Spot Market vs Futures Market - 6 Key Differences

Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)

Hello, dummies
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
submitted by fuzzyblankeet to wallstreetbets [link] [comments]

Stockus: Fantasy Trading Blockchain Platform

Pre-ICO: Stockus: Fantasy Trading Blockchain Platform
Stockus Crypto Summary
Hi everybody! I’m happy to introduce the Stockus Project to you. It is a new and exciting project on which our team is working on now. The main ideas and its realization are explained further. It will be nice if they are interesting for you.
Stockus. Fantasy trading platform based on the blockchain technology.
Our goal is to create a leading financial simulator based on open ledger technology in order to provide participants with a reliable, transparent trading platform and opportunities to earn large cash prizes. Stockus – is a fantasy trading platform based on smart contracts. Participants place trades individually or in teams. The application allows users to enrol in various tournaments and earn cash rewards without an initial investment of capital.
Gaming Capital Globally
The online gaming industry is rapidly growing, with figures indicating total earnings of 99.6billion USD in 2016 alone. This is an impressive amount; however it pales in comparison to the size of the financial markets. The daily turnover of the Forex market amounted to 5.1trillion USD in 2016. Approximately 10-15 million individual market participants actively trade on Forex worldwide with the total volume generated by retail traders being equal to 293billion USD daily. Statistics show that the average starting capital of a retail trader is somewhere in the region of 700 USD. Within 4 months of trading 97% of all retail traders lose their initial investment and leave the market. The amounts that such traders lose on the currency market amount to tens of millions of dollars annually.
$10 against $700
Our approach differs substantially from the business model of the classic broker. There are two fundamental pillars on which Stockus was built. The first one is that exchange trading for the retail participant is comparable to a game, where players place bets on the direction of the market. And the second one is the players prefer to pay small-one off buy-ins for the chance to win large cash prizes in tournaments as apposed to putting large deposits at risk on leveraged trading accounts. There is clearly a drastic difference between a trader who suffers the loss of their entire deposit of $700 whilst trading on Forex, and a player who buys into a trading tournament for $10 with the chance of winning a massive prize. That same $10 deposit would get the trader nowhere on the Forex market, whereas on Stockus he stands to win thousands of dollars without the requirement of a large investment upfront. Our approach is light years apart from the business model of a traditional broker in the sense that it aims to protect the trader without limiting their gains. Traders are now faced with the choice of trading on the market with a high degree of risk or playing Stockus with limited risk whilst maintaining their earning potential. This is a new opportunity to trader and we believe that they will chose in our favour.
Equal odds of winning
The probability of winning in a fully subscribed Stockus tournament is approximately 3-3.5% which is roughly equal to the chances of turning a profit whilst trading on the Forex market. However $10 gets you nowhere on a forex brokerage account, whereas in Stockus you can enter a trading competition and stand to win tens or even hundreds of thousands of dollars with the same amount. The benefit of Stockus is that each player has a limited loss, but gets an equal chance to win large prizes. Fantasy trading – the Stockus platform is designed to be a direct competitor to traditional brokers by attracting a large number of participants. There is no sense in funding a leverage forex account and risking the entire deposit when the trader can enter a tournament and win fantastic amounts of prize money in a variety of competitions. The development of trading skills and ability to collect large gains solely with the merit of experience and knowledge is the main advantage of Stockus. Millions of players with the ambition, aptitude and skill will be able to compete for the large cash rewards with limited downside. In the past such individuals were faced with a choice between financial markets or betting games. Now, such players have an innovative alternative in the form of Stockus.
How to become a millionaire
Stockus is a financial simulator based on a social media platform which allows any player to participate in a tournament of their choice. If a certain trader prefers a short-term, high frequency game, they can join a daily tournament with large prizes. If, on the other hand, the player is more partial to a long term, trend-based approach, the weekly or monthly tournament is more suited to this style and the prizes can reach astronomical levels. It is crucial to note that the size of the prize is not restricted, which means that the more players buy into the competition, the higher the winning pot. The payouts for larger tournaments can potentially reach six figures or more. The game consists of the following: Professional tournaments which will constantly increase in number. A small buy-in amount is paid to enter the tournament and compete against other traders. The winners immediately receive a payout to their account balance. Friendly tournaments which allow anyone to participate free of charge. The main purpose of these trading challenges is to educate new players and allow existing users to refine their strategies in preparation for the professional games. Decentralised challenges which users can host independently by selecting their competitors and forming a private league. Team tournaments allow players to team up with other traders and compete against each other in groups throughout several rounds.
Players or teams who lose their initial capital have the option to buy back in and continue trading. As opposed to leveraged trading, where each loss is a direct hit to the capital and savings of the trader, Stockus allows players to continue trading for as long as they wish. Players have the ability to improve their chances by purchasing leverage, analytical tools and other extras for additional payments. Members of the Stockus community can exchange feedback, tips and trade ideas with each other. A referral program encourages players to invite their friends. The main attraction for most traders will be the professional tournaments. During the development of our tournament system, the team drew a lot of inspiration from the structure of the competitions held by the fantasy trading platform FanDuel. The capitalisation of FanDuel as an organisation is in the billions, and the platform’s phenomenal success along with hundreds of thousands of members testifies to the scalability and potential of such a model when applied in a different area.
The Principles of Platform Monetisation
Stockus aims to monetise fantasy trading by applying a small commission on each buy-in as well as charging additional fees for bonus features such as refunding, leverage, analytics, etc. Each player can purchase extras in order to improve their chances of winning and gain an edge over their competition. Additional initiatives such as referral programmes and promotions allow players to help others and earn additional tokens for their efforts.
Testing the game
Stockus utilises a unique trading platform which our team modelled around the popular MT4 trading software. This proprietary platform allows players to trade stocks, futures, currency pairs and options in real time on a broad selection of global venues. The Stockus model was throughout several beta rounds hosted on the Facebook developer platform in order to enhance the software and improve functionality. This testing base also allowed us to confirm the viability of the concept and saleability of the offering. This period allowed us to gather valuable data on user preferences, as well as collect feedback and verify the validity of the game concept. Users actively participated in the trading tournaments and purchased additional features in order to boost their chances of earnings a prize. We saw a healthy amount of competition for the prize spots, with many players repurchasing funds or unlocking leverage to get the upper hand on their rival traders. Our developers also expanded the capabilities of the platform during this time, adding several different tournament types as well as options trading during the testing phase. We have now developed a completed version of the game based on the results of these extensive tests, which we are excited to bring to your attention.
Blockchain as a foundation for trust
Stockus is innovating by allowing all types of traders to compete in tournaments with limited risk and on equal terms. Ethereum allows us to create smart contracts which automatically determine and verify the outcome of each trading tournament, as well as paying out the rewards to the winners. The principles of crypto can be used to process and distribute the gains from the various tournaments in an efficient and transparent manner. This solution is optimal due to its security and scalability as the number of players and competitions grows. Unlike a typical brokerageplatform, the entire infrastructure of Stockus is built on blockchain, making the setup robust and secure. One of the toughest challenges we faced during the beta testing phase was gaining the trust of the players. Some users raised concerns regarding the authenticity of the tournament results and likelihood of an actual payout. The blockchain addresses such concerns and puts any doubts to rest due to the transparent and objective manner in which the smart contracts will determine winners as well as the final payout of the prizes. This transparency creates an element of trust amongst users and enhances the eligibility of the tournament series. A second challenge addressed by the blockchain infrastructure is raising the required funds and launching the game within a period of 3months. An ICO offers a priceless opportunity to meet our targets and achieve the ultimate objective of building a trading simulator which will offer an innovative and groundbreaking alternative to the traditional forex trading approach. A third argument in favour of an ICO and the blockchain solution is the ability to issue our own tokens, which will essentially act as a cryptocurrency derivative within our game. These tokens will have a value versus Ethereum and other cryptocurrencies which is directly dependent on the popularity and success of the game. Should the demand for ingame services and tournaments continue to increase as we expect, so will the value of the tokens in relation to other currencies.
Stockus Tokens
Stockus tokens are an integral component of the Stockus economy and ecosystem. Owners of these tockens will have access to the following services: - Participation in trading tournaments - Act as witnesses and judges in the trading tournaments - Receive rewards and prizes in the competitions, promotions and tournaments - Purchase additional services and bonus features - Hosting tournaments - Receive referral rewards for inviting friends The tokens play a key role in the economic processes at play in the Stockus environment. These tokens can be purchased in the application, received from other players, won in a tournament, or as a reward for acting as witness or judge in determining the results of a competition. Additional tokens can also be received as a reward for inviting friends to play. Tokens can also be acquired through the preliminary offering of Stockus tokens via Ether (ENT). The Stockus interface will also integrate third party trading solutions such as Shapershift and Coinbase for those users who do not already hold ENT. The initial offering of Stockus tokens will take place in the form of a preliminary ICO. Anyone can subscribe to the offering in exchange for ENT or other cryptocurrencies such as BTC or STEEM. We plan to offer 5,000,000 of our tokens at a rate of 300 tokens for 1 ENT.
Tournament Result Verification
The decentralised tournament verification system is an elegant and robust solution for all users as it prevents any manipulation or abuse of the competition results. All token holders will be able to act as witnesses or judges when determining the winners of each tournament, allowing the public to verify the results via open ledger technology. Should a single participant disagree with the results, an independent confirmation of the tournament results is established by the witnesses. If the conclusion regarding the winners of a tournament is unanimous and there are no disagreements between participants, no added verification via witness is required and the system automatically processes a payout.
Stockus ICO and Development plans
The bulk of raised capital will be directed at the following: - Development of 2 professional tournaments: the WFT (Weekly Fantasy Tournament) and DFT (Daily Fantasy Tournament). These will be completed in 3 months. - A promotional campaign which will ensure that the userbase reaches critical mass and the project becomes sustainable by increasing the prize amounts in the WFT to the order of tens of thousands. - The development of a social network within Stockus, which would allow players to exchange opinions, experiences and advice, as well as form trading societies and teams. - The development of a mobile version of the trading application. - Development and production of at least one new trading competition every 2 months. The game should have at least 6 different tournament types by the end of the first year. The Stockus development team is pleased to present our project for your review and assessment. We hope the summary has made a positive impression and look forward to your support and feedback.
Thank you in advance for your time and attention.
Stockus Developers
tl;dr New blockchain platform allowing fantasy trading, limited capital at risk for the chance to make substantial amounts of money. Project currently under development, ICO later in the year, feel free to ask any questions!
Facebook: https://www.facebook.com/StockusProject/ Website: www.stockus.io Twitter: https://twitter.com/stockusproject
submitted by Stockus_Project to icocrypto [link] [comments]

[Table] IamA MrRavenblade, A Real Life SuperHero (RLSH) who has been doing this for over 12 years (6 in seattle).

Verified? (This bot cannot verify AMAs just yet)
Date: 2012-05-02
Link to submission (Has self-text)
Link to my post
Questions Answers
What is your proudest achievement, Mr. Ravenblade? Looking back, I still remember that first woman I helped. I think of her often, and I cant help but wonder what her life is like now. Does she have kids? A family? A Husband? How would her life have been different if I had not helped her? I wonder this for a lot of people I have helped over the years, but to be honest, I can not help but be proudest of the first time I - scared and worried - told myself "Hey this is not right, I cant just sit back and do nothing". The first time is always the hardest. I had training in different things and was at the time studding martial arts but no real practical street experience; But still I had to try and I thin that theproudest achievement was just being willing to put myself out there and help make the world a better place.
Do you have a signature costume or logo? Its not about me. Yes I have a logo, etc.
Yeah, but can't you go into detail about a specific altercation...? Unlike others in Seattle, I don't brag about my past.
A hero is humble.
But seriously, can you go into details about anything you've done? I have filed charges against known criminals, I have helped police apprehend a fugitive, I have protected people from attempted rape, I have assisted in investigations, I have patrolled areas or communities known to be high crime, I have done charity work such as walk for babies, events for TreeHouse for Kids, donated money I raised to missions, fed the homeless, gone to McDonalds and bough 50 cheeseburgers at at time so i could hand them out to the homeless, the list goes on..
So you're saying that in Seattle, there are a bunch of superheros running around? Also if you make an AMA about being a superhero and don't "brag" about your past... You're going to have a bad time. I just don't want to be a dick.
Then why post an AMA...? I was asked to.
For the record you got down voted by everyone (not me, I don't down vote) because you did not answer a question instead you talked all about yourself and then said you don't brag; which you did. Interesting AMA, but I wish you would answer questions. I answered every question asked. If I missed one, I am not aware of it..
Awesome, sounds like some legitimate work there, well done sir. Anybody could do this. I'm not special. I just choose to not let fear stop me.
It's reddit, dude. We want you to be a dick. I think you have the wrong idea about reddit my friend, the people here are kinder than that and care a lot more about the people around them than you think.
That is why things like Link to www.reddit.com , among others, exits.
Have you ever been bashed or hurt while on the job? Yes.
I had to laugh because for a second, I thought you meant "I just choose to not let fear stop me... from buying cheeseburgers at McDonald's. AWAY!" The next time you have the cash, order 50$ of 1 dollar cheeseburgers from McDonalds. the look on the face of the person taking your order when you do it inside is great, and the sound of them going "wait, what?" on the drive though is also very funny.
Reddit's been taken over by a lot of supervillains lately, Mr. Ravenblade. :( Most of them are bots tho, so they don't exist out in the real world.
Are you concerned that criminals will see that you're tied up answering these questions and use this opportunity to steal the big diamond out of the museum? No.
That was a boring answer :( Ok so lets spice it up a bit.
I'm not worried. The diamond in the museum is a fake, the real one has already moved on to the next location, protected by ninjas that look like kittens.. that all have flame throwers.
That raises a lot of disturbing questions about the value of diamonds. Sure, stealing is wrong but is being burned to death by kitten-shaped ninjas an appropriate punishment for taking one? You have become the tyranny you despise, sir. But, Kitties! Look at the Kitties!
Do you feel that you do a better job than the police? What profound impacts have you made since you began doing this? My father was a Cop and he had a profound effect on my life.
I know from personal experience that the cops do what they can, with the limited funding and resources available to them. I have nothing but respect for the good cops out there - the bad apples are a cancer that make the rest look bad - as it takes a lot of guts to get up at 4am, strap a ballistic vest on, put on your gun, and kiss your loved ones before leaving, never knowing if you will see them again.
I do what I can, like them. I do not do "better" or "worse". I'm just doing it from a different perspective. And like them, I respect the rule of law.
Its hard to say or list all of the good I have done I have been doing this for over 12 years so there has been a lot of people I have helped, homeless I have fed or clothed, foster kids that needed warm coats, babies screened for cancer, etc. I like to think that the good ripples out.
May I ask you why you didn't choose to became a police officer? I saw my father constantly struggle to provide for others on a very low paying salary, despite the good he did every day. Even he wanted to quit and be a judge, because the pay was better.
I wanted to be, but I knew I could do more good going in another direction.
Uh, judges are lawyers, not former police officers. Good catch, I wondered if people would get it.
Unless your dad was also a lawyer being a judge would not be an option. He studied very hard, had to move around to do it, etc. But he wanted to take care of people so he did what he needed to.
How can i get started doing this? What are some tips you could give me? So i just read your FAQ, whats the difference between you and a neighborhood watch? What prompted you to take up the mask? You can get started by calling up your local police and setting up a ride along. There are also often citizens academy style classes you can take. This will give you the best intro to law enforcement, as well as put you in the best terms with police.
Neighborhood watch is more passive.
Do you ever hope there will be a time their be a mask on every corner, and the we will live in a world where heroes arent wanted they are needed. because we'll have some crazy supervillian? I hope the day we are needed that much never comes.
So if i want to be a real superhero and do all the cool ass kicking i should join that other guys group? No, he just uses camera tricks and actors in the form of his extended family an friends to make you think that.
Dude, you are a vigilante, might as well admit it. Define "vigilante". Clearly you and I have a different definition of it. I don't go all Judge Dredd on people (nobody should) and that is what I see a vigilante.
Fuck this shit imma start my own group and just be kick ass no videos no names just ass kicking. Thats called a gang... I doubt that would be productive.
Your definition of vigilante is irrelevant. Many criminals don't consider themselves as criminals either. Their opinion on the matter is also not relevant. I don't punish people, as required by the definition.. as such, I am not a vigilante. The cops, the law, etc, punishes them.
The textbook definition of vigilante is "vigilante is a private individual (or (pl.) group of individuals) who presumes to carry out extralegal punishment in defiance of existing law." "vigilante is a private individual (or (pl.) group of individuals) who presumes to carry out extralegal punishment in defiance of existing law."
Were you in that documentary on real life superheroes? The name evades me but I'm sure you know what I'm talking about. If you weren't why not? The documentary was very political in the RLSH community, and I was not in it because I had some philosophical differences with some of the people who are in it. Namely, I dint like the commercialization of the RLSH altruistic spirit that it represented.
question, how often do you get laid? Until recently I was in a very long term relationship; While in that relationship I was 100% monogamous, then it ended because she was not somebody I could trust. The relationship was good however; It also shielded me from what we in the RLSH community call call "Cape Chasers", women who get involved in the RLSH community simply to find "a good guy" or just to get banged by a guy in a cape. I'm not kidding, these women exist and its a real problem as they often try to start drama or get guys in the community fighting over them.
So every occupation involving capes aparently has groupies. I guess groupies is a good word for it, but doesn't really fit as more often than not the women enjoy the attention enough to start doing the RLSH thing and sometimes they stay even after the relationship that got them into it ends.
What kind of personal safety equipment do you wear - bullet proof vest or other body armor perhaps? Bullet Proof Armor, bought off the shelf as well as some custom made stuff.
In Seattle a lot of people who are ignorant or simply new to the scene like to brag about their Kevlar stuff; But to me any time I see people brag about that sort of thing I laugh and cry a little, because it only shows they are ignorant about Kevlar in general and have not made the effort to educate themselves, since Kevlar loses its protection when it gets wet.. and we have a lot of rain in the area.
Have you ever met Cincinnati's "Shadow Hare"? Have you ever gotten hurt? Does anyone ever try to be a "Super Villain"? Shadow Hare is a political topic in RLSH circles; I'm not sure of the exact details and I was not there so I cant really speak on it with authoritativeness.
Political topic? Could you explain what you know/what you mean when you say "Political Topic" (saw it mentioned below) out of curiosity? I understand you weren't there, just wondering on the gist of it. It was a polarizing event in RLSH history. Anytime you have "sides" the community suffers, I would rather focus on the things I know about and can speak authoritatively about.
What was polarizing about it? what is it? I'm not sure of the details, as I tried to stay as far away from it as possible at the time. I understood that he injured himself or something, and it created drama i wanted no part of.
How do you make a living? I don't think you would accept money for your hero services. (I am guessing you run your own business? If so, may I ask what it is?) No true RLSH would accept money for doing it. I will not say what it is - I said ask em anything, not I will tell you anything - as it would endanger other people.
Also, have you been shot or stabbed? or was there an attempt? Or have you always been able to diffuse the situation before it went that far. Yes. Stabbed and Shot. And its not a cool thing; its a failure on my part to negotiate or otherwise handle the situation without the need for violence.
Fair enough, I was just curious as it probably requires a lot of time to go out and be a RLSH, a normal 9-5 job would not make that easy. I do a lot of night stuff. One thing about being the boss, is nobody cares if you get in late in the mornings.
What is your relationship with law enforcement? Do they know/trust you, or do they resent the vigilante act? I consider my relationship with law enforcement to be one based on respect. Every time I interact with them, I give them the respect they deserve and they treat me with more than the amount of respect I feel entitled to. I'm not a vigilante, so that's not a problem.
Do you videotape your actions to act as evidence? Maybe a GoPro camera? In WA state we have laws about recording that have to be followed. I have a press pass among other things, so that helps, but in the end the law needs to be respected.
Would you say that you're the weirdo Seattle needs, or more the weirdo Seattle deserves? I think I'm the guy Seattle needed; now the community has grown since I was the only RLSH in the area. I see myself as jump starting the movement locally since I was at one time the only one, but in the end my goal is to mentor and provide my experiences, all the while doing what I do best.
Do you know Phoenix Jones? He and I don't get along; He actually threatened to kill innocent people when I spoke out against his violent actions when he first started. I don't consider him to be a RLSH, and that was why he had to start his own little RCSH thing, because nobody wanted him in the community.
Sadly, yes.
So you said you shouldn't pepper spray people, then he said he would murder innocents? In my opinion he has an issue with control.
It follows this that He likes to make people submit to him, and gets scared when it looks like he doesn't control the situation. I personally believe it stems from his childhood and the sense of abandonment he got from some of the things that happened to him - and for this , I truly pity him - but the end result is that when he doesn't have control over people (like he doesn't have control over me, for example when I am speaking out against him) he gets angry and makes threats in an attempt to control them that way, thought the people they love or otherwise by using them or their safety as a hostage of sorts.
This sort of action to me is something only an evil person would do.. and that's why I don't trust him or think of him as a hero at all.
On Tuesday, the 1st of May 2012, Phoenix Jones and crew allegedly pepper sprayed members of the Occupy movements's May Day demonstrators in downtown Seattle.[23]. In an interview on the Bob Rivers Show on 2nd May, Phoenix Jones asserted that, while undercover with the protesters, several of them revealed to him a plot to bomb the city courthouse. Damn that's nuts. Do you have any stories like that?! After I lost a female friend in 9/11, I looked into military service. Does that count?
But he does have a pretty cool suit, I bet it is expensive. Its rubber and it was pretty cheap from what understand. The only thing custom about it that I know of is the stuff he cut from it around the face.
Dragonskin is pretty expensive, at least 5 grand. What he has is not Dragonskin, last I checked. I'm sure he wants to tell people it is, but my understanding is he cant legally get it due to his criminal records, so if it is, that's just another thing for the police to bust him for.
Criminal records? In WA anybody with a record is not allowed to own ballistics gear. Doing so will only get you in more trouble, last I checked the law.
Do people know your irl identity? I'm very open with my RL identity to the police and several people have tried to unmask me to them, resulting in a lot of laughter.
Have any criminals you tried apprehending laugh when they saw you (considering the out of placeness of superheros...)? If so what did you do? I think it should be a prerequisite that people have a good relationship with the police, etc to do this work. If the police don't like you, you are going to have a hard time.
Do you have to use a particular set of skills (i.e martial arts) to take down criminals? Have you had to use it on any thugs? Did you come out victorious? I only use my martial arts skills in self defense; A real hero ends a fight, he doesn't start it.
Do you have any super powers? Or are you like batman. Or sherlock holmes? I got into business because I saw that Ironman and Batman were the ones funding all the other heroes..
I've read every reply in this thread. Can you please explain how humbleness and bragging about media exposure and having a facebook fan page go hand in hand? I'd also love to hear why you think you get more respect and inspire more people by wearing a ridiculous costume? I'm put in a difficult position; I want to promote humbleness, by using marketing skills to promote good values as if they are a product, with the goal that if people "buy" into the idea that people should be excellent to other it will promote positive change in the world. Yet these very things require me to put myself out there.
You actually might inspire people if you dropped the costume act. If you wore all black and a ski mask, you'd look badass versus people thinking you are late for filming a power rangers episode. Its a struggle either way, and I welcome any feedback or ideas you have.
I get that but just to let you know it doesn't come off that way. The whole "persona" just screams look at me look at me. Because if I do it with just my face exposed to the world, people will say "oh, he is just doing it for the social credibility", or worse, they could think I am a great guy and somehow above them socially.. and that would make it more difficult for others to be inspired. That is exactly what I DO NOT WANT. The less personal attention/social reward I get for my heroic deeds, the people I help, etc, the better.
You obviously are doing good in what you do but the reaction is indifference or laughter because of this persona you have. Can you please explain why you think you are taken more seriously by wearing a costume, having a ridiculous superhero name versus just wearing normal clothes and doing the same thing? Apple uses shadows in its ads for a reason: to inspire people into thinking "that could be me"/. The mask is the same thing, basically.
What kind of gadgets do you use? I go into this a little on the TV spots I have done, but a lot of the tools I use are now standard fare as everybody seems to have copied me. Bear Mace, Extendable Stun Batons, Stun Devices of multiple kinds, gear for dealing with the cold, handout supplies, ballistic vests, etc.
How do the police permit you to carry this stuff and use it? Isn't it illegal? Not illegal at all.
As I said in a video I did, the important thing in Seattle limits is to make sure you have no concealed weapons over 6 feet in length (yes, its an actual law) and stay away from projectile weapons. I also stay away from bladed weapons just to be safe; I don't need them to protect myself and I would hate for somebody else to get hurt by mistake.
Do you find it hard to move in costume and all the stuff you hold? I imagine it would be pretty hard. Uniform is designed to not create issue.
What do you think about the "war on drugs?" I think more data is needed on drugs, and being as I have no experience with any sort of drug that my doctor did not prescribe me, I'm not an authority on it either way. I do know however that they are illegal, so society clearly expects me to stay away from them.
Also, the obvious question: If you could have any super power, what would it be? Super Power? Given my science education, I wouldn't mind being able to manipulate the Fundamental Interaction of matter at will. Magneto could only control one of them, after all.
People who use drugs, who aren't junkies or 16 yearolds are often pretty private about their habit, its not something they're going to bring up in general conversation. Exactly.
People often don't bring up things they are ashamed of.
I'm pretty sure Charlie Sheen makes more than 100k a year and he's a coc addict. Maybe I should edit that to say "outside of media"
Are you familiar with Superman Blue? As I understand it from the toy box, he had power over the entire electromagnetic spectrum, which I think means that he could even fuck up shit that we don't even see. There are multiple versions of the Blue Superman; Read this Link to en.wikipedia.org
I wouldn't say all are ashamed, its like someone who enjoys a brand of beer, it doesn't become an adopted aspect of their lifestyle like stoners seem to portray, its just something they do and enjoy. My only experience with people who are open about it has been negative.
It's not statistical if it's an anecdote. According to this study, the only people that abuse drugs MORE than those making > $65,000 are those making below poverty. Drugs are illegal, its not up to me, and the fact is it doesn't matter what I think of them because they are still illegal no-matter what I think. I don't use them, I'm not an authority on them, and I honestly don't care for them.
Do you have like a social disorder? Some of your responses are a little tense bud, loosen up. It's the Internet. I'm at work. I may be the boss but I still have to work, bro.
So you're saying that Ebony is automatically subservient to ivory? No.
Do you have a job? Yes.
I own a company.
You consider yourself a superhero, so yeah, delusions of grandeur, among other things, is self-evident. Ok for your benefit, I'm going to drop the persona for a single post and lay some truth down on you. People don't care about the world. That is why the world is so fucked up. Nobody cares about their fellow man, communities can not depend on the people to take care of themselves, men in general have become pussies who no longer protect their part of the world, and in general, most people are greedy and selfish. To that end, most people just want to be entertained; So the result of this is the people who want to do good, must do so while also being entertainers. The end result of this is that most of the RLSH you see, while going out into the world and doing the good they can, have to go the persona/superhero thing.
People with mental disorders rarely see themselves that way.
Have you considered any post secondary education? I think "Dr. RavenBlade" would strike fear into the hearts of criminals! )
Thoughts? Yes I am a RLSH - have been for over a 10 years - but I don't really see the so called "Villains" like Rex as "bad" myself; I think the "community" of RLSH really needs them. If anything, we need more of them. They serve to deflate the egos of people who take themselves far too seriously, the sort of subgroup in the RLSH community that all too often thinks too much of themselves when they should be humble role models.
Its also clear this guy has help from somebody who knows a little something about media, and has thrown in some humor. This should do well given that Peter T sold out teh RLSH community when he decided to support PJ just to help his career. So yes, I support Rex, just as I supported Tiny Terror, Agent Null, and all the other so called "RLSV" even though technically as a RLSH I guess I'm supposed to hate them or something, because I know that ultimately, good things will come out of it.
I am looking forward to how this unfolds.
I did not expect the response that you gave but i am glad that you gave it. Thank you for being a person of a sound and rational mind. You are welcome. I only hope as the community grows more people will have a use for rational logic.
You may or may not be corrupt, but you're setting a precedent -- whether you admit it or not, your existence is inspiration for others, regardless of what you want. You're certainly not advocating for a vigilante-focused crime response system, are you? You certainly don't think the police are unnecessary, and that you and your team should handle crime, do you? Respectfully, You are wrong about me being a Vigilante or the idea of me trying to inspire others to be one. The law is explicit in that it allows what I do, in the way that I do it. If you do not like it the only think you can do is vote to get rid of peoples right to defend themselves... but i don't think you will be very successful. But for every Jones there are dozens of others who honestly want to do good, use their logic and reason and not further their failed careers, and in the end the world is better place for it.
Do you fit any of the common themes for many superheros? (newspapers, millionare, dead parents, etc.) Yup.
Broken Home, Dead Relatives, Misc Training, interested in business, among others.
Covert government training? What does this mean? It just seems so vauge... I am also hoping you don't say "I can't talk about that" because then you wouldn't even mention it. It says "Misc Training"... ;)
It also says "7 hours ago*" but I'll leave that one alone. Don't suppose you'll expound on 'misc training'? Either way thank you for letting me (and I am sure others) know about a fascinating subculture I was otherwise unaware of. One last question, what's the story or reason behind the name? It was given to me by a loved one before she died in a car wreck due to a drunk driver.
Do you have a nemesis? Evil.
Not "RLSV" Evil. These people are much needed critics and I think help the RLSH community in the long run. No, I consider people who rape, kill, or otherwise hurt kids to be my biggest enemy. I hate pedophiles.
Would you win in a fight against 'Kick Ass'? Why would we fight?
Hypothetical situation obviously, as a comparison of abilities. So hypothetically, say he and I spared. As friends.
I'm much bigger than he is. I have more muscle, and tactical training he lacks. So its safe to say he and I are not even in the same weight class.
To be honest I would be worried about hurting him, so I would probably let him test himself and be on the defensive until I knew he could handle things or he got a good shot in. I would probably still win, but whats the point of letting a friend lose without teaching him something?
All valid points. Tactical training you say? )
Have you seen the HBO documentary "superheroes"? thoughts? do you know any of the superheroes in it? do you appreciate their work? This is a duplicate of the same question above :)
Do you have another job? How would I start doing this??? I own a company.
You start by doing what I said in FAQ, and by checking with your local police force for a ride along.
I just got back from Seattle. Can you do something about all the hipsters and panhandlers? Are you asking me to beat up on homeless people?
Maybe you could hire the homeless people to beat up the hipsters? People that are homeless typically don't have that kind of work ethic, not when so many options exist for them to no longer be homeless.
Speaking from experience working with the homeless adults are often homeless because they want to be, or because they have mental disabilities that keep them from being able to take advantage of the options available. Children are often homeless due to no fault of their own, or because they ran away from a worse situation, and now they don't trust anybody.
The only time I see you guys (or at least phoenix jones) is posing with girls stumbling out of the clubs. How do you feel that's working on your image to be taken legitimately? I think that sort of thing is actively doing damage to the reputation of the community, especially when he has stated publicly that his girlfriend - not wife, so I can only assume based on his public statements that he doesn't have the balls to marry her despite saying publicly he has a kid with her - expects him to be faithful like the hero he claims to be.
I don't mind if he's being faithful or not, I just think that he and others look less legit when they're just doing photo ops for people and the news. Both issues apply.
How can he call himself a hero if he is acting in a way that even LOOKS unfaithful to his significant other?
Did you not get arrested recently? I thought I saw a video online where you were the one starting shit. Quick edit: Maybe not, but is this a bro of yours? No I am not a "bro" with that guy. Unlike him, I do not have a criminal record. I don't consider him to even be a RLSH.
Can you do multivariate calculus? Thats a large branch of study, but I have found it most useful in my ForEx and stock market efforts.
Last updated: 2012-05-07 02:14 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

Spot and Forward Contracts versus Forex Options - YouTube Forex: SPOT vs SWAP markets Financial Treasury & Forex Management  Derivatives - Part 1  Lecture 26 Futures and Options Difference Explained - 2 Types of ... Forex - Spot/Forward rates and Calculation of Premium and ... FX Spot Trading: Market Conventions Financial Management - Forex - Exchange Rate quotes

The Advantage to Forward Foreign Exchange Trading . The primary advantage to spot and forward foreign exchange is it helps manage risk: allowing you to protect costs on products and services bought abroad; protect profit margins on products and services sold overseas; and, in the case of forward foreign exchange, locks in exchange rates for as long as a year in advance. Forward Rate vs. Spot Rate: An Overview . The precise meanings of the terms "forward rate" and "spot rate" are somewhat different in different markets. Spot market is also known as "cash market" where the commodities are sell on the current price or the spot rate and deliver immediately, where as in case of forward market, market dealing with ... Difference between Spot Market and Forward Market! Foreign exchange markets are sometimes classified into spot market and forward market on the basis of the period of transaction carried out. It is explained below: (a) Spot Market: If the operation is of daily nature, it is called spot market or current market. It handles only spot transactions or current transactions in foreign exchange ... Compensating balances are required in most forward contracts. 10. Commission: In the futures market, commissions of intermediaries depend on published brokerage fees and negotiated rates on block trades. In the forward market, a “spread” between the banks buys and sell prices sets the commissions of intermediaries. 11. Trading: Therein lies the key difference between the two instruments – the element of time. 3. Hedging Against Risk . Traders use the futures market as a hedge against spot markets. Why not the other way around? Well, your ability to leverage is far greater in the futures market. Therefore you can purchase a few contracts, but able to hedge against a sizable spot market position. This allows you to ... The swap rate is the difference between the spot and forward exchange rates in the currency swap. Usually, a forex market is dominated by the spot markets transactions swaps and forward transactions. Arbitrage: Arbitrage is the act of simultaneously buying a currency in one market and selling in another to make a profit by taking advantage of price or exchange rate differences in the two ...

[index] [17430] [11398] [29475] [6412] [21470] [6161] [8385] [14205] [3212] [9124]

Spot and Forward Contracts versus Forex Options - YouTube

This Video explains the Concept of Spot and Forward rate, Calculation of forward Premium and Discount in foreign Exchange Management in Financial Management.... Futures and Options Difference is not known to many investors or traders. Basically, Futures and Options are the two types of derivatives. Normally there is ... This Video explains the Different currency quotes in foreign Exchange Management in Financial Management. This video will be helpful for CA, CS, CMA Students. Learn the difference between SPOT and SWAP markets. Gives an overview of the FX markets, and then explains the different market conventions and terminology such as direct quotes, indirect quotes, American and ... Some other Illustrations to explain Spot Contract and Forward Contract ... - Forward Markets (13:32 - 17:27) (Advantages & Problems) - Future Contracts (17:28 - 18:06) - Pricing of Futures (18:07 ... Spot and Forward Contracts versus Forex Options. Zoe Fiddes, Currency Analyst comments. PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Spot trading is g...

https://binomo-review.binaryoptionsreview.online