on to legitimize

platform to put people on to legitimize themselves because if they have The

themselves because if they have The Branding of brokerage platforms behind

Branding of brokerage platforms behind them and they're working with them and

them and they're working with them and their their introductions have a place

their their introductions have a place to go to it legitimizes their

[ __ ] they need a home they always need a

need a home and obviously you've seen we turn

home and obviously you've seen we turn the tables on the broker and we've got

the tables on the broker and we've got 370 guys

370 guys globally when you've got a lot of guys

globally when you've got a lot of guys who do quite well and you provide a

who do quite well and you provide a coupon

coupon business the broker likes

you and you also get significant Community

Community leverage because if you have a hundred

leverage because if you have a hundred guys on a platform and they do well and

guys on a platform and they do well and it's a coupon business and you've

it's a coupon business and you've provided a business hedge to the

provided a business hedge to the broker do they want to lose them no of

broker do they want to lose them no of course not so what happens at the

course not so what happens at the Institute when we want something from

Institute when we want something from the

the broker they become AR

broker they become AR [ __ ] because they don't want to lose a

[ __ ] because they don't want to lose a 100 clients we've turned the tables so

100 clients we've turned the tables so what does it look like in practice the

what does it look like in practice the inversion narrative one IB

inversion narrative one IB agreement I don't think we have to beat

agreement I don't think we have to beat that drum

that drum again but one thing you should

again but one thing you should absolutely do if you go to get taught by

absolutely do if you go to get taught by someone in the financial

someone in the financial markets who professes they're an

markets who professes they're an educator and they're good at teaching

educator and they're good at teaching and they're a they're a guru

and they're a they're a guru Trader ask for their IB agreement

Trader ask for their IB agreement if they're introducing you onto a

if they're introducing you onto a platform the contract has to be in

platform the contract has to be in place it's illegal for the broker to not

place it's illegal for the broker to not have the contract in

have the contract in place so if the educator won't give it

place so if the educator won't give it to you where do you go well first of all

to you where do you go well first of all what's the message if he won't give it

what's the message if he won't give it to

to you what's the message from the educator

you what's the message from the educator if they say no I'm not giving you I'm

if they say no I'm not giving you I'm not giving you a copy of my

contract they've got something height or they don't have a contract

height or they don't have a contract which means it's

which means it's illegal so either way it's bad where do

illegal so either way it's bad where do you get it from well

you get it from well actually contact the

actually contact the broker and ask for the the email address

broker and ask for the the email address to their compliance

to their compliance desk under regulation they absolutely

desk under regulation they absolutely have to provide it to

have to provide it to you they have to they have to have full

you they have to they have to have full disclosure of the relationship with the

disclosure of the relationship with the educator

so contact compliance and go behind the Educator's

Educator's back that's how you find out if they're

back that's how you find out if they're incentivized by volume and

incentivized by volume and frequency regulatory history is a big

frequency regulatory history is a big one there is actually a real definition

one there is actually a real definition of what a professional Trader

of what a professional Trader is so if someone claims that they are or

is so if someone claims that they are or have been a professional Trader you can

have been a professional Trader you can find out with a few clicks of a mass why

find out with a few clicks of a mass why because if they've been a professional

because if they've been a professional Trader the def definition is they've

Trader the def definition is they've performed a controlled function and the

performed a controlled function and the controlled function in all geographies

controlled function in all geographies is trading other people's

is trading other people's money investors

money investors money so investors will be a hedge fund

money so investors will be a hedge fund pension fund but also investment Banks

pension fund but also investment Banks the investors are the shareholders in

the investors are the shareholders in the bank and the guys at the bank trade

the bank and the guys at the bank trade the shareholders

the shareholders money they control the balance sheet so

money they control the balance sheet so they're a they are a custodian of third

they're a they are a custodian of third party

party capital and they have to be regulated

capital and they have to be regulated what do you have to do to get regulated

what do you have to do to get regulated you got to take your

you got to take your exams and there's a public record

exams and there's a public record everywhere in every

geography there's mine FCA register so Goldman saaks Leman

mine FCA register so Goldman saaks Leman Brothers JP

Brothers JP Morgan regulated to control regulated to

Morgan regulated to control regulated to perform controlled function of trading

perform controlled function of trading other people's

other people's money and wood Consultants which is a

money and wood Consultants which is a small firm that we had four guys and we

small firm that we had four guys and we had to be regulated because we traded

had to be regulated because we traded each other's

each other's money very

straightforward another easy way of finding out is if you know someone who's

finding out is if you know someone who's got a Bloomberg

got a Bloomberg subscription if you know someone who's

subscription if you know someone who's got a Bloomberg subscription just ask

got a Bloomberg subscription just ask them to type your name into the search

them to type your name into the search field or the name of the

field or the name of the educator and then click on I think it's

educator and then click on I think it's eight career

eight career and it comes up with the full career of

and it comes up with the full career of the person who was a subscriber to

the person who was a subscriber to Bloomberg now it's difficult for retail

Bloomberg now it's difficult for retail because it costs $25,000 a year but

because it costs $25,000 a year but Bloomberg records the career of

Bloomberg records the career of professional Traders and Professionals

professional Traders and Professionals in the

in the market not hard to find if you do a bit

market not hard to find if you do a bit of

digging that's online cre joins JP

online cre joins JP Morgan equity's trading

Morgan equity's trading team that's online as well

so at Leman before you can literally do a little bit bit of digging around and

a little bit bit of digging around and find out if someone has actually been a

find out if someone has actually been a professional Trader in their career it's

professional Trader in their career it's not difficult but people just don't

not difficult but people just don't understand what the definition is

understand what the definition is between a professional Trader and a

between a professional Trader and a retail

retail Trader this is Raj one of our mentors in

Trader this is Raj one of our mentors in the

the US regulator in the US is finra so Raj

US regulator in the US is finra so Raj was the head of options trading at Bank

was the head of options trading at Bank of America head of options trading at

of America head of options trading at namora worked at a few places before but

namora worked at a few places before but he was the youngest managing director at

he was the youngest managing director at Bank of

Bank of America at the age of 29 and ran options

America at the age of 29 and ran options at 29 years old so bit of a player knows

at 29 years old so bit of a player knows what he's talking

what he's talking about takes five minutes to find that

about takes five minutes to find that online five

minutes here's the rest of our mentors so Tristan Chris Kathy's over

mentors so Tristan Chris Kathy's over there Jason McDonald sorry I had to put

there Jason McDonald sorry I had to put your middle name in me too benberg green

your middle name in me too benberg green who's over

who's over there Hisham who's arriving tonight he

there Hisham who's arriving tonight he should have just landed actually he

should have just landed actually he lands at

lands at 8:30 we're doing a conference at the

8:30 we're doing a conference at the weekend here Shem uh you can't get it

weekend here Shem uh you can't get it online because NASDAQ Dubai they don't

online because NASDAQ Dubai they don't record publicly online but we have the

record publicly online but we have the certificates because we only hire guys

certificates because we only hire guys who have actually been professional

Traders so you can go to any of those link and you'll find everyone's

background now none of our guys have to be regulated now

be regulated now why because we don't perform controlled

why because we don't perform controlled functions but the the the point I'm

functions but the the the point I'm making here is this is if you are being

making here is this is if you are being told by somebody who professes to be a

told by somebody who professes to be a professional Trader or has been a

professional Trader or has been a professional

professional Trader all you have to do is

Trader all you have to do is check and what happens if you draw a

check and what happens if you draw a blank or you can't find it

blank or you can't find it what happens if you ask them to prove

what happens if you ask them to prove it and they

it and they can't what's

happened you've been told by a retail Trader that they are a professional

Trader that they are a professional Trader or they have been a professional

Trader or they have been a professional trailer so what does that mean you're

trailer so what does that mean you're being potentially taught by

being potentially taught by somebody who is exactly the same as

you just because you have access to a brokerage platform or a trading

brokerage platform or a trading account with with a couple of thousand

account with with a couple of thousand dollars in it and you trade every

dollars in it and you trade every day it doesn't mean you're you're a

day it doesn't mean you're you're a professional Trader or have been a

professional Trader or have been a professional Trader it's like me going

professional Trader it's like me going out into my back Garden every day and

out into my back Garden every day and kicking a football and saying I'm a

kicking a football and saying I'm a professional

professional footballer Barcelona are not signing me

footballer Barcelona are not signing me up next

up next week and I should not be teaching

week and I should not be teaching football

football it's pretty

it's pretty straightforward so

straightforward so anyone can do their research and if you

anyone can do their research and if you don't you're actually being really

don't you're actually being really irresponsible all you have to do is

irresponsible all you have to do is check the regulatory history so check

check the regulatory history so check for the IB agreement check for the

for the IB agreement check for the regulatory

regulatory history the vast vast majority of

history the vast vast majority of trading Educators in the

trading Educators in the market have absolutely zero professional

market have absolutely zero professional trading

trading experience they are retail Trad ERS

experience they are retail Trad ERS pretending to be professional

pretending to be professional Traders and it takes one

Traders and it takes one check so now you know the

check so now you know the definition if they have no status no

history having a controlled function of managing other people's

managing other people's money it means they've never been a

money it means they've never been a professional Trader and they can't claim

professional Trader and they can't claim to have been

to have been one it's a binary

one it's a binary outcome you can't get a little bit

outcome you can't get a little bit pregnant

pregnant you're either a retail Trader or a

you're either a retail Trader or a professional

professional Trader you're either pregnant or you're

Trader you're either pregnant or you're not they're just pretending so they'll

not they're just pretending so they'll have the IB

have the IB agreement they'll pretend that they're

agreement they'll pretend that they're professional

professional Traders how do they pretend that they're

Traders how do they pretend that they're professional

professional Traders well we live in an online

Traders well we live in an online world and they'll create completely

world and they'll create completely manufactured backstories of their lives

the most common one and I like this word it's a German

it's a German word wund

word wund Kinder The Wonder kid the kid that came

Kinder The Wonder kid the kid that came from

from nowhere and usually the LIE is they

nowhere and usually the LIE is they turned an amount of money like $10,000

turned an amount of money like $10,000 into a big number like over a

into a big number like over a million the Wonder kid turned $10,000

million the Wonder kid turned $10,000 into a

into a million now why is that why is that

million now why is that why is that convenience

convenience because everyone can afford $10,000 to

because everyone can afford $10,000 to open a trading

open a trading account most people in the Western World

account most people in the Western World can just put it on their credit card so

can just put it on their credit card so it's the perfect [ __ ] story to get

it's the perfect [ __ ] story to get people to pay for education and put 10

people to pay for education and put 10 grand in their trading account and it's

grand in their trading account and it's simple for people to understand oh you

simple for people to understand oh you turn 10 grand into a million fantastic I

turn 10 grand into a million fantastic I want to do that too follow a few lines

want to do that too follow a few lines on a

on a chart the other most common one is if

chart the other most common one is if older

older guys um

guys um they'll say that they worked at hedge

they'll say that they worked at hedge funds or investment Banks or that they

funds or investment Banks or that they they they work at a hedge fund now or

they they work at a hedge fund now or they run their own hedge funds it's

they run their own hedge funds it's complete

complete nonsense if they did work at a bank it's

nonsense if they did work at a bank it's probably in the support function and

probably in the support function and they'll have no controlled function so

they'll have no controlled function so they'll be working in it or operations

they'll be working in it or operations or even working on the trading desk and

or even working on the trading desk and getting the Traders

getting the Traders coffee if then if they haven't been

coffee if then if they haven't been regulated to perform the function

regulated to perform the function they've they've been at the bank and not

they've they've been at the bank and not performed a controlled function

performed a controlled function so it means they were in support the

so it means they were in support the hedge fund one is very

hedge fund one is very disingenuous because retail Traders have

disingenuous because retail Traders have been picking up newspapers and watching

been picking up newspapers and watching TV for the last decade reading all about

TV for the last decade reading all about these whiz guys in the market called

these whiz guys in the market called hedge fund

hedge fund managers and apparently according to

managers and apparently according to charlott and trading Educators all you

charlott and trading Educators all you have to do to be a hedge fund manager is

have to do to be a hedge fund manager is open a retail brokerage account and put

open a retail brokerage account and put five grand in

five grand in it that's all you have to do and you can

it that's all you have to do and you can call yourself a hedge fund manager wrong

call yourself a hedge fund manager wrong a hedge fund is a very very specific

a hedge fund is a very very specific investment vehicle with very specific

investment vehicle with very specific parameters and moving pots very specific

parameters and moving pots very specific infrastructure and you need five

infrastructure and you need five things to be defined as a hedge fund you

things to be defined as a hedge fund you need an offshore registered fund 80% of

need an offshore registered fund 80% of them are registered in Cayman

them are registered in Cayman Islands you need an onshore management

Islands you need an onshore management company so that's usually in New York

company so that's usually in New York London

London Geneva Singapore Hong Kong

Geneva Singapore Hong Kong Sydney the offshore fund you have two

Sydney the offshore fund you have two char

char charges you have the management fee so

charges you have the management fee so the offshore fund is charged by the

the offshore fund is charged by the management company a fee to run the

management company a fee to run the assets per

assets per year and then you have a performance fee

year and then you have a performance fee so it's usually one or 2% management fee

so it's usually one or 2% management fee 20% performance you have a third party

20% performance you have a third party administrator so what they're doing

administrator so what they're doing every day is making sure that the

every day is making sure that the management

management company is implementing the agreed

company is implementing the agreed mandate from the offshore fund for the

mandate from the offshore fund for the for the strategy that investors have

for the strategy that investors have invested

invested in you need a prime brokerage agreement

in you need a prime brokerage agreement with a top 10 investment Bank no

with a top 10 investment Bank no Investment Bank will look at you unless

Investment Bank will look at you unless you got $30 million commitment up front

you got $30 million commitment up front total waste of their time investment

total waste of their time investment Banks want clients they want big clients

Banks want clients they want big clients who are going to trade and you need a

who are going to trade and you need a seriously strong track record minimum

seriously strong track record minimum three years probably five

three years probably five years obvious question why don't we set

years obvious question why don't we set up a hedge

we are not the hedge fund taking investors money to make investors

investors money to make investors Rich we are the

Rich we are the investor so the front door of the

investor so the front door of the institute there's education but we're

institute there's education but we're also trading our own money and we have

also trading our own money and we have 40 trading accounts within the Institute

40 trading accounts within the Institute and if we find good people we seed them

and if we find good people we seed them on power of attorney with real money and

on power of attorney with real money and they get to trade our

they get to trade our money now it's not a requirement you can

money now it's not a requirement you can just exist in the infrastructure ructure

just exist in the infrastructure ructure and be good and join the community and

and be good and join the community and help everybody out that's fine but that

help everybody out that's fine but that that's the way we look at things we want

that's the way we look at things we want to invest in Traders we don't want to

to invest in Traders we don't want to take outside money and if you look at

take outside money and if you look at these guys the weathered faces of the

these guys the weathered faces of the mentors over here and

mentors over here and mine we've all been in the industry for

mine we've all been in the industry for years we've done our time when you wake

years we've done our time when you wake up at 5:00 in the morning for 10 15 20

up at 5:00 in the morning for 10 15 20 years to make other people money and to

years to make other people money and to make shareholders and investors richer

make shareholders and investors richer and you make aot of money yourself on

and you make aot of money yourself on the way when you made a certain amount

the way when you made a certain amount of money you don't need to get up

of money you don't need to get up anymore you can make a lot of money by

anymore you can make a lot of money by doing not not not a great deal so all

doing not not not a great deal so all our guys are retired and we just trade

our guys are retired and we just trade our own money and as you've seen hedge

our own money and as you've seen hedge funds are a very specific investment

funds are a very specific investment vehicle how much does it cost to set of

vehicle how much does it cost to set of a hedge fund structure over a million

a hedge fund structure over a million dollars if you don't need it you don't

dollars if you don't need it you don't do it it's stupid it's vanity over

do it it's stupid it's vanity over sanity so we saw manufactured Back

sanity so we saw manufactured Back stories IB agreement regulatory history

stories IB agreement regulatory history manufactured Back stories what about

manufactured Back stories what about manufactured trades and deception you'll

manufactured trades and deception you'll see this a lot in the online

see this a lot in the online World you'll see lots of Educators

World you'll see lots of Educators active on social

active on social media posting screenshots of charts and

media posting screenshots of charts and this is essenti essentially hindsight

this is essenti essentially hindsight trading so for example posting a picture

trading so for example posting a picture of a chart on social media with an arrow

of a chart on social media with an arrow that points here and an arrow that

that points here and an arrow that points there saying I bought it here I

points there saying I bought it here I sold it here

sold it here congratulations well anyone can do that

congratulations well anyone can do that anyone can pull up a chart and say I

anyone can pull up a chart and say I should have bought it at five and I

should have bought it at five and I should have sold it at

should have sold it at eight it's just

eight it's just [ __ ] so that's hindsight

[ __ ] so that's hindsight trading what about predicted

trading what about predicted trading predicted trading is very

trading predicted trading is very disingenuous

disingenuous because people who don't understand the

because people who don't understand the industry can fall for it very

industry can fall for it very easily so what about posting a chart

easily so what about posting a chart before an event with support and

before an event with support and resistance and saying prepare for the

resistance and saying prepare for the big move and then afterwards you

big move and then afterwards you actually get a screenshot of a real

actually get a screenshot of a real trading

trading account with a showing a profit of say

account with a showing a profit of say $3,248 with a a narrative next to it

$3,248 with a a narrative next to it that says just made 3,2 $ 48 it's only

that says just made 3,2 $ 48 it's only 10: a.m. that's me done for the day I'm

10: a.m. that's me done for the day I'm off to the

beach this quite literally is the oldest trick in the book and it's been going on

trick in the book and it's been going on since the

1920s they've got two trading accounts they go long in one and short

accounts they go long in one and short in the other and they post a screenshot

in the other and they post a screenshot of the one that makes money

and it's the oldest trick in the book because it actually comes from

because it actually comes from Brokers because in the old days Brokers

Brokers because in the old days Brokers were advisory Brokers they would advise

were advisory Brokers they would advise their clients what to go long and what

their clients what to go long and what to go short in the market and if you've

to go short in the market and if you've got a 100 clients and you're an advisory

got a 100 clients and you're an advisory broker and this is going all the way

broker and this is going all the way back to the

back to the 20s do you tell all your clients your

20s do you tell all your clients your 100 clients if you have an idea to go

100 clients if you have an idea to go long do you tell all of them to go long

long do you tell all of them to go long of course not you want to grow your

of course not you want to grow your business to 200 people so you tell 50 to

business to 200 people so you tell 50 to go long 50 to go short 50 of them make

go long 50 to go short 50 of them make money 50 of them lose money and then the

money 50 of them lose money and then the guys that lose money you help them on

guys that lose money you help them on the next

the next one and you grow your accounts from 100

one and you grow your accounts from 100 to 110 130

to 110 130 200 it's the oldest trick in the book

200 it's the oldest trick in the book all that's happened is it's be it's just

all that's happened is it's be it's just become modernized by the educator who is

become modernized by the educator who is the broker in Disguise that's all it

the broker in Disguise that's all it is and this is why

is and this is why basically any professional Trader with

basically any professional Trader with any respect for their career will never

any respect for their career will never post their

post their trades because they will lose all of

trades because they will lose all of their gravitas all of their respect in

their gravitas all of their respect in the professional trading Community

the professional trading Community because every professional Trader knows

because every professional Trader knows that they're probably bullshitting

that they're probably bullshitting because they know all the dirty

because they know all the dirty tricks so there's a side of the industry

tricks so there's a side of the industry that's totally opposite to everything

that's totally opposite to everything that you experience as a retail Trader

that you experience as a retail Trader but it also breeds a dependency culture

but it also breeds a dependency culture as well which is exactly the opposite of

as well which is exactly the opposite of the way Traders are taught in the real

the way Traders are taught in the real world like professional

world like professional Traders so people signing up for example

Traders so people signing up for example uh to hot stock

uh to hot stock lists here's the top five stocks today

lists here's the top five stocks today here's the stocks in Play here's the

here's the stocks in Play here's the potential news get long get short get

potential news get long get short get long get short what's happening there

long get short what's happening there that's the educator pushing the

that's the educator pushing the inversion narrative because they're

inversion narrative because they're working for the brok

working for the brok indirectly and what are you doing you're

indirectly and what are you doing you're depending on those lists or those ideas

depending on those lists or those ideas every

every day to try and generate a p&l for

day to try and generate a p&l for yourself try and generate a profit for

yourself try and generate a profit for yourself it's the total opposite of the

yourself it's the total opposite of the way you need to be taught you need to be

way you need to be taught you need to be coming up with your own ideas and

coming up with your own ideas and generating your own

generating your own ideas manufactured trades and deception

ideas manufactured trades and deception again deception this is how the online

again deception this is how the online World works with people who have a false

World works with people who have a false narrative they know everything they say

narrative they know everything they say is [ __ ] but they have to give the

is [ __ ] but they have to give the impression that other people believe it

impression that other people believe it so you get sucked in so there's two

so you get sucked in so there's two things you need to watch out for sock

things you need to watch out for sock puppets and Meat Puppets what's a sock

puppets and Meat Puppets what's a sock puppet well put a sock on your hand and

puppet well put a sock on your hand and speak you open 400 social media accounts

speak you open 400 social media accounts different email addresses different

different email addresses different names what do you do you pretend to be

names what do you do you pretend to be people commenting on all of your posts

people commenting on all of your posts and you're logging in to 80 of them per

and you're logging in to 80 of them per day and making the comments there's a

day and making the comments there's a huge amount huge huge amount online of

huge amount huge huge amount online of complete nonsense and people get sucked

complete nonsense and people get sucked in by it what's a meat puppet a meat

in by it what's a meat puppet a meat puppet is a sock puppet but it's a human

puppet is a sock puppet but it's a human they're hiring someone in Bangladesh

they're hiring someone in Bangladesh China India wherever Russia to log into

China India wherever Russia to log into the accounts and do it for them and

the accounts and do it for them and they'll upvote all their comments to get

they'll upvote all their comments to get them to the top so it looks like there's

them to the top so it looks like there's a narrative occurring

a narrative occurring that believes their [ __ ] so then

that believes their [ __ ] so then people get sucked in they build fake

people get sucked in they build fake websites so they'll comment on other

websites so they'll comment on other business people and then comment on

business people and then comment on themselves that's a sock puppet fake

themselves that's a sock puppet fake website fake

website fake reviews and they'll give reviews on

reviews and they'll give reviews on themselves obviously that are favorable

themselves obviously that are favorable and then reviews on their competitors

and then reviews on their competitors that are not

that are not favorable so L this is how they all do

favorable so L this is how they all do it or they can literally

it or they can literally engage in actual criminal

engage in actual criminal activity which is creating Equity curves

activity which is creating Equity curves of Trades that they claim they've done

of Trades that they claim they've done going back in time which shows them

going back in time which shows them making money over time and all they've

making money over time and all they've done is gone into a spreadsheet or the

done is gone into a spreadsheet or the back end of a website and typed in buy

back end of a website and typed in buy at $5 sell at

at $5 sell at $565 and it just updates their requis

$565 and it just updates their requis C and it's not audited by Third parties

C and it's not audited by Third parties it's not audited by accountancy

it's not audited by accountancy companies they don't have administrators

companies they don't have administrators it's self-administered and it's actually

it's self-administered and it's actually criminal

criminal activity because what you're actually

activity because what you're actually doing is you're Miss selling financial

doing is you're Miss selling financial performance lifestyle and social media

performance lifestyle and social media posts this is the this is the stuff that

posts this is the this is the stuff that that's designed to distract you so

that's designed to distract you so drastically

overemphasizing the conflation between trading and lifestyle

so of course if you know what you're doing it doesn't matter where you press

doing it doesn't matter where you press press the button it's less than 1% of

press the button it's less than 1% of what you'll do as a

what you'll do as a Trader it's the other 99% that's

Trader it's the other 99% that's important you can't be sitting by a

important you can't be sitting by a pool coming up with 10 trading di 10

pool coming up with 10 trading di 10 really good trading ideas per week you

really good trading ideas per week you actually do need to

work you can press the button when you're lyed by the swimming pool but you

you're lyed by the swimming pool but you have to do the other 99% of the work

and you can always tell an educator that's had no trading experience because

that's had no trading experience because they'll constantly push the lifestyle

they'll constantly push the lifestyle narrative it's creating the hopes and

narrative it's creating the hopes and dreams and how do they do it most

dreams and how do they do it most typical ways renting houses on Airbnb

typical ways renting houses on Airbnb and doing MTV crib style tours of their

and doing MTV crib style tours of their houses but they'll literally rent the

houses but they'll literally rent the house for a day and they don't own it

house for a day and they don't own it it's rented for a day or they'll rent a

it's rented for a day or they'll rent a Supercar for a day and in the house and

Supercar for a day and in the house and in the car

in the car they'll film all day and collect three

they'll film all day and collect three months of content and drip it out over

months of content and drip it out over three months so they build archives of

three months so they build archives of content to drip out the inversion

favorite is withdrawing cash and parading it saying that you made it in

parading it saying that you made it in trading that's where you get it

from prop movie Money store there's a million

million dollars on sale for 450

dollars on sale for 450 bucks in new style aged look

bucks in new style aged look 100s that's where they get it from and

100s that's where they get it from and of course when you wrap all of this up

of course when you wrap all of this up together the IB agreement the no

together the IB agreement the no regulatory history but telling you

regulatory history but telling you they're a professional Trader when

they're a professional Trader when they're actually a retail Trader the

they're actually a retail Trader the manufactured backstory the manufactured

manufactured backstory the manufactured trades and ception practices that they

trades and ception practices that they engage in and the lifestyle and social

engage in and the lifestyle and social media

media posts of course the

posts of course the cherry on the top of the cake is the

cherry on the top of the cake is the reason why they do it is because they

reason why they do it is because they want to inspire

want to inspire you so you can one day be like

you so you can one day be like them so you open a trading

account 20 days later you're gone congratulations

but there's other areas of trading infrastructure where IB Agreements are

infrastructure where IB Agreements are very

very important trust me when I say this IB

important trust me when I say this IB Agreements are everywhere in trading

Agreements are everywhere in trading they're not just with Educators they are

everywhere they just work in slightly different ways so they're in manage

different ways so they're in manage programs automated or algorithmic manag

programs automated or algorithmic manag programs social

programs social trading and with online forums and

trading and with online forums and information vendors let's start with

information vendors let's start with manage programs so there's a difference

manage programs so there's a difference between a sophisticated investor and a

between a sophisticated investor and a retail investor retail investors are

retail investor retail investors are usually under

usually under $500,000 qualified sophisticated

$500,000 qualified sophisticated investors are over $500,000 qualified

investors are over $500,000 qualified usually with industry

usually with industry experience so there's a gap in the

experience so there's a gap in the market between retail Traders and

market between retail Traders and funds where sophisticated investors

funds where sophisticated investors invest in hedge funds because hedge

invest in hedge funds because hedge funds will only take a minimum of a

funds will only take a minimum of a million 2 million and you first have to

million 2 million and you first have to be qualified as a sophisticated investor

be qualified as a sophisticated investor retail Traders can't invest in

retail Traders can't invest in them so what do retail Traders invest in

them so what do retail Traders invest in oh this

oh this infrastructure that is supposed to look

infrastructure that is supposed to look like hedge funds called managed programs

like hedge funds called managed programs so you have these guys who are managing

so you have these guys who are managing retail accounts where you give them

retail accounts where you give them money to

money to trade they've all got IB agreements with

trade they've all got IB agreements with the Brokers every single one of them so

the Brokers every single one of them so there's a conflict of interest and what

there's a conflict of interest and what tends to happen 90% lose money why

tends to happen 90% lose money why because when their managed account goes

because when their managed account goes up in value they churn like crazy they

up in value they churn like crazy they trade they trade they trade they

trade they trade they trade they trade and then the commission goes in

trade and then the commission goes in their back pocket from The Brokerage

their back pocket from The Brokerage company as a rebate and when they're

company as a rebate and when they're down they just churn less so it's a

down they just churn less so it's a churning mechanism what about if we

churning mechanism what about if we automate that so we take away the

automate that so we take away the human and we say all you have to do is

human and we say all you have to do is put money in this trading account and

put money in this trading account and every

every time this particular account

time this particular account trades you do exactly the same trade so

trades you do exactly the same trade so it's automated so there's no human

it's automated so there's no human managing it the human is managing their

managing it the human is managing their own money and you're just copying their

own money and you're just copying their trades what about if we automate that

trades what about if we automate that now the way the way that's set up is you

now the way the way that's set up is you have what's called a master account at

have what's called a master account at The Brokerage company and then you have

The Brokerage company and then you have hundreds of retail traders who want to

hundreds of retail traders who want to Outsource

Outsource they're trading to somebody who's

they're trading to somebody who's supposed to be

good what's happening there well the guy with the master account has an IB

with the master account has an IB agreement with the brokerage

agreement with the brokerage company so every time the master account

company so every time the master account trades or that guy trades you

trades or that guy trades you automatically

automatically trade it's the same thing it's just two

trade it's the same thing it's just two separate accounts instead of one so

separate accounts instead of one so what's happened there well the broker

what's happened there well the broker has just outsourced pickpocketing to a

machine what about social trading you've seen them all these platforms where you

seen them all these platforms where you go online and you see all these guys in

go online and you see all these guys in weird places around the world with

weird places around the world with nicknames Forex Master

nicknames Forex Master 179 was up 100% last week based in

Kazakhstan the new Master Trader we're promoting on the platform

promoting on the platform what's he done he's turned $100 into

what's he done he's turned $100 into $200 and you're about to give them 510

$200 and you're about to give them 510 15 2500

15 2500 Grand they're never going to be able to

Grand they're never going to be able to manage that money they've got

manage that money they've got lucky because they never advertise how

lucky because they never advertise how much money they're actually managing or

much money they're actually managing or very rarely but something that's very

very rarely but something that's very very very rarely

very very rarely advertised and no one really knows the

advertised and no one really knows the real truth about it unless you're inside

real truth about it unless you're inside the industry 80% % of their profiles are

the industry 80% % of their profiles are fake the people don't even exist they've

fake the people don't even exist they've created fake profiles and the social

created fake profiles and the social trading platform is The Brokerage

trading platform is The Brokerage platform they own

platform they own it or if they don't own it they have an

it or if they don't own it they have an IB agreement with the brokerage platform

IB agreement with the brokerage platform so what are you doing well you're just

so what are you doing well you're just doing the previous example the broker is

doing the previous example the broker is fire has set up an algorithm that fires

fire has set up an algorithm that fires off

off signals through certain accounts and

signals through certain accounts and you've set up a a sub account under a

you've set up a a sub account under a master account

master account that's all you've done and then you're

that's all you've done and then you're automatically copying the trades of that

automatically copying the trades of that person that doesn't

person that doesn't exist and all these guys get away with

exist and all these guys get away with it because they're regulated in places

it because they're regulated in places like Cyprus and Malta which are in the

like Cyprus and Malta which are in the EU but they can actually passport their

EU but they can actually passport their regulation into

regulation into London so they end up with FCA

London so they end up with FCA regulation when they really shouldn't

regulation when they really shouldn't and the The Regulators have actually

and the The Regulators have actually started coming down really hard them in

started coming down really hard them in the last few years and there's been

the last few years and there's been multiple investigations into the social

multiple investigations into the social trading platform sites and they've

trading platform sites and they've actually found that 80% of them of fake

actually found that 80% of them of fake profiles so all the owners of these

profiles so all the owners of these platforms for the last two years have

platforms for the last two years have actually been looking for an exit at

actually been looking for an exit at favorable

favorable prices and yours truly was offered one

prices and yours truly was offered one of them for 10

of them for 10 million so we decided to send in a

million so we decided to send in a couple of people to do some due

couple of people to do some due diligence and confirmed two weeks later

diligence and confirmed two weeks later 80% of the profiles are

80% of the profiles are fake well done you've just been duped

fake well done you've just been duped again IB IB contracts or

again IB IB contracts or Brokers online forums do you think

Brokers online forums do you think online forums were built for your

online forums were built for your benefit so you can go on and chat to

benefit so you can go on and chat to some guys who you don't even know about

some guys who you don't even know about stocks Forex

stocks Forex Commodities they're not built for your

Commodities they're not built for your benefit a lot of the profiles are again

benefit a lot of the profiles are again fake and the Forum owners the company

fake and the Forum owners the company that own them are actually incentivized

that own them are actually incentivized by IB

by IB agreements try clicking on the broker

agreements try clicking on the broker ads on the right hand side of the screen

ads on the right hand side of the screen see what

see what happens new window opens URL check the

happens new window opens URL check the URL what it says it's an affiliate

URL what it says it's an affiliate program and they have an IB agreement

program and they have an IB agreement with the broker that's advertising on

with the broker that's advertising on their

their platform we've downloaded many of the

platform we've downloaded many of the company's accounts to forensically go

company's accounts to forensically go through them to see where they make

through them to see where they make their money and how they make their

their money and how they make their money because we see the URL links as

money because we see the URL links as affiliate links and we know they're

affiliate links and we know they're getting paid by the broker in

getting paid by the broker in commission so you go

commission so you go on to companies house download the last

on to companies house download the last year's accounts accounts

year's accounts accounts before what do they how do they make

before what do they how do they make their money mostly through marketing and

their money mostly through marketing and advertising and what is marketing and

advertising and what is marketing and advertising Revenue it's Brokers paying

advertising Revenue it's Brokers paying rebates on IB

rebates on IB agreements you need to understand how

agreements you need to understand how the industry works so what's going to

the industry works so what's going to happen when you go on an online Forum

happen when you go on an online Forum well the online forums are in direct

well the online forums are in direct competition with trading

Educators so what's their narrative all education is crap well of course most of

education is crap well of course most of it is because most trading Educators

it is because most trading Educators have IB agreements where they get a

have IB agreements where they get a percentage rebate but there are real

percentage rebate but there are real players in the in the vast minority and

players in the in the vast minority and we one of them but what what are they

we one of them but what what are they going to push on their platform they're

going to push on their platform they're going to diss all Educators and they're

going to diss all Educators and they're going to diss Brokers that are not

going to diss Brokers that are not advertising with

advertising with them and they're going to push you with

them and they're going to push you with the inversion narrative and they're

the inversion narrative and they're going to promote forums that promote the

going to promote forums that promote the inversion narrative and send you and

inversion narrative and send you and push you towards the Brokers they'll

push you towards the Brokers they'll even set up fake profiles

even set up fake profiles themselves and they'll call themselves

themselves and they'll call themselves for example Veterans as having been on

for example Veterans as having been on the forum for 10 years and added lots of

the forum for 10 years and added lots of content to The Forum that other accounts

content to The Forum that other accounts that are fake respect so they're

that are fake respect so they're basically sock

basically sock puppets and they'll push you towards the

puppets and they'll push you towards the Brokers so you think you're talking to a

Brokers so you think you're talking to a guy that's got a reputation that's good

guy that's got a reputation that's good it's a guy working at The

Forum you need to be very very suspicious of how all these guys work

suspicious of how all these guys work it's there's huge conflicts of interest

it's there's huge conflicts of interest everywhere so consider what you've been

everywhere so consider what you've been shown today just think about everything

shown today just think about everything how everything

how everything works how the parameters of the industry

works how the parameters of the industry are l set up for retail to fail the

are l set up for retail to fail the infrastructure was built for retail to

infrastructure was built for retail to fail not for them to

fail not for them to benefit how hedge funds Pension funds

benefit how hedge funds Pension funds and investment banks are the largest

and investment banks are the largest payers of exchange

payers of exchange fees and exchanges need them to survive

fees and exchanges need them to survive to maintain the status

to maintain the status quo how investment banks in particular

quo how investment banks in particular absolutely require dumb money to exist

absolutely require dumb money to exist and they enable the infrastructure by

and they enable the infrastructure by providing the credit the financing to

providing the credit the financing to retail brokers

retail brokers how investment Banks need their largest

how investment Banks need their largest commission payers hedge funds and

commission payers hedge funds and Pension funds to survive so they

Pension funds to survive so they continuously get

continuously get paid how retail Brokers and their IB

paid how retail Brokers and their IB incentivized educators are literally

incentivized educators are literally contracted and

contracted and incentivized by the infrastructure for

incentivized by the infrastructure for retail to fail so everyone gets paid how

retail to fail so everyone gets paid how retail Brokers and Charlton Educators

retail Brokers and Charlton Educators constantly push the inversion Nar

constantly push the inversion Nar how as a retail Trader with a small

how as a retail Trader with a small account you don't really have a choice

account you don't really have a choice you have to trade on the platforms

you have to trade on the platforms that's how you get access and how

that's how you get access and how Regulators will never actually prevent a

Regulators will never actually prevent a problem they will only ever react to

problem they will only ever react to casualties of past problems in the

casualties of past problems in the markets and then as now we've stated all

markets and then as now we've stated all this and we've got to this point I want

this and we've got to this point I want you to ask yourself a very very

you to ask yourself a very very important question

is it even possible for retail traders to make

money you've got to access the platforms so let's have a show of

hands who believes retail Traders can't make

money one okay who believes retail Traders can make

Traders can make money okay you're right but like right

money okay you're right but like right at the beginning when we said the most

at the beginning when we said the most important

important thing is to look at how the industry

thing is to look at how the industry Works what did I say at the

Works what did I say at the beginning look at how the people who do

beginning look at how the people who do well in the industry

well in the industry work and if you're a retail Trader you

work and if you're a retail Trader you can make money if you find those people

can make money if you find those people and emulate

them it's pretty straightforward it's like walking into any

like walking into any industry find the players who win and do

industry find the players who win and do what they do

what they do form

form 10K it's an annual

10K it's an annual report in the states for a public

report in the states for a public company gives you all the forensics of

company gives you all the forensics of the company who should we look at in the

the company who should we look at in the trading industry who's extremely

trading industry who's extremely successful to

successful to see what their odds are of making

see what their odds are of making money yes why don't we look at Goldman

sax that's where all the most successful traders in the world seem to come from

traders in the world seem to come from so let's find out how they make their

money go online type in Goldman sax 10K and type in the year you'll find it

10K and type in the year you'll find it in the first two links it's out every

in the first two links it's out every year it's an annual

year it's an annual report between Pages 95 and

report between Pages 95 and 105 you will always find this

105 you will always find this chart and it tells you the amount of

chart and it tells you the amount of money that Goldman Sachs makes or loses

money that Goldman Sachs makes or loses per

per day how many days they make and

day how many days they make and lose so what have we got here intervals

lose so what have we got here intervals of $25 million

of $25 million okay on the right hand side are days

okay on the right hand side are days where they make money the leftand side

where they make money the leftand side days when they lose money and how much

days when they lose money and how much they make and how much they lose so in

they make and how much they lose so in the year 2015 Goldman Sachs made money

the year 2015 Goldman Sachs made money on 212 days in the trading year and lost

on 212 days in the trading year and lost 38 days and this is trading operations

38 days and this is trading operations pure trading nothing to do with m&a

pure trading nothing to do with m&a commissions or anything like this so

commissions or anything like this so pretty skewed to the right hand

pretty skewed to the right hand side and you can see that on a typical

side and you can see that on a typical day when they make money they make

day when they make money they make between $25 to $50

between $25 to $50 million so there's also a tail out there

million so there's also a tail out there as well look at the tail on the right

as well look at the tail on the right hand side where there's up to $100

hand side where there's up to $100 million 34 days out of the trading year

million 34 days out of the trading year here they're making $100

here they're making $100 million amazing right why do you think

million amazing right why do you think they're making $100

million because they call the markets correct the big situations where markets

correct the big situations where markets move they get it right and then when the

move they get it right and then when the markets don't move they trade in

markets don't move they trade in different ways and they just make money

different ways and they just make money every day do they go home with flat

every day do they go home with flat positions every day no they're running

positions every day no they're running multi-billion dollar portfolios they

multi-billion dollar portfolios they just let the portfolio work and they let

just let the portfolio work and they let the money come

the money come in and they don't stand in the way of it

in and they don't stand in the way of it huge overnight risk you can speak to

huge overnight risk you can speak to Chris Kathy about it later at the pub we

Chris Kathy about it later at the pub we used to run crazy

used to run crazy numbers couple of billion dollars on the

numbers couple of billion dollars on the pan European trading desk we'd have

pan European trading desk we'd have between 200 and 400 million of that

between 200 and 400 million of that risk and we'd run portfolios and that

risk and we'd run portfolios and that was even back in the early 2000s we

was even back in the early 2000s we weren't day

weren't day trading just big portfolios that make

trading just big portfolios that make money so

money so 2015 was that a

2015 was that a fluke was that a

one-off you can actually go back all the way to

way to 99 but let's go back a few years see

99 but let's go back a few years see what

2011 you can go all the way back to the late 90s since they became a public

late 90s since they became a public company and started putting out these

company and started putting out these numbers publicly it's the same every

numbers publicly it's the same every single

single year why

year why what percentage of retail Traders lose

what percentage of retail Traders lose money what are they

money what are they doing everything on the right hand side

doing everything on the right hand side of the chart we looked at

of the chart we looked at earlier what percentage of days do

earlier what percentage of days do Goldman Sachs make money

Goldman Sachs make money 90 what are they doing everything on the

90 what are they doing everything on the left hand side of the chart that we

left hand side of the chart that we looked at

looked at earlier it's not that difficult to work

earlier it's not that difficult to work out if you know what you're looking

out if you know what you're looking for so shouldn't we be doing exactly

for so shouldn't we be doing exactly what these guys do in our own trading

what these guys do in our own trading accounts and become the most annoying

accounts and become the most annoying clients of retail brokers in the

clients of retail brokers in the world guys who make

world guys who make money everything that you've got to do

money everything that you've got to do in your retail trading account needs to

in your retail trading account needs to be the same way that these guys do it on

be the same way that these guys do it on the left hand side so you have access to

the left hand side so you have access to the platforms it's necessary to use them

the platforms it's necessary to use them but you do everything in the opposite

but you do everything in the opposite way to the way they want you to do

way to the way they want you to do things and you learn how to do it

things and you learn how to do it properly and there's no shortcuts You'

properly and there's no shortcuts You' just got to do

just got to do it so right back to the beginning be

it so right back to the beginning be warned our campaign continuously for the

warned our campaign continuously for the last five years is to First educate you

last five years is to First educate you on how the industry

on how the industry works so you don't make the stupid

works so you don't make the stupid mistakes that everyone else

mistakes that everyone else makes that's what you got

makes that's what you got today the next stage is to educate you

today the next stage is to educate you on how to actually make money so how you

on how to actually make money so how you actually

actually emulate professional traders who are

emulate professional traders who are real professional

real professional traders who have got the experience been

traders who have got the experience been there done it and have made a lot of

there done it and have made a lot of money and continue to make

money and continue to make money you've just got to go straight to

money you've just got to go straight to the

the source so you got to be woke and I hope

source so you got to be woke and I hope this is woken you

this is woken you up because the reality is is if you

up because the reality is is if you don't go down this path you will go down

don't go down this path you will go down the other path and you will blow up and

the other path and you will blow up and we don't mind will be around next year

we don't mind will be around next year the year after year

the year after year later you'll just come

later you'll just come back but it'll cost you a lot of money

back but it'll cost you a lot of money to learn the lesson if you haven't

to learn the lesson if you haven't learned it already I guarantee you

learned it already I guarantee you there's people in this room that have

there's people in this room that have learned it already most retail traders

learned it already most retail traders in the US lose 20 $30,000 before they

in the US lose 20 $30,000 before they decide trading is not for

decide trading is not for them but they never get woke they never

them but they never get woke they never find out the real

find out the real reason and the real reason is the stuff

reason and the real reason is the stuff you've seen today

you've seen today you've got to go straight to the

you've got to go straight to the source so just don't waste years of your

source so just don't waste years of your life it's no skin off our nose if you do

life it's no skin off our nose if you do we'll still be

here so here's our general website we've got a new website itpm

got a new website itpm tocom you can sign up for free seminars

tocom you can sign up for free seminars around the

around the world/ seminars if you want to go

world/ seminars if you want to go straight to the online

straight to the online education go to it tpm.com

education go to it tpm.com education we've got two programs all the

education we've got two programs all the information's there

information's there online we've got mentoring programs

online we've got mentoring programs direct with our trading mentors and all

direct with our trading mentors and all the guys are hired on very strict

the guys are hired on very strict requirements they have to have been

requirements they have to have been professional Traders for years and made

professional Traders for years and made significant

significant money and they have to prove

money and they have to prove it trading accounts IB

it trading accounts IB agreements itpm do.com tradeing

agreements itpm do.com tradeing accounts and if you got any further

accounts and if you got any further questions go to the FAQ

questions go to the FAQ section check all those questions if you

section check all those questions if you have any further further

have any further further questions after you've seen the FAQs and

questions after you've seen the FAQs and the answers send us a message through

the answers send us a message through the website through contact

the website through contact form and we have two acronyms at The

form and we have two acronyms at The Institute which I'll leave you

Institute which I'll leave you with gtf and

with gtf and dfiu get the [ __ ] out of here and don't

dfiu get the [ __ ] out of here and don't [ __ ] it up I'll see you at the pub

[ __ ] it up I'll see you at the pub [Applause]

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YouTube Transcript:Anton Kreil Annihilates Retail Brokers and "Trading Educators"

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Anton Kreil Annihilates Retail Brokers and "Trading Educators"