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Former investment bank FX trader: Risk management part II

Former investment bank FX trader: Risk management part II
Firstly, thanks for the overwhelming comments and feedback. Genuinely really appreciated. I am pleased 500+ of you find it useful.
If you didn't read the first post you can do so here: risk management part I. You'll need to do so in order to make sense of the topic.
As ever please comment/reply below with questions or feedback and I'll do my best to get back to you.
Part II
  • Letting stops breathe
  • When to change a stop
  • Entering and exiting winning positions
  • Risk:reward ratios
  • Risk-adjusted returns

Letting stops breathe

We talked earlier about giving a position enough room to breathe so it is not stopped out in day-to-day noise.
Let’s consider the chart below and imagine you had a trailing stop. It would be super painful to miss out on the wider move just because you left a stop that was too tight.

Imagine being long and stopped out on a meaningless retracement ... ouch!
One simple technique is simply to look at your chosen chart - let’s say daily bars. And then look at previous trends and use the measuring tool. Those generally look something like this and then you just click and drag to measure.
For example if we wanted to bet on a downtrend on the chart above we might look at the biggest retracement on the previous uptrend. That max drawdown was about 100 pips or just under 1%. So you’d want your stop to be able to withstand at least that.
If market conditions have changed - for example if CVIX has risen - and daily ranges are now higher you should incorporate that. If you know a big event is coming up you might think about that, too. The human brain is a remarkable tool and the power of the eye-ball method is not to be dismissed. This is how most discretionary traders do it.
There are also more analytical approaches.
Some look at the Average True Range (ATR). This attempts to capture the volatility of a pair, typically averaged over a number of sessions. It looks at three separate measures and takes the largest reading. Think of this as a moving average of how much a pair moves.
For example, below shows the daily move in EURUSD was around 60 pips before spiking to 140 pips in March. Conditions were clearly far more volatile in March. Accordingly, you would need to leave your stop further away in March and take a correspondingly smaller position size.

ATR is available on pretty much all charting systems
Professional traders tend to use standard deviation as a measure of volatility instead of ATR. There are advantages and disadvantages to both. Averages are useful but can be misleading when regimes switch (see above chart).
Once you have chosen a measure of volatility, stop distance can then be back-tested and optimised. For example does 2x ATR work best or 5x ATR for a given style and time horizon?
Discretionary traders may still eye-ball the ATR or standard deviation to get a feeling for how it has changed over time and what ‘normal’ feels like for a chosen study period - daily, weekly, monthly etc.

Reasons to change a stop

As a general rule you should be disciplined and not change your stops. Remember - losers average losers. This is really hard at first and we’re going to look at that in more detail later.
There are some good reasons to modify stops but they are rare.
One reason is if another risk management process demands you stop trading and close positions. We’ll look at this later. In that case just close out your positions at market and take the loss/gains as they are.
Another is event risk. If you have some big upcoming data like Non Farm Payrolls that you know can move the market +/- 150 pips and you have no edge going into the release then many traders will take off or scale down their positions. They’ll go back into the positions when the data is out and the market has quietened down after fifteen minutes or so. This is a matter of some debate - many traders consider it a coin toss and argue you win some and lose some and it all averages out.
Trailing stops can also be used to ‘lock in’ profits. We looked at those before. As the trade moves in your favour (say up if you are long) the stop loss ratchets with it. This means you may well end up ‘stopping out’ at a profit - as per the below example.

The mighty trailing stop loss order
It is perfectly reasonable to have your stop loss move in the direction of PNL. This is not exposing you to more risk than you originally were comfortable with. It is taking less and less risk as the trade moves in your favour. Trend-followers in particular love trailing stops.
One final question traders ask is what they should do if they get stopped out but still like the trade. Should they try the same trade again a day later for the same reasons? Nope. Look for a different trade rather than getting emotionally wed to the original idea.
Let’s say a particular stock looked cheap based on valuation metrics yesterday, you bought, it went down and you got stopped out. Well, it is going to look even better on those same metrics today. Maybe the market just doesn’t respect value at the moment and is driven by momentum. Wait it out.
Otherwise, why even have a stop in the first place?

Entering and exiting winning positions

Take profits are the opposite of stop losses. They are also resting orders, left with the broker, to automatically close your position if it reaches a certain price.
Imagine I’m long EURUSD at 1.1250. If it hits a previous high of 1.1400 (150 pips higher) I will leave a sell order to take profit and close the position.
The rookie mistake on take profits is to take profit too early. One should start from the assumption that you will win on no more than half of your trades. Therefore you will need to ensure that you win more on the ones that work than you lose on those that don’t.

Sad to say but incredibly common: retail traders often take profits way too early
This is going to be the exact opposite of what your emotions want you to do. We are going to look at that in the Psychology of Trading chapter.
Remember: let winners run. Just like stops you need to know in advance the level where you will close out at a profit. Then let the trade happen. Don’t override yourself and let emotions force you to take a small profit. A classic mistake to avoid.
The trader puts on a trade and it almost stops out before rebounding. As soon as it is slightly in the money they spook and cut out, instead of letting it run to their original take profit. Do not do this.

Entering positions with limit orders

That covers exiting a position but how about getting into one?
Take profits can also be left speculatively to enter a position. Sometimes referred to as “bids” (buy orders) or “offers” (sell orders). Imagine the price is 1.1250 and the recent low is 1.1205.
You might wish to leave a bid around 1.2010 to enter a long position, if the market reaches that price. This way you don’t need to sit at the computer and wait.
Again, typically traders will use tech analysis to identify attractive levels. Again - other traders will cluster with your orders. Just like the stop loss we need to bake that in.
So this time if we know everyone is going to buy around the recent low of 1.1205 we might leave the take profit bit a little bit above there at 1.1210 to ensure it gets done. Sure it costs 5 more pips but how mad would you be if the low was 1.1207 and then it rallied a hundred points and you didn’t have the trade on?!
There are two more methods that traders often use for entering a position.
Scaling in is one such technique. Let’s imagine that you think we are in a long-term bulltrend for AUDUSD but experiencing a brief retracement. You want to take a total position of 500,000 AUD and don’t have a strong view on the current price action.
You might therefore leave a series of five bids of 100,000. As the price moves lower each one gets hit. The nice thing about scaling in is it reduces pressure on you to pick the perfect level. Of course the risk is that not all your orders get hit before the price moves higher and you have to trade at-market.
Pyramiding is the second technique. Pyramiding is for take profits what a trailing stop loss is to regular stops. It is especially common for momentum traders.

Pyramiding into a position means buying more as it goes in your favour
Again let’s imagine we’re bullish AUDUSD and want to take a position of 500,000 AUD.
Here we add 100,000 when our first signal is reached. Then we add subsequent clips of 100,000 when the trade moves in our favour. We are waiting for confirmation that the move is correct.
Obviously this is quite nice as we humans love trading when it goes in our direction. However, the drawback is obvious: we haven’t had the full amount of risk on from the start of the trend.
You can see the attractions and drawbacks of both approaches. It is best to experiment and choose techniques that work for your own personal psychology as these will be the easiest for you to stick with and build a disciplined process around.

Risk:reward and win ratios

Be extremely skeptical of people who claim to win on 80% of trades. Most traders will win on roughly 50% of trades and lose on 50% of trades. This is why risk management is so important!
Once you start keeping a trading journal you’ll be able to see how the win/loss ratio looks for you. Until then, assume you’re typical and that every other trade will lose money.
If that is the case then you need to be sure you make more on the wins than you lose on the losses. You can see the effect of this below.

A combination of win % and risk:reward ratio determine if you are profitable
A typical rule of thumb is that a ratio of 1:3 works well for most traders.
That is, if you are prepared to risk 100 pips on your stop you should be setting a take profit at a level that would return you 300 pips.
One needn’t be religious about these numbers - 11 pips and 28 pips would be perfectly fine - but they are a guideline.
Again - you should still use technical analysis to find meaningful chart levels for both the stop and take profit. Don’t just blindly take your stop distance and do 3x the pips on the other side as your take profit. Use the ratio to set approximate targets and then look for a relevant resistance or support level in that kind of region.

Risk-adjusted returns

Not all returns are equal. Suppose you are examining the track record of two traders. Now, both have produced a return of 14% over the year. Not bad!
The first trader, however, made hundreds of small bets throughout the year and his cumulative PNL looked like the left image below.
The second trader made just one bet — he sold CADJPY at the start of the year — and his PNL looked like the right image below with lots of large drawdowns and volatility.
Would you rather have the first trading record or the second?
If you were investing money and betting on who would do well next year which would you choose? Of course all sensible people would choose the first trader. Yet if you look only at returns one cannot distinguish between the two. Both are up 14% at that point in time. This is where the Sharpe ratio helps .
A high Sharpe ratio indicates that a portfolio has better risk-adjusted performance. One cannot sensibly compare returns without considering the risk taken to earn that return.
If I can earn 80% of the return of another investor at only 50% of the risk then a rational investor should simply leverage me at 2x and enjoy 160% of the return at the same level of risk.
This is very important in the context of Execution Advisor algorithms (EAs) that are popular in the retail community. You must evaluate historic performance by its risk-adjusted return — not just the nominal return. Incidentally look at the Sharpe ratio of ones that have been live for a year or more ...
Otherwise an EA developer could produce two EAs: the first simply buys at 1000:1 leverage on January 1st ; and the second sells in the same manner. At the end of the year, one of them will be discarded and the other will look incredible. Its risk-adjusted return, however, would be abysmal and the odds of repeated success are similarly poor.

Sharpe ratio

The Sharpe ratio works like this:
  • It takes the average returns of your strategy;
  • It deducts from these the risk-free rate of return i.e. the rate anyone could have got by investing in US government bonds with very little risk;
  • It then divides this total return by its own volatility - the more smooth the return the higher and better the Sharpe, the more volatile the lower and worse the Sharpe.
For example, say the return last year was 15% with a volatility of 10% and US bonds are trading at 2%. That gives (15-2)/10 or a Sharpe ratio of 1.3. As a rule of thumb a Sharpe ratio of above 0.5 would be considered decent for a discretionary retail trader. Above 1 is excellent.
You don’t really need to know how to calculate Sharpe ratios. Good trading software will do this for you. It will either be available in the system by default or you can add a plug-in.

VAR

VAR is another useful measure to help with drawdowns. It stands for Value at Risk. Normally people will use 99% VAR (conservative) or 95% VAR (aggressive). Let’s say you’re long EURUSD and using 95% VAR. The system will look at the historic movement of EURUSD. It might spit out a number of -1.2%.

A 5% VAR of -1.2% tells you you should expect to lose 1.2% on 5% of days, whilst 95% of days should be better than that
This means it is expected that on 5 days out of 100 (hence the 95%) the portfolio will lose 1.2% or more. This can help you manage your capital by taking appropriately sized positions. Typically you would look at VAR across your portfolio of trades rather than trade by trade.
Sharpe ratios and VAR don’t give you the whole picture, though. Legendary fund manager, Howard Marks of Oaktree, notes that, while tools like VAR and Sharpe ratios are helpful and absolutely necessary, the best investors will also overlay their own judgment.
Investors can calculate risk metrics like VaR and Sharpe ratios (we use them at Oaktree; they’re the best tools we have), but they shouldn’t put too much faith in them. The bottom line for me is that risk management should be the responsibility of every participant in the investment process, applying experience, judgment and knowledge of the underlying investments.Howard Marks of Oaktree Capital
What he’s saying is don’t misplace your common sense. Do use these tools as they are helpful. However, you cannot fully rely on them. Both assume a normal distribution of returns. Whereas in real life you get “black swans” - events that should supposedly happen only once every thousand years but which actually seem to happen fairly often.
These outlier events are often referred to as “tail risk”. Don’t make the mistake of saying “well, the model said…” - overlay what the model is telling you with your own common sense and good judgment.

Coming up in part III

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

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

Some trading wisdom, tools and information I picked up along the way that helped me be a better trader. Maybe it can help you too.

Its a bit lengthy and I tried to condense it as much as I can. So take everything at a high level as each subject is has a lot more depth but fundamentally if you distill it down its just taking simple things and applying your experience using them to add nuance and better deploy them.
There are exceptions to everything that you will learn with experience or have already learned. If you know something extra or something to add to it to implement it better or more accurately. Then great! However, my intention of this post is just a high level overview. Trading can be far too nuanced to go into in this post and would take forever to type up every exception (not to mention the traders individual personality). If you take the general information as a starting point, hopefully you will learn the edge cases long the way and learn how to use the more effectively if you end up using them. I apologize in advice for any errors or typos.
Introduction After reflecting on my fun (cough) trading journey that was more akin to rolling around on broken glass and wondering if brown glass will help me predict market direction better than green glass. Buying a $100 indicator at 2 am when I was acting a fool, looking at it and going at and going "This is a piece of lagging crap, I miss out on a large part of the fundamental move and never using it for even one trade". All while struggling with massive over trading and bad habits because I would get bored watching a single well placed trade on fold for the day. Also, I wanted to get rich quick.
On top all of that I had a terminal Stage 4 case of FOMO on every time the price would move up and then down then back up. Just think about all those extra pips I could have trading both directions as it moves across the chart! I can just sell right when it goes down, then buy right before it goes up again. Its so easy right? Well, turns out it was not as easy as I thought and I lost a fair chunk of change and hit my head against the wall a lot until it clicked. Which is how I came up with a mixed bag of things that I now call "Trade the Trade" which helped support how I wanted to trade so I can still trade intra day price action like a rabid money without throwing away all my bananas.
Why Make This Post? - Core Topic of Discussion I wish to share a concept I came up with that helped me become a reliable trader. Support the weakness of how I like to trade. Also, explaining what I do helps reinforce my understanding of the information I share as I have to put words to it and not just use internalized processes. I came up with a method that helped me get my head straight when trading intra day.
I call it "Trade the Trade" as I am making mini trades inside of a trade setup I make from analysis on a higher timeframe that would take multiple days to unfold or longer. I will share information, principles, techniques I used and learned from others I talked to on the internet (mixed bag of folks from armatures to professionals, and random internet people) that helped me form a trading style that worked for me. Even people who are not good at trading can say something that might make it click in your head so I would absorbed all the information I could get.I will share the details of how I approach the methodology and the tools in my trading belt that I picked up by filtering through many tools, indicators strategies and witchcraft. Hopefully you read something that ends up helping you be a better trader. I learned a lot from people who make community posts so I wanted to give back now that I got my ducks in a row.
General Trading Advice If your struggling finding your own trading style, fixing weakness's in it, getting started, being reliably profitable or have no framework to build yourself higher with, hopefully you can use the below advice to help provide some direction or clarity to moving forward to be a better trader.
  1. KEEP IT SIMPLE. Do not throw a million things on your chart from the get go or over analyzing what the market is doing while trying to learn the basics. Tons of stuff on your chart can actually slow your learning by distracting your focus on all your bells and whistles and not the price action.
  2. PRICE ACTION. Learn how to read price action. Not just the common formations, but larger groups of bars that form the market structure. Those formations carry more weight the higher the time frame they form on. If struggle to understand what is going on or what your looking at, move to a higher time frame.
  3. INDICATORS. If you do use them you should try to understand how every indicator you use calculates its values. Many indicators are lagging indicators, understanding how it calculates the values can help you learn how to identify the market structure before the indicator would trigger a signal . This will help you understand why the signal is a lagged signal. If you understand that you can easily learn to look at the price action right before the signal and learn to watch for that price action on top of it almost trigging a signal so you can get in at a better position and assume less downside risk. I recommend using no more than 1-2 indicators for simplicity, but your free to use as many as you think you think you need or works for your strategy/trading style.
  4. PSYCOLOGY. First, FOMO is real, don't feed the beast. When you trade you should always have an entry and exit. If you miss your entry do not chase it, wait for a new entry. At its core trading is gambling and your looking for an edge against the house (the other market participants). With that in mind, treat as such. Do not risk more than you can afford to lose. If you are afraid to lose it will negatively effect your trade decisions. Finally, be honest with your self and bad trading happens. No one is going to play trade cop and keep you in line, that's your job.
  5. TRADE DECISION MARKING: Before you enter any trade you should have an entry and exit area. As you learn price action you will get better entries and better exits. Use a larger zone and stop loss at the start while learning. Then you can tighten it up as you gain experience. If you do not have a area you wish to exit, or you are entering because "the markets looking like its gonna go up". Do not enter the trade. Have a reason for everything you do, if you cannot logically explain why then you probably should not be doing it.
  6. ROBOTS/ALGOS: Loved by some, hated by many who lost it all to one, and surrounded by scams on the internet. If you make your own, find a legit one that works and paid for it or lost it all on a crappy one, more power to ya. I do not use robots because I do not like having a robot in control of my money. There is too many edge cases for me to be ok with it.However, the best piece of advice about algos was that the guy had a algo/robot for each market condition (trending/ranging) and would make personalized versions of each for currency pairs as each one has its own personality and can make the same type of movement along side another currency pair but the price action can look way different or the move can be lagged or leading. So whenever he does his own analysis and he sees a trend, he turns the trend trading robot on. If the trend stops, and it starts to range he turns the range trading robot on. He uses robots to trade the market types that he is bad at trading. For example, I suck at trend trading because I just suck at sitting on my hands and letting my trade do its thing.

Trade the Trade - The Methodology

Base Principles These are the base principles I use behind "Trade the Trade". Its called that because you are technically trading inside your larger high time frame trade as it hopefully goes as you have analyzed with the trade setup. It allows you to scratch that intraday trading itch, while not being blind to the bigger market at play. It can help make sense of why the price respects, rejects or flat out ignores support/resistance/pivots.
  1. Trade Setup: Find a trade setup using high level time frames (daily, 4hr, or 1hr time frames). The trade setup will be used as a base for starting to figure out a bias for the markets direction for that day.
  2. Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
  3. Support Resistance: See if any support/resistance/pivot points are in currently being tested/resisted by the price. Also check for any that are within reach so they might become in play through out the day throughout the day (which can influence your bias at least until the price reaches it if it was already moving that direction from previous days/weeks price action).
  4. Currency Strength/Weakness: I use the TradeVision currency strength/weakness dashboard to see if the strength/weakness supports the narrative of my trade and as an early indicator when to keep a closer eye for signs of the price reversing.Without the tool, the same concept can be someone accomplished with fundamentals and checking for higher level trends and checking cross currency pairs for trends as well to indicate strength/weakness, ranging (and where it is in that range) or try to get some general bias from a higher level chart that may help you out. However, it wont help you intra day unless your monitoring the currency's index or a bunch of charts related to the currency.
  5. Watch For Trading Opportunities: Personally I make a mental short list and alerts on TradingView of currency pairs that are close to key levels and so I get a notification if it reaches there so I can check it out. I am not against trading both directions, I just try to trade my bias before the market tries to commit to a direction. Then if I get out of that trade I will scalp against the trend of the day and hold trades longer that are with it.Then when you see a opportunity assume the directional bias you made up earlier (unless the market solidly confirms with price action the direction while waiting for an entry) by trying to look for additional confirmation via indicators, price action on support/resistances etc on the low level time frame or higher level ones like hourly/4hr as the day goes on when the price reaches key areas or makes new market structures to get a good spot to enter a trade in the direction of your bias.Then enter your trade and use the market structures to determine how much of a stop you need. Once your in the trade just monitor it and watch the price action/indicators/tools you use to see if its at risk of going against you. If you really believe the market wont reach your TP and looks like its going to turn against you, then close the trade. Don't just hold on to it for principle and let it draw down on principle or the hope it does not hit your stop loss.
  6. Trade Duration Hold your trades as long or little as you want that fits your personality and trading style/trade analysis. Personally I do not hold trades past the end of the day (I do in some cases when a strong trend folds) and I do not hold trades over the weekends. My TP targets are always places I think it can reach within the day. Typically I try to be flat before I sleep and trade intra day price movements only. Just depends on the higher level outlook, I have to get in at really good prices for me to want to hold a trade and it has to be going strong. Then I will set a slightly aggressive stop on it before I leave. I do know several people that swing trade and hold trades for a long period of time. That is just not a trading style that works for me.
Enhance Your Success Rate Below is information I picked up over the years that helped me enhance my success rate with not only guessing intra day market bias (even if it has not broken into the trend for the day yet (aka pre London open when the end of Asia likes to act funny sometimes), but also with trading price action intra day.
People always say "When you enter a trade have an entry and exits. I am of the belief that most people do not have problem with the entry, its the exit. They either hold too long, or don't hold long enough. With the below tools, drawings, or instruments, hopefully you can increase your individual probability of a successful trade.
**P.S.*\* Your mileage will vary depending on your ability to correctly draw, implement and interpret the below items. They take time and practice to implement with a high degree of proficiency. If you have any questions about how to do that with anything listed, comment below and I will reply as I can. I don't want to answer the same question a million times in a pm.
Tools and Methods Used This is just a high level overview of what I use. Each one of the actions I could go way more in-depth on but I would be here for a week typing something up of I did that. So take the information as a base level understanding of how I use the method or tool. There is always nuance and edge cases that you learn from experience.
Conclusion
I use the above tools/indicators/resources/philosophy's to trade intra day price action that sometimes ends up as noise in the grand scheme of the markets movement.use that method until the price action for the day proves the bias assumption wrong. Also you can couple that with things like Stoch RSI + Relative Vigor Index to find divergences which can increase the probability of your targeted guesses.

Trade Example from Yesterday This is an example of a trade I took today and why I took it. I used the following core areas to make my trade decision.
It may seem like a lot of stuff to process on the fly while trying to figure out live price action but, for the fundamental bias for a pair should already baked in your mindset for any currency pair you trade. For the currency strength/weakness I stare at the dashboard 12-15 hours a day so I am always trying to keep a pulse on what's going or shifts so that's not really a factor when I want to enter as I would not look to enter if I felt the market was shifting against me. Then the higher timeframe analysis had already happened when I woke up, so it was a game of "Stare at the 5 min chart until the price does something interesting"
Trade Example: Today , I went long EUUSD long bias when I first looked at the chart after waking up around 9-10pm Eastern. Fortunately, the first large drop had already happened so I had a easy baseline price movement to work with. I then used tool for currency strength/weakness monitoring, Pivot Points, and bearish divergence detected using Stochastic RSI and Relative Vigor Index.
I first noticed Bearish Divergence on the 1hr time frame using the Stochastic RSI and got confirmation intra day on the 5 min time frame with the Relative Vigor Index. I ended up buying the second mini dip around midnight Eastern because it was already dancing along the pivot point that the price had been dancing along since the big drop below the pivot point and dipped below it and then shortly closed back above it. I put a stop loss below the first large dip. With a TP goal of the middle point pivot line
Then I waited for confirmation or invalidation of my trade. I ended up getting confirmation with Bearish Divergence from the second large dip so I tightened up my stop to below that smaller drip and waited for the London open. Not only was it not a lower low, I could see the divergence with the Relative Vigor Index.
It then ran into London and kept going with tons of momentum. Blew past my TP target so I let it run to see where the momentum stopped. Ended up TP'ing at the Pivot Point support/resistance above the middle pivot line.
Random Note: The Asian session has its own unique price action characteristics that happen regularly enough that you can easily trade them when they happen with high degrees of success. It takes time to learn them all and confidently trade them as its happening. If you trade Asia you should learn to recognize them as they can fake you out if you do not understand what's going on.

TL;DR At the end of the day there is no magic solution that just works. You have to find out what works for you and then what people say works for them. Test it out and see if it works for you or if you can adapt it to work for you. If it does not work or your just not interested then ignore it.
At the end of the day, you have to use your brain to make correct trading decisions. Blindly following indicators may work sometimes in certain market conditions, but trading with information you don't understand can burn you just as easily as help you. Its like playing with fire. So, get out there and grind it out. It will either click or it wont. Not everyone has the mindset or is capable of changing to be a successful trader. Trading is gambling, you do all this work to get a edge on the house. Trading without the edge or an edge you understand how to use will only leave your broker happy in the end.
submitted by marcusrider to Forex [link] [comments]

Complying to a scammer, but not quite the way he wanted me to!

(To any moderator, I have anonymitised everything and made sure that it is according to rules of this subreddit,I wanna share this story so please let me know should further editing be required ! please Consider this person has likely stolen thousands and thousands of innocent people so i wanna spread awareness!
So the other day (actually my birthday too :)) I found this account on IG, I saved him as Scumm in my phone but he claims to be an "Alex", hit him up if you wanna get rich it is a fiest. So i hit him up and be like:
[19:00, 23/09/2020] OP: Hello sir I am Tom, I read a lot of things about Forex and crypto and your page in particular and just inherited some money from a relative , I heard so many good things I thought you might help me invest some of that money so it is not lost?
Kindly
[19:08, 23/09/2020] Scumm: Ok
[19:08, 23/09/2020] Scumm: Welcome
[19:08, 23/09/2020] Scumm: Where are you from?
[19:09, 23/09/2020] OP: Germany
[19:09, 23/09/2020] Scumm: Ok Tom
[19:09, 23/09/2020] Scumm: We specialise on Stock And cryptocurrency trading, with the sole aim of making awesome profit from the rapid changes in price of the assets and currencies we trade. We are group of professional market analysts that studies the market picking the best assets to invest on, and as well the best cryptocurrency pairs to trade on. We have mastered risk management and as well best possible strategy to maximize our clients Profits
[19:10, 23/09/2020] Scumm: With the minimum investment of 1 BTC you can make 3.8BTC in a month
[19:11, 23/09/2020] Scumm: If I may ask do you have a Bitcoin Wallet address?
Now you can see how this is a scam and no one should ever follow such ludicrous claims! 380% in a month, if sb knew how, they wouldnt share that ,not in this world, not in this century... So i amlike:
[19:15, 23/09/2020] OP: I'd be willing to invest even 2 bitcoin but I would need your company credentials and iban to send money to
[19:19, 23/09/2020] Scumm: I can only provide you a US account to make payment
[19:19, 23/09/2020] Scumm: This if gonna be possible
[19:19, 23/09/2020] OP: Hmm I'll see maybe that works
[19:19, 23/09/2020] OP: Easiest would be IBAN
[19:19, 23/09/2020] OP: Your company does not have any European bank accounts?
[19:19, 23/09/2020] Scumm: IBAN
[19:20, 23/09/2020] Scumm: Mate I always follow procedures so I have not accept Transfer for deposit
[19:20, 23/09/2020] Scumm: But I will see to that ok
You see where this is going I want some info and make him believe he or one of his mules at least gets sweet sweet cash. NOT SO FAST
[20:49, 23/09/2020] Scumm: I’m waiting on my Colleague to forward details to me now
[20:49, 23/09/2020] Scumm: Ok so you are not sending today?
[20:49, 23/09/2020] OP: Thank u so much
[20:49, 23/09/2020] OP: I can try but I have to call bank
[20:49, 23/09/2020] OP: For over 1000
[20:50, 23/09/2020] Scumm: Ok ok mate
[20:50, 23/09/2020] Scumm: Good
[21:08, 23/09/2020] Scumm: XXXXXX XXXXXXXX
XXX Bank
Account number: 8XXXXX0
Sort code: XXXX
IBAN: GBXXXXXXXXXXXXXXXXXX
[21:08, 23/09/2020] Scumm: Are you there Mate?
[22:43, 23/09/2020] OP: Yes hi thank u so much
[22:43, 23/09/2020] OP: Let me chdck
[22:46, 23/09/2020] Scumm: Ok mate
[22:53, 23/09/2020] Scumm: Are you trying to send it now mate?
Spinning it furtherly: I just tell some yada yada about how it takes time and a signature since its such a large sum!
[11:46, 24/09/2020] OP: Do you have license
[11:46, 24/09/2020] Scumm: 25BTC too small for even my students 😂 /\SURE buddy! */*
[11:46, 24/09/2020] OP: NASAA 67?
[11:47, 24/09/2020] OP: For financial advisor
[11:50, 24/09/2020] OP: This
[11:50, 24/09/2020] OP: Sorry was upside down
[11:50, 24/09/2020] OP: ?
[11:51, 24/09/2020] Scumm: I’m an independent expert trader and portfolio management in crypto market
[11:52, 24/09/2020] Scumm: License only met to give out from head of Admin
[11:52, 24/09/2020] OP: Ah kk
[11:52, 24/09/2020] Scumm: Yes mate
[11:52, 24/09/2020] OP: But normally 67 and 68 is required
[11:52, 24/09/2020] OP: For normal managers?
[11:53, 24/09/2020] Scumm: Yes
[11:55, 24/09/2020] Scumm: have no worries mate
[11:55, 24/09/2020] Scumm: 100%
Now this is quite interesting NASAA 65 and 66 are licenses needed to be an account manager in the US so if he was he should know that i just made up 67 and 68!
[19:20, 24/09/2020] OP: Ill makethe first payment asap, but i cant make my bank go faster sorry
[19:21, 24/09/2020] OP: howeverone thing:
[19:21, 24/09/2020] OP: most of the moneyigotis still in USD isit possible u said invest and send to USbank too?
[19:21, 24/09/2020] OP: for 20kUSD and above
[19:22, 24/09/2020] OP: its hard for me topurhcase that much bitcoin on my own right now
[19:22, 24/09/2020] OP: but i see that i can trust you!
[19:22, 24/09/2020] Scumm: Mate ASAP you said you make payment today and you didn’t so I don’t know if you even sure about this yet
[19:23, 24/09/2020] Scumm: I don’t get you please
[19:23, 24/09/2020] Scumm: You mean you want your profit sent to a US bank?
[19:24, 24/09/2020] Scumm: You have no worries about that mate
[19:24, 24/09/2020] OP: I am
[19:24, 24/09/2020] OP: I signed the paper mate I am so happy
[19:24, 24/09/2020] OP: That's all they need I told u
[19:24, 24/09/2020] OP: To make payments international so large
[19:24, 24/09/2020] Scumm: Yeah you said that mate
[19:24, 24/09/2020] OP: I am beeing honest as well
[19:24, 24/09/2020] OP: So I sent it back by post Today
[19:24, 24/09/2020] Scumm: Ok mate
[19:25, 24/09/2020] OP: But I am not at my banks city so post takes 1-2 days and then they can release
[19:25, 24/09/2020] OP: Sorry to keep u waiting
[19:25, 24/09/2020] Scumm: Ok mate
[19:25, 24/09/2020] Scumm: Oh I see
[19:25, 24/09/2020] OP: No what I meant: if I wanna start with more can j invest 20k USD too? I know u usually don't do and j ask very weird questions but I meant
[19:25, 24/09/2020] OP: I am not always home have pc etc but I am in contact with u and my bank
[19:26, 24/09/2020] OP: So is it possible? Otherwise I have to convert USD to euro or GDP
[19:26, 24/09/2020] OP: 40k is sill in USD I have
[19:26, 24/09/2020] OP: That would be even crazier profits 🤑🤑🤑
[19:27, 24/09/2020] Scumm: Now I’m understanding
SO NOW HE IS UNDERSTANDING good good, and almost ready to screw one of his US mules too:
[21:00, 24/09/2020] Scumm: Ok mate
[21:04, 24/09/2020] Scumm: Can they send from US to the IBAN account?
[21:05, 24/09/2020] OGOP: Hm I don't know it's a bit tricky BC I'm no us citizen
[21:05, 24/09/2020] OGOP: I have one iban authorised to cash all out in euro
[21:05, 24/09/2020] Scumm: Ok ok mate
[21:06, 24/09/2020] OP: And US I think right now
[21:06, 24/09/2020] Scumm: Ok mate please hold
[21:10, 24/09/2020] OP Sure man
[21:11, 24/09/2020] OP: Uff such a huge step for me
[21:11, 24/09/2020] OP: I hope u do it real good 🤑🤑🤑
[21:12, 24/09/2020] OP Do you have customers in US too?
[21:12, 24/09/2020] Scumm: Bank name: Teachers Federal Credit Union
Bank address: XXXXXXX
Account holder: XXXXXXXXXXXXXX
Account Holders address:
XXXXXXXXXXXXXXXXX
XXXX
Routing Number: XXXXXXX
Account number:XXXXXXXXXX
[21:12, 24/09/2020] Scumm: Sure mate //SO HE CLAIMS TO HAVE SCAMMED US CITIZENS!
[21:12, 24/09/2020] OP: Nice
[21:12, 24/09/2020] Scumm: Please make sure you send confirmation immediately
So finally I did not send him payment proof,I sent him a spoofed link to fetch his IP with a link to "payment proof" and got his IP and location (cant showr a real link bc it has my IP in it...) And was like " oh hey how is the whether in Irele, Nigeria??"
Needless to say he blocked me straight away after I called him a disgraceful sc*m but hey..... I still called the corresponding banks, the UK Fraud Action and the FBI just to make sure and shared all of the details without any editting :)
Have fun "mate"! If they can freeze only 1 $ and return it to a likely victim, I am more then happy
Cheers dont get scammed!
TL/DR: Scammed a Nigerian scammer into sending me real accounts, names and details in UK and US (mules) to forward to the police and may or may not have donated 500 to charity.
submitted by elyminas to scambait [link] [comments]

Complying to a scammer... until i dont!

(To any moderator, I have anonymitised everything and made sure that it is according to rules of this subreddit,I wanna share this story so please let me know should further editing be required ! please Consider this person has likely stolen thousands and thousands of innocent people so i wanna spread awareness!
So the other day (actually my birthday too :)) I found this account on IG, I saved him as Scumm in my phone but he claims to be an "Alex", hit him up if you wanna get rich it is a fiest. So i hit him up and be like:
[19:00, 23/09/2020] OP: Hello sir I am Tom, I read a lot of things about Forex and crypto and your page in particular and just inherited some money from a relative , I heard so many good things I thought you might help me invest some of that money so it is not lost?
Kindly
[19:08, 23/09/2020] Scumm: Ok
[19:08, 23/09/2020] Scumm: Welcome
[19:08, 23/09/2020] Scumm: Where are you from?
[19:09, 23/09/2020] OP: Germany
[19:09, 23/09/2020] Scumm: Ok Tom
[19:09, 23/09/2020] Scumm: We specialise on Stock And cryptocurrency trading, with the sole aim of making awesome profit from the rapid changes in price of the assets and currencies we trade. We are group of professional market analysts that studies the market picking the best assets to invest on, and as well the best cryptocurrency pairs to trade on. We have mastered risk management and as well best possible strategy to maximize our clients Profits
[19:10, 23/09/2020] Scumm: With the minimum investment of 1 BTC you can make 3.8BTC in a month
[19:11, 23/09/2020] Scumm: If I may ask do you have a Bitcoin Wallet address?
Now you can see how this is a scam and no one should ever follow such ludicrous claims! 380% in a month, if sb knew how, they wouldnt share that ,not in this world, not in this century... So i amlike:
[19:15, 23/09/2020] OP: I'd be willing to invest even 2 bitcoin but I would need your company credentials and iban to send money to
[19:19, 23/09/2020] Scumm: I can only provide you a US account to make payment
[19:19, 23/09/2020] Scumm: This if gonna be possible
[19:19, 23/09/2020] OP: Hmm I'll see maybe that works
[19:19, 23/09/2020] OP: Easiest would be IBAN
[19:19, 23/09/2020] OP: Your company does not have any European bank accounts?
[19:19, 23/09/2020] Scumm: IBAN
[19:20, 23/09/2020] Scumm: Mate I always follow procedures so I have not accept Transfer for deposit
[19:20, 23/09/2020] Scumm: But I will see to that ok
You see where this is going I want some info and make him believe he or one of his mules at least gets sweet sweet cash. NOT SO FAST
[20:49, 23/09/2020] Scumm: I’m waiting on my Colleague to forward details to me now
[20:49, 23/09/2020] Scumm: Ok so you are not sending today?
[20:49, 23/09/2020] OP: Thank u so much
[20:49, 23/09/2020] OP: I can try but I have to call bank
[20:49, 23/09/2020] OP: For over 1000
[20:50, 23/09/2020] Scumm: Ok ok mate
[20:50, 23/09/2020] Scumm: Good
[21:08, 23/09/2020] Scumm: XXXXXX XXXXXXXX
XXX Bank
Account number: 8XXXXX0
Sort code: XXXX
IBAN: GBXXXXXXXXXXXXXXXXXX
[21:08, 23/09/2020] Scumm: Are you there Mate?
[22:43, 23/09/2020] OP: Yes hi thank u so much
[22:43, 23/09/2020] OP: Let me chdck
[22:46, 23/09/2020] Scumm: Ok mate
[22:53, 23/09/2020] Scumm: Are you trying to send it now mate?
Spinning it furtherly: I just tell some yada yada about how it takes time and a signature since its such a large sum!
[11:46, 24/09/2020] OP: Do you have license
[11:46, 24/09/2020] Scumm: 25BTC too small for even my students 😂 /\SURE buddy! */*
[11:46, 24/09/2020] OP: NASAA 67?
[11:47, 24/09/2020] OP: For financial advisor
[11:50, 24/09/2020] OP: This
[11:50, 24/09/2020] OP: Sorry was upside down
[11:50, 24/09/2020] OP: ?
[11:51, 24/09/2020] Scumm: I’m an independent expert trader and portfolio management in crypto market
[11:52, 24/09/2020] Scumm: License only met to give out from head of Admin
[11:52, 24/09/2020] OP: Ah kk
[11:52, 24/09/2020] Scumm: Yes mate
[11:52, 24/09/2020] OP: But normally 67 and 68 is required
[11:52, 24/09/2020] OP: For normal managers?
[11:53, 24/09/2020] Scumm: Yes
[11:55, 24/09/2020] Scumm: have no worries mate
[11:55, 24/09/2020] Scumm: 100%
Now this is quite interesting NASAA 65 and 66 are licenses needed to be an account manager in the US so if he was he should know that i just made up 67 and 68!
[19:20, 24/09/2020] OP: Ill makethe first payment asap, but i cant make my bank go faster sorry
[19:21, 24/09/2020] OP: howeverone thing:
[19:21, 24/09/2020] OP: most of the moneyigotis still in USD isit possible u said invest and send to USbank too?
[19:21, 24/09/2020] OP: for 20kUSD and above
[19:22, 24/09/2020] OP: its hard for me topurhcase that much bitcoin on my own right now
[19:22, 24/09/2020] OP: but i see that i can trust you!
[19:22, 24/09/2020] Scumm: Mate ASAP you said you make payment today and you didn’t so I don’t know if you even sure about this yet
[19:23, 24/09/2020] Scumm: I don’t get you please
[19:23, 24/09/2020] Scumm: You mean you want your profit sent to a US bank?
[19:24, 24/09/2020] Scumm: You have no worries about that mate
[19:24, 24/09/2020] OP: I am
[19:24, 24/09/2020] OP: I signed the paper mate I am so happy
[19:24, 24/09/2020] OP: That's all they need I told u
[19:24, 24/09/2020] OP: To make payments international so large
[19:24, 24/09/2020] Scumm: Yeah you said that mate
[19:24, 24/09/2020] OP: I am beeing honest as well
[19:24, 24/09/2020] OP: So I sent it back by post Today
[19:24, 24/09/2020] Scumm: Ok mate
[19:25, 24/09/2020] OP: But I am not at my banks city so post takes 1-2 days and then they can release
[19:25, 24/09/2020] OP: Sorry to keep u waiting
[19:25, 24/09/2020] Scumm: Ok mate
[19:25, 24/09/2020] Scumm: Oh I see
[19:25, 24/09/2020] OP: No what I meant: if I wanna start with more can j invest 20k USD too? I know u usually don't do and j ask very weird questions but I meant
[19:25, 24/09/2020] OP: I am not always home have pc etc but I am in contact with u and my bank
[19:26, 24/09/2020] OP: So is it possible? Otherwise I have to convert USD to euro or GDP
[19:26, 24/09/2020] OP: 40k is sill in USD I have
[19:26, 24/09/2020] OP: That would be even crazier profits 🤑🤑🤑
[19:27, 24/09/2020] Scumm: Now I’m understanding
SO NOW HE IS UNDERSTANDING good good, and almost ready to screw one of his US mules too:
[21:00, 24/09/2020] Scumm: Ok mate
[21:04, 24/09/2020] Scumm: Can they send from US to the IBAN account?
[21:05, 24/09/2020] OGOP: Hm I don't know it's a bit tricky BC I'm no us citizen
[21:05, 24/09/2020] OGOP: I have one iban authorised to cash all out in euro
[21:05, 24/09/2020] Scumm: Ok ok mate
[21:06, 24/09/2020] OP: And US I think right now
[21:06, 24/09/2020] Scumm: Ok mate please hold
[21:10, 24/09/2020] OP Sure man
[21:11, 24/09/2020] OP: Uff such a huge step for me
[21:11, 24/09/2020] OP: I hope u do it real good 🤑🤑🤑
[21:12, 24/09/2020] OP Do you have customers in US too?
[21:12, 24/09/2020] Scumm: Bank name: Teachers Federal Credit Union
Bank address: XXXXXXX
Account holder: XXXXXXXXXXXXXX
Account Holders address:
XXXXXXXXXXXXXXXXX
XXXX
Routing Number: XXXXXXX
Account number:XXXXXXXXXX
[21:12, 24/09/2020] Scumm: Sure mate //SO HE CLAIMS TO HAVE SCAMMED US CITIZENS!
[21:12, 24/09/2020] OP: Nice
[21:12, 24/09/2020] Scumm: Please make sure you send confirmation immediately
So finally I did not send him payment proof,I sent him a spoofed link to fetch his IP with a link to "payment proof" and got his IP and location (cant showr a real link bc it has my IP in it...) And was like " oh hey how is the whether in Irele, Nigeria??"
Needless to say he blocked me straight away after I called him a disgraceful sc*m but hey..... I still called the corresponding banks, the UK Fraud Action and the FBI just to make sure and shared all of the details without any editting :)
Have fun "mate"! If they can freeze only 1 $ and return it to a likely victim, I am more then happy
Cheers dont get scammed! Have a wonderful day!
TL/DR: Scammed a Nigerian scammer into sending me real accounts, names and details in UK and US (mules) to forward to the police and may or may not have donated 500 to charity.
submitted by elyminas to Scams [link] [comments]

3 Biggest Mistakes I Made When I Was Learning to Trade Forex

When I first learnt to trade, I had no clue what I was getting myself into. As I was searching the internet for the wide range of forex material available, I noticed two main things. The first one was 'Forex is the hardest easiest money you will make' and that 'Over 90% of Forex traders fail.'
Well, now, as I've been trading forex for some time now and mentoring people how to trade, I realised the 3 biggest mistakes I made while learning to trade.

1. Overtrading
I would jump on the charts at the London open, do my analysis on 6-8+ pairs and place multiple trades at once. This happened every time I jumped on the charts, I ALWAYS thought there was a trade to be taken. I remember feeling like a real professional at the time, watching my multiple positions tick up into profit but eventually hitting my SL and closing me out, losing 2-3% a night.
Obviously just starting out, my trading psychology wasn't the best and this often resulted in emotional trading. I would open up bigger positions to make up for my losses, which often resulted in even greater losses. One trade, I lost 2k in a matter of minutes which was 40% of my account at the time.
Do I regret any of this? Absolutely not. This helped me to build the current mindset that I have today. When these BIG mistakes occur, you have to remember that you are in this for the long haul. I would tell myself that 2k will be nothing when I am trading a 100k account in the future. LEARN from your mistakes, do not make them again, and then move on.
I found journaling and back testing EVERY trade I took to greatly help this problem of overtrading as the more trades I took, the longer I would be spending on the weekends studying all my trades.

2. Not understanding the importance of RR and risk management
I didn't understand how important risk reward ratios were when I first started trading. My mentor would always tell me not to take any trades that were less than a 1:2.5 RR but I struggled to find these trades as I was always just taking random trades when I hopped on the charts.
Once I finally understood, through experience, that trading is a game of probabilities and to have an edge over the market and therefore gradually grow your account, you need to ensure you are taking trades with a good RR. I would be watching the charts and when price was coming close to my entry price, I would execute a buy/sell, not realising that the few pip difference made a massive difference to my RR. I found the use of pending orders to help this issue greatly as it removed my fear of missing a trade and executing at a worst price.

3. Trading multiple pairs
As I mentioned before, I would hop on the charts and analyse 6-8 pairs to see if there were any trades to take. If no trades grabbed my attention, I would continue to skim all 6-8 pairs until I forced a trade to come to my attention.
Trading multiple pairs was terrible for my trading at the beginning. I always assumed that all pairs have the same qualities and move the same but how wrong I was. Reducing the number of pairs that I traded to only 1-2 helped my trading greatly. You notice certain qualities that each individual trade has, such as EURUSD not pulling back as much as GBPJPY, for example. You learn the language of the pair and how it may react at certain S/R or to certain news.

What are you currently struggling with?
submitted by ryan_irani to Forex [link] [comments]

So you wanna trade Forex? - tips and tricks inside

Let me just sum some stuff up for you newbies out there. Ive been trading for years, last couple of years more seriously and i turned my strategies into algorithms and i am currently up to 18 algorithms thats trading for me 24/7. Ive learned alot, listened to hundreds of podcasts and read tons of books + research papers and heres some tips and tricks for any newbie out there.

  1. Strategy - How to... When people say "you need a trading strategy!!" Its because trading is very hard and emotional. You need to stick to your rules at all times. Dont panic and move your stop loss or target unless your rules tell you to. Now how do you make these rules? Well this is the part that takes alot of time. If your rules are very simple (for example: "Buy if Last candles low was the lowest low of the past 10 candles." Lets make this a rule. You can backtest it manually by looking at a chart and going back in time and check every candle. or you can code it using super simple software like prorealtime, MT4 ++ Alot of software is basicly "click and drag" and press a button and it gives you backtest from 10-20-30 years ago in 5 seconds. This is the absolute easiest way to backtest rules and systems. If your trading "pure price action" with your drawn lines and shit, the only way to truly backtest that kind of trading is going in a random forex pair to a random point in time, could be 1 year ago, 1 month ago, 5 years ago.. and then you just trade! Move chart 1 candle at a time, draw your lines and do some "actual trading" and look at your results after moving forward in the chart. If you do not test your strategy your just going in blind, which could be disaster.. Maybe someone told u "this is the correct way to trade" or "this strategy is 90% sure to win every trade!!!" If you think you can do trading without a strategy, then your most likely going to look back at an empty account and wonder why you moved that stop loss or why you didnt take profit etc.. and then your gonna give up. People on youtube, forums, interwebz are not going to give you/sell you a working strategy thats gonna make you rich. If they had a working strategy, they would not give it away/sell it to you.
  2. Money management - How to.... Gonna keep this one short. Risk a small % of your capital on each trade. Dont risk 10%, dont risk 20%. You are going to see loosing trades, your probably gonna see 5-10 loss in a row!! If your trading a 1000$ account and your risking 100$ on each trade (10%) and you loose 5 in a row, your down -50% and probably you cant even trade cus of margin req. Game over.. Now how does one get super rich, super fast, from risking 1-3% of your account on each trade?? Well heres the shocking message: YOU CANT GET RICH FAST FROM TRADING UNLESS YOUR WILLING TO GO ALL IN! You can of course go all in on each trade and if you get em all right, you might get 1000%, then you go all in 1 more time and loose it all... The whole point of trading is NOT going bust. Not loosing everything, cus if you loose it all its game over and no more trading for you.
  3. Find your own trading style.... Everyone is different. You can have an average holding period of 1 month or you could be looking at a 1 min chart and average holding time = 10 minutes. For some, less volatility helps them sleep at night. For others, more volatility gives them a rush and some people crave this. There is no "correct" timeframes, or holding periods, or how much to profit or how much to loose. We are all individuals with different taste in risk. Some dont like risk, others wanna go all in to get rich over night. The smart approach is somewhere in the middle. If you dont risk anything, your not gonna get anything. If you risk everything, your most likely going to loose everything. When people are talking about trading style, this is kinda what that means.
  4. There are mainly 2 ways to trade: Divergence and Convergence. Or in other words: Mean reversion or trend following. Lets talk about them both: Trend following is trying to find a trend and stay with the trend until its over. Mean reversion is the belief that price is too far away from the average XX of price, and sooner or later, price will have to return to its average/mean (hence the name: MEAN reversion). Trend following systems usually see a lower winrate (30-40% winrate with no money management is not uncommon to see when backtesting trend following systems.. You can add good money management to get the winrate % higher. Why is the % winrate so low? Well a market, whatever that market is, tend to get real choppy and nasty right after a huge trend. So your gonna see alot of choppy fake signals that might kill 5-6 trades in a row, until the next huge trend starts which is going to cover all the losses from the small losses before the trend took off. Then you gotta hold that trade until trade is done. How do you define "when trend starts and stops"? Well thats back to point 1, find a strategy. Try defining rules for an entry and exit and see how it goes when you backtest it. For mean reversion the win % is usually high, like 70-90% winrate, but the average winning trade is alot smaller than the average loosing trade. this happens because you are basicly trying to catch a falling knife, or catch a booming rocket. Usually when trading mean reversion, waiting for price to actually reverse can very often leave you with being "too late", so you kinda have to find "the bottom" or "the top" before it actually has bottomed/ topped out and reversed. How can you do this you ask? Well your never going to hit every top or every bottom, but you can find ways to find "the bottom-ish" or "the top-ish", thens ell as soon as price reverts back to the mean. Sometimes your gonna wish you held on to the trade for longer, but again, back to point 1: Backtest your rules and figure that shit out.

Read these 4 points and try to follow them and you are at least 4 steps closer to being a profitable trader. Some might disagree with me on some points but i think for the majority, people are going to agree that these 4 points are pretty much universal. Most traders have done or are doing these things every day, in every trade.
Here is some GREAT material to read: Kevin Davey has won trading championship multiple times and he has written multiple great books, from beginner to advanced level. Recommend these books 100%, for example: Building winning algorithmic trading systems" will give you alot to work with when it comes to all 4 of the above points. Market wizards, Reminiscences of a stock operator are 2 books that are a great read but wont give you much "trading knowledge" that you can directly use for your trading. Books on "The turtles" are great reading. Then you have podcasts and youtube. I would stay away from youtube as much as possible when it comes to "Heres how to use the rsi!!!" or "this strategy will make you rich!!". Most youtube videoes are made by people who wanna sell you a course or a book. Most of this is just pure bullshit. Youtube can very harmfull and i would honestly advice about going there for "strategy adivce" and such. Podcasts tho are amazing, i highly recommend: Better systems trader, Chat with traders, Top traders unplugged, We study billionairs, to name a few :)
Also, on a less funny note.. Please realize that you are, and i am, real fucking stupid and lazy compared to the actual pro's out there. This is why you should not go "all in" on some blind stupid strategy youve heard about. This is why this is indeed VERY FUCKING HARD and most, if not everyone has busted an account or two before realizing just this. Your dumb.. your not going to be super rich within 1 year.. You can not start with 500$ account and make millions! (some might have been able to do this, but know that for every winner, theres 999 loosers behind him that failed... Might work fine first 5 trades, then 1 fuckup tho and ur gone..
And lastly: Try using a backtesting software. Its often FREE!!! (on a demo account) and often so simple a baby could use it. If your trading lines and such there exists web broweser "games" and softwares that lets you go "1 and 1 candle ahead" in random forex pairs and that lets you trade as if its "real" as it goes.
A big backtesting trap however is backtesting "losely" by just drawing lines and looking at chart going "oh i would have taken this trade FOR SURE!! I would have made so much money!!" however this is not actually backtesting, its cherry picking and its biased beyond the grave, and its going to hurt you. Try going 1 candle at a time doing "real and live" trades and see how it goes.

Bonus point!!
many people misunderstands what indicators like the RSI is telling you. Indeed something is "overbought" or "oversold" but only compared to the last average of xx amounts of bars/candles.
It doesn't tell you that RIGHT NOW is a great time to sell or buy. It only tells you that the math formula that is RSI, gives you a number between 1-100, and when its above 70 its telling you that momentum is up compared to the last average 14 candles. This is not a complete buy/sell signal. Its more like a filter if anything. This is true for MOST indicators. They INDICATE stuff. Dont use them as pure buy/sell signals.. At least backtest that shit first! Your probably gonna be shocked at the shitty results if you "buy wehn rsi is undeer 30 and sell when RSI is above 70".

Editedit: Huge post already, why not copy paste my comment with an example showing the difference in trend following vs mean reversion:
The thing about trend following is that we never know when a trade starts and when it ends. So what often happens is that you have to buy every breakout going up, but not every breakout is a new trend. Lets do an example. Check out the photo i included here: https://imageshost.eu/image/image.RcC

THE PHOTO IS JUST AN EXAMPLE THAT SHOWS WHY A TYPICAL TREND FOLLOWING STRATEGY HAVE A "LOW" WINRATE.
THE PHOTO IS NOT SHOWING AN EXAMPLE OF MY STRATEGIES OR TRADING.

  1. We identify the big orange trend up.
  2. We see the big break down (marked with the vertical red line) this is telling us we are not going higher just yet. Our upwards trend is broken. However we might continue going up in a new trend, but when will that trend come?
  3. We can draw the blue trend very earyly using highs and lows, lines up and down. Then we begin to look for breakouts of the upper blue line. So every time price breaks upper blue line we have to buy (cus how else are we going to "catch the next trend going up?)
As you can see we get 5 false breakouts before the real breakout happens!
Now if you could tell fake breakouts from real breakouts, your gonna be rich hehe. For everyone else: Take every signal you can get, put a "tight" stop loss so in case its a fake signal you only loose a little bit. Then when breakout happens as you can clearly see in chart, your going to make back all the small losses.
So in this example we fail 5 times, but get 1 HUGE new trend going further up. This 1 huge trade, unless we fuck it up and take profits too early or shit like that, is going to win back all those small losses + more.
This is why trend following has a low winrate. You get 5 small loss and 1 big win.

Now lets flip this! Imagine if your trading Mean reversion on all the same red arrows! So every time price hits the blue line, we go short back to the bottom (or middle) again! You would have won 5 trades with small profits, but on that last one you would get stopped out so hard. Meaning 5 small wins, 1 big loss (as some have pointed out in comments, if you where trading mean reverting you would wanna buy the lows as well as short the tops - photo was suppose to show why trend following strategies have a lower % winrate.)

Final edit: sorry this looks like a wall of text on ur phones.
submitted by RipRepRop to Forex [link] [comments]

We pump up the revenue share to 30% in May

Affiliate marketing is the easiest way to make money online. The key is choosing the right partner. SimpleFX is a trading app that already offers one of the best programs. Start sharing their referral today, and enjoy a 30% lifetime revenue share!
Till the end of May, everybody can get a 30% revenue share. Here’s how it works. Create a guide (text, video, graphic) on how to trade with the SimpleFX WebTrader or how to use the SimpleFX affiliate dashboard, and send it to [[email protected]](mailto:[email protected]) using the address registered at SimpleFX. Make sure your affiliate referral link is visible in the guide. T&C apply.

The easiest way to earn passive income

If you are looking for a path to establishing a passive income for yourself, affiliate marketing is the standard choice. There’s no doubt that the internet opened unlimited possibilities for individuals to make global business. With affiliate marketing, you can promote products and services through engaging content.
You can do it running:
How to choose the best affiliate program
Everybody knows affiliate marketing. The key to success is choosing the right product to promote. You should focus your efforts on a quality product, that’s growing fast, has low entry barriers for new users, and high retention rates for existing ones.
Your affiliate partner should offer you:
  1. Great product that sells
  2. High and lifetime revenue share
  3. Multilever system (you also earn a commission from your affiliates’ sales)
  4. Transparency – you get all the data to control your revenue streams
  5. Quality marketing materials – graphic and video ads, promo codes.
SimpleFX has it all. SimpleFX is a unique trading platform that has been growing organically over the last six years. We have over 240,000 active users globally in over 100 countries.

SimpleFX killer features

With SimpleFX you can buy or sell (short) virtually anything. US, European, Brazilian, Turkish or Japanese stocks, commodities, gold, silver, forex pairs as well as for cryptocurrencies.

The best trading app

Their killer feature is SimpleFX WebTrader – the leading mobile trading app. With a smooth responsive interface, it works on any device. Traders can analyze the charts and prepare their strategy on a laptop or desktop, and then make the right order at the right time anywhere with a smartphone.

Up to 1:500, no minimum deposits, multiple accounts

SimpleFX has no minimum deposits. That’s a critical feature for a trading app, as it allows you to make an unlimited profit with capped risk. Sky-high optional leverage allows traders to open a position worth $50,000 with just a $100 deposit.
SimpleFX users can use 24 different fiat currency accounts (including Turkish lira or Indian rupee), and seven cryptocurrencies, which makes it so easy to use for customers from all over the world.

Top-notch affiliate software

For the affiliates also offer one of the best conditions, which include:
Partner with the right company, share your referral links and build your affiliate network now. Don’t miss out on the opportunity, and don’t let other affiliates take over potential SimpleFX users in your country or region. Go to SimpleFX, sign up with your e-mail, and go to the “Refer friends” section. You don’t have to make any depo. Just promote the platform, and collect your revenue share with a traditional transfer or a cryptocurrency withdrawal directly to your wallet.
Till end of May everybody will get a 30% revenue share. Terms and Conditions may apply.
submitted by PrimeBitExchange to u/PrimeBitExchange [link] [comments]

How to Start Forex Trading?

Introduction:

Forex trading is a system in which forex traders do the transference of currencies among them on an agreed-upon price. It is also a frequently used method as people who travel abroad exchange their currencies. This technique is used by banks, companies, people, etc. Forex signals as said are very important tools for forex trading i.e. exchange of currencies and there are different types of forex systems and the results vary in those systems. Every forex signal perform differently and is exceptional in their own way.

Starting Forex Trading:

First what you have to do is open an account on a reliable Forex Trading service, after making an account contact with signal providers, maybe they’ll contact with you themselves and they’ll provide you with necessary details, after that you have to deposit some amount of money in order to start trading with some amount of deposit that they’ve selected as minimum amount of fund you must deposit. After that, you can start trading and you can gain experience if that what you get from it.
Forex signal tools are established on the basis of automatic computer exploration of the market. There are few benefits of this type of system one of the major advantage is that it reduces the negative human psychological effects because negative psychology most likely increases the chances of errors and failures. So we can say that the forex signal is a very important tool for forex trading and purchasing it is needed as a free forex signal is not trusted and it is very important to purchase a trusted tool. It is also recommended to buy these forex trading signal services until a person has a lot of experience and gain enough confidence in trading as insecurity can lead to failure.
The foreign trading market has a working mechanism through monetary establishments and functions on numerous ranks. On the other hand, banks go to lesser money-making firms which are also known as traders or traders, who are tangled in big extents of FX trading. Utmost foreign exchange traders are the banks. Trades which include FX traders can also be very big, including billions of dollars. For the cause of the authority subject when concerning two currencies, Forex has little controlling unit regulating its activities.
If you are looking for the easiest forex pair as a beginner then it is EUUSD pair. EUUSD is one of the highest traded forex pairs around the globe. The euro, in this case, is base currency while the US dollar is the quote currency meaning that how many dollars you will need in order to purchase one euro. This currency pair is less volatile than other pairs as both of these currencies are backed by the world’s two greatest economies. So if you’re a beginner then this pair is the best for you and it might be for the next few years.

Conclusion:

So to conclude forex trading is something that everyone can start with not much of an investment but it is safe to assume that it comes with great risk and to be a successful dealer you need a great amount of experience and skills and better analytics on the market trends.
submitted by Andrew-Mark to u/Andrew-Mark [link] [comments]

A Brief Introduction on Forex Trading

Overview:

Forex trading is a system in which forex traders do the transference of currencies among them on an agreed-upon price. It is also a frequently used method as people who travel abroad exchange their currencies. This technique is used by banks, companies, people, etc. Forex signals as said are very important tools for forex trading i.e. exchange of currencies and there are different types of forex systems and the results vary in those systems. Every forex signal perform differently and is exceptional in their own way.

Why Signals are important?

It is a must to purchase forex signals for a forex trader as it is very important in monitoring entry/exit points without spending time and energy. Another advantage is that you don’t have to worry about market analyzing as forex trading signal providers take care of it by themselves. Most of the popular pair of currencies exchange are already in it. It also helps you to develop a successful trading strategy.
Forex signal tools are established on the basis of automatic computer exploration of the market. There are few benefits of this type of system one of the major advantage is that it reduces the negative human psychological effects because negative psychology most likely increases the chances of errors and failures. So we can say that the forex signal is a very important tool for forex trading and purchasing it is needed as a free forex signal is not trusted and it is very important to purchase a trusted tool. It is also recommended to buy these forex trading signal services until a person has a lot of experience and gain enough confidence in trading as insecurity can lead to failure.

Easiest Pair to trade:

There are many popular currency pairs and there is a difference in outlook in all the major currency pairs and the list is always not definite. Every person has a different opinion on which currency pair is easiest for beginners, but one pair you’ll be told the most times is EUUSD pair. This is the pair which is voted by many people as best for beginners. EUUSD is one of the highest traded forex pairs around the globe. The euro, in this case, is base currency while the US dollar is the quote currency meaning that how many dollars you will need in order to purchase one euro. This currency pair is less volatile than other pairs as both of these currencies are backed by the world’s two greatest economies. So if you’re a beginner then this pair is the best for you and it might be for the next few years.
submitted by Andrew-Mark to u/Andrew-Mark [link] [comments]

NEX AMA Answers!

Some of the NEX team went through the questions asked a couple of days ago, but due to the answers being posted sporadically, i thought it might be better collating answers and reposting for visibility!
I highly recommend reading through if you are interested in NEX!
    NEX team marked as
U = u/Unignorant, C = u/Canesin, L = u/Localalhost_coz  
Original post here
Q: What is the NEX marketing plan to grow in terms of a customer base ? And how far is the team away from a finished product? During most of the interviews I noticed the team reference comparison to Binance, how does the interface match binance in a decentralized environment? (u/sheldonbraganza)
(U)We will have a complete product out on TestNet in Q2, and a fully working cross-chain exchange on the NEO and Ethereum networks in Q3.
NEX is marketing to two primary groups of users: (1) Mainstream users who want an easier experience buying altcoins with cryptocurrency. Through our network of banking partners, we will make it easy for anyone in the world to buy tokens on NEO, ETH (and eventually other chains) using their national currencies. (2) Bots and traders: we aim to have best-in-class trading APIs for high performance, computational trading. We will have better and faster APIs than today's centralized exchanges, with the added benefit of these systems running on decentralized networks
The point of our off-chain matching engine tech is to enable the same (or better!) usability as an exchange like Binance, while keeping around the decentralized model. The off-chain engine makes trading just as performant as today's centralized exchanges, and makes it much easier to support the kind of cross-chain trading functionality that has long been a pipe dream for decentralized exchanges. We are very much inspired by other exchanges like Coinbase in this regard, and we will be the first DEX to achieve this.
(C) Just to remember that NEX is also going after costumers that usually are not considered by other exchanges with its features to facilitate peer to peer payments requests, invoicing and tipping/gifts.
Q:Can you elaborate on NEX staking? The whitepaper was fuzzy about it and had terms like "staking percentage". (u/r3dh4r7)
(U) The NEX staking rate will be from 25-75%. Committing to stake for one day gives a rate of 25%, which increases linearly to a rate of 75% if you are willing to stake for 2 years By staking rate, we mean the percentage of revenue you will get from NEX fee collection proportional to the tokens you hold. For example, if you hold 10% of all NEX tokens and are staking at a rate of 75%, then you will receive .10 * .75 = 7.5% of all fee revenue generated by NEX over that period.
We will confirm these details in an updated white paper release coming out today or tomorrow. ~ If you commit for two years, the first year will still be at 75%.
Q:How soon do you introduce Fiat pairs? (u/coinonymous1)
(U) Our network of banking partners will begin to go live in Q2. That means users will be able to enter the ecosystem with national currencies through the NEX extension and web-based exchange interface.
(C) To clarify, this are not direct trading pairs on the exchange itself (i.e. JPY/NEX) but a easy method to on ramp and cashout using the tools. Users will be able to acquire NEO and GAS with fiat and any other tokens traded at NEX will be using the exchange itself.
Q: The chrome extension is great but why should I still rely on desktop to access NEX interface ? When can we expect Iphone/ Android App? (u/cryptobuddy_1712)
(U) We are planning native android/iOS apps. Depending on how fast we can grow, they may be out by Q3.
(C) Mobile presence is a complex topic, depending of how much of the full experience you want to provide - that will depend on the support shown by 3rd party wallets, if they adopt NEX APIs.
Q: Will you guys be supporting Ledger integration any time soon? Nex chrome add-on, Nex exchange integration...?! Plans to list the Nex token on other exchanges before the release of your own? What are the plans to continue supporting Neon wallet now that Nex came out with their extension for chrome? Will Nex exchange introduce fiat deposits/withdrawals? (u/mihai_ss)
(U) Yes, ledger is on the roadmap. We cannot comment on other exchange listings right now. We love and will continue to support Neon wallet (you are speaking to its creator :) as a great desktop wallet and complementary partner to our extension. NEX will support national currencies in/out of the exchange through our network of banking partners.
(C) Not only ledger but hardware wallets in general. Ledger is priority currently given that it is quite popular in NEO. We have to have in mind that NEX is trying to do a lot of different things to make usage easier to new users (that probably don't have a ledger!), there is currently about 96k users of it (more than this sub) so we will focus on fixing the corner cases and issues that appears frequently with such large user base first.
Q:More and more people are using mobile apps for trading. Don't you think nex should also have its own iOS and Android app. Are the API being developed future proof to integrate with mobile apps for trading and seeing candle charts. (u/Cryptobanku)
(U) We agree with the power for mobile, and future proofing the API is 100% on our mind. Longer term, we are planning native iOS/android apps.
Q:So NEX is a security right? What does that mean exactly? The Token only will be available on the neon exchange? In order to get the exchange dividends are we gonna be forced to put our tokens on stake mode? If so, once we put our tokens on stake mode does that mean we are not gonna be able to move them or sell them for a specific period of time? (u/sersimovi)
(U) NEX is a registered European security. It will be traded on NEX exchange, but that is not the only place it will be traded (I cannot say more than that right now). Being a registered security is amazing for investors. It means that all of the sketchy things that so often happen with cryprocurrencies/tokens (things like market manipulation or insider trading) are made explicitly illegal. It also means that we, as a company, go through an extensive audit. For that, we have partnered with the top tier accounting firm Ernst and Young.
The staking model means that you commit to staking your NEX for a certain amount of time to receive a share of fee revenue. The minimum amount of time you can stake NEX is one day. The maximum time you can stake is two years. While staked, you cannot move or sell the NEX tokens.
(C) All that plus the investor don't need to fear it will crash because someone classified it as a security in the future.
Q:When will the official sale date be announced and when will the official tokens per neo be determined? (u/rborsb9)
(L) We are still working with our legal partners to determine a final sale date, but it will be sometime at the end of April. The tokens per Neo/Gas will be determined from the 10 day moving average of the price before the sale begins.
Q:What do you think sets NEX apart from the countless other DEXs that are starting up right now? Why should people invest in NEX vs Switcheo/Etherdelta/Binance(once they release)?
(U) NEX will be the first usable, performant, and cross-chain DEX. Out of all the exchanges you mentioned, none of them are using an off-chain matching engine, which quite simply means none of them can do what we are doing.
In addition to that, NEX has by far the most generous revenue share model of any exchange you have mentioned. This is because we are embracing being a security (not hiding behind some questionably legal utility token). The people who invest in us will be treated very well by this model.
As for competitors: Switcheo unfortunately doesn't work. There is no volume, and the SC is broken (or at least didn't work when I tried it; the transaction failed and it stole the small amount of GAS I tried to trade). Etherdelta has higher volume but still ridiculously low overall. And again, just try to use Etherdelta... it is a usability disaster. There is really no comparison here. Binance might do something interesting, if they decide to do anything. But we have better technical talent than Binance, so I am not too worried.
Q:What % volume neon exchange will support compared with top centralized exchanges? Thanks big neo fan! (u/myfriendbaubau)
(U) We will support just as much volume as today's centralized exchanges.
Q: Will NEX have a stable coin? (u/masi252)
(U) We have looked into various implementations and ideas surrounding stable coins and have determined that it is not something we are planning on doing in the near future.
Cont: What about when Alchemint releases? (u/Bing0to)
(C) We wanted to do a fundamental strong stable coin that was capital efficient. Unfortunately there is some pre-requisites for that to be possible that currently is lacking in crypto markets. We will continue to monitor how this space evolves and our ideas are stored waiting the future when they can be applied.
Q:Can we expect the erc20 token trading earlier than q3? (u/markerizza)
(U) Q3 is the current roadmap projection. It is possible it will happen earlier depending on our growth.
Q: Will the token sale be via smart contract, so that we recieve our tokens right away? (u/Ebrii)
(U) Yes
Q: will you guys have an official subreddit and telegram anytime soon? (u/markerizza)
(U) No, we dislike the idea of project oriented telegrams. There are too many opportunities for scammers. We may have a subreddit in the future, but not anytime soon.
Q: What is the plan to get liquidity on the platform? It seems to be the biggest problem with current DEXs. (u/Mutedtommy)
(U) We have strategic partnerships for this. We are also working with other partners to develop some nice APIs for high performance trading.
Q: On the site you say that the ORIGINAL winners can participate in the second round (9000$) options, do you mean only the first round lottery winners or the first and second round winners combined? (u/FrancoisFrancis)
(U) Any lottery winners (whether first or second draw) have the opportunity to participate in both rounds 1 and 2. Please see this medium post for clarification: https://medium.com/neon-exchange/nex-extension-and-lottery-q-a-667e56f58e4a
Q: If you chose to participate in round 2 from the KYC process, does that mean you are guaranteed a spot? The medium article seems to indicate there will be an additional lottery from those who selected that option to see who from round one is eligible for round 2. (u/DwyerMatt)
No one is guaranteed a spot in round 2. It is even possible (though extremely unlikely) that all NEX is sold out in round one. This would happen if everyone who is selected goes through KYC and participates at 100%. (U)
Q: Will NEX tokens only be tradeable on NEX or is there a chance of it being listed on other exchanges like Binance? (u/Frank_Sinatra88)
(U) See an answer above. Not just NEX, but I can't say more than that right now.
Q: How do you see NEO compare to other coins on its network ? Like another coin could be valued more than NEO itself ? And will NEX always be bound to NEO? (u/BN_Boi)
(U) It is unlikely but possible that a NEP5 token could eventually achieve a higher marketcap than NEO itself.
NEX is not bound to NEO much at all. Our token will live as a NEP5 on NEO, and that is how users will receive staking rewards, but we will support trading very early on Ethereum as well.
(C) Google runs atop of other companies infrastructure (telecom providers), but it is valued more than all of them. The same thing can (and probably will) happen in token land, it will just take a while - when infrastructure becomes less important than applications and platforms atop of it. Like with the internet.
NEX behind the scenes (as the DEX is cross-chain from start) is using NEO capabilities, but the future of both is broad and uncertain. As a long term strategy the NEX company will do what it can to improve its underling technology and remove risk from its business.
Q: Is there a vesting period for the half of available NEX tokens that will not be sold during the ICO? (u/ETHERjimbo)
(U) The founder and employee tokens (25%) will vest over two years.
Q: Whitepaper uses an example $100m in the fee distribution calculation. If NEX is truly a security token and the whitepaper is your prospectus then you must provide further data on fwd looking statements. The NEX token gives the right to fee distribution. Given this you must provide assumption based forecasts on expedited fees over the next 3 years. This will support price discovery. How can the market properly price the token when fee expectations are unknown.(u/nsheahan82)
(C) Fee structure is defined on whitepaper and version v1.1 contains a example section as stated. Version v2.0 (to be released very soon) contains the actual staking portion (25% to 75% linear over two years growth on staking).
Guess work on the volume would in reality be very indigenous, look at volume behavior market wise (https://coinmarketcap.com/currencies/bitcoin/#charts) so much variation. Following the 3 years trend we could say trading volume will be bigger than the world economy, clearly that is not happening.
Q: Would NEX Staking be a 50% or 75% as stated on the whitepaper? (u/GMDaddy)
(C)See answer above, it starts at 25% and goes up to 75%. The increase is linear and maximum period is 2 years.
Cont: By linear, you mean like as an option where the user has the choice on picking whether to stake it from 25% up into 75%?
(C)No, when you start staking it starts at 25% and by linear I mean it increases at a constant rate of about 2.08% per month for two years until it reach 75%.
(U)To clarify fabio's comment: yes, you can choose a fixed rate of 75% by committing to stake for two years.
Q: A massive attraction to NEX is the prospect of decentralised banking. What makes decentralised banking better than traditional banking? (u/kabelofthe3rd)
(C)Our goal is to facilitate crypto trading at large, this touches from usage of applications to investing passing by funds management and invoicing solutions. What this enables is a digital cashless economy, we call it the smart economy. In the smart economy users are in control of their funds using this advanced technological tools to perform the tasks above and current banking solutions are no longer needed.
Q: Once NEX is rolled out, what will be the easiest way for US residents to buy some stake? I'm aware it's going to be issued as a security so I'm thinking the NEX token will only be tradable on NEX itself because most non decentralized exchanges will not list security's or tokens that don't pass the Howet Test. Is this correct?(u/Cozmo525)
(C)You are correct, for US persons you will need to wait other licensed exchanges list NEX or we acquire the proper licenses to allow US people to trade securities. Whatever happens first =)
Q: Can I stake only NEX or also other Token f.e. NEO? (u/masi252)
(C) NEO doesn't need to be staked, you already can claim GAS on NEX extension.
Q: How do you plan to compete with Switcheo when they have first movers advantage and will be live for months before your platform will be? (u/toneeey1)
(C)We plan to compete with anyone in our market by providing better products.
Q: Will TNC be utilized? (u/molly1nora)
(C)That is not planned, NEX has it own custom scaling solutions already in development.
Q: Do you see exchanges not listing NEX, due to the fact that you guys are direct competition? (u/detnah)
(C)That is a tricky question, I believe competition will not be with every exchange - in special centralized ones, as CEX they will more focused in national markets and we are going after broad chain level trade.
Q: Is there a chance in the future you will also introduce other coins to the exchange sich as ERC-20 tokens etc? If so you'd blow all competition out the water. (u/Frank_Sinatra88)
(C)Yes, ERC-20 tokens will be supported by Q3 together with NEP-5.
Q: Will NEX APIs support mobile Dapps or Wallets? (u/johndon96)
(C)Both, APIs are in general not target to a specific application, is up to the developers to use it in their products.
Q: What are the team's plans to make NEX the best decentralized exchange and one of the best projects ever released? (u/its_me_TAG)
(C)We will be working close to our costumers, never afraid of breaking status quo and never ending improvements. NEX will never be done.
Q: Are there any plans to open up some Nex-Stores in several spots around the Globe? (u/michaeluebelhart)
(C)No, but will have a online swag store :D
Q: Is it possible that in the long future to have forex pairs listed on NEX? (u/BR8889)
(C)In a future where fiat has token representations or stable coins are indeed stable.
Q: When will we see the updated Whitepaper? (I know for example that you plan to integrate ERC20 tokens earlier than mentioned in the original Whitepaper) (u/mambor)
(C) Target is this weekend. We could delay if redacting detects things that should be changed/improved.
Q: What is your go-to-market strategy? (u/Dux_AMS)
(C) We already have >100k users. ;)
submitted by menofthenorth to NEO [link] [comments]

Our most recent AMA with Terence Tan the Head of Business Development and Helen Astaniou Chief Marketing officer discussing TIO Markets: the next-generation of FX trading.

Our most recent AMA with Terence Tan the Head of Business Development and Helen Astaniou Chief Marketing officer discussing TIO Markets: the next-generation of FX trading.

TIO Markets: the next-generation of FX trading.
Q : If TIOMarkets is the first company to offer FX trading using crypto, why don't we switch the domain to dot com (.com) instead of dot uk (.uk) ?A >> We are switching to dot com (.com). The website is still in progress. What you see now is not the website that we are going to be launching with. So, don't worry about that.

Q : What is the symbiosis between the tradeio and TIOMarkets?A >> The biggest thing that I want to mention is the Liquidity Pool. Although there's different companies, and there's different entities, the registrations are completely different. Even the platforms are different between TIOMarkets and tradeio. However, what happens is as TIOMarkets gets bigger and stronger, and there's more volume, there are more clients. People are trading and the company is making money, the profit from that is going to go back into Liquidity Pool. Anybody on trade.io Liquidity Pool is going to start benefit in a big way when they start seeing that daily income get bigger and bigger. So, I would say that it’s probably the biggest symbiosis there.
Q : Tell a little bit about TIOMarkets and how we are planning to make it really big.A >> For TIOMarkets, we have been preparing for the launch for a long time and we really want to make this something very different. We have come up with innovative packages and innovative methods that appeal to traders. Without letting too much of the cat out of the bag, I just want to say that we have actually come up with certain subscription packages that really allow traders to experience some very innovative features and benefits.
Not only that, whatever that we are pushing out to our trading community, allows you to be able to trade with really low commissions. Commissions can be as low as 0 per standard lot. And spreads will be very low as well. And not only that, we are pushing out some really very innovative features.
We have actually talked to some traders about the features and they loved it. For example, one of the features is that it actually allows you to be able to (what I call), " add an undo" button for your trade. So, just imagine this scenario, imagine that you are actually trading and within the first 60 minutes of you executing your trade, if the market actually goes against you, if you actually took up insurance for the trade (for just a very small insurance premium), you will actually have the ability to undo your trade. And whatever floating losses you had will be reimbursed back to you.
Not only that, we believe that traders should be given a chance. Even if they make mistakes. So, just imagine this, within the first month of you trading with us (TIOMarkets), you somehow experience a margin call, or you lose what you put in, what we will do is that we will actually reimburse 50% of your first time deposit back for you to trade again. Why we do this is because we want to make it a point for our traders to have a second chance. We believe that everybody deserves a second chance to be able to learn as they go along. These are just some of the innovative benefits that we have come up with.

Q : How is the 10K users target going to be attained, apart from the 3 months free?A >> We are going to start on 2nd of April. We have 6 big pre-registration campaigns and each of those campaigns have a slightly different message, tone and they are going to be targeted to slightly different people target groups. So the idea is, whatever attracts you the most is the thing that helps you to click. So we've got a wide range of messaging, channels and platforms that we're using to get the message out and we are really going to go as big as we can to try and get the numbers in. We really believe that the numbers will be big for a lot of reasons.
And just to add to the previous question about what makes us different, some of here at the trade.io office have FX background. Like myself, we have been involved in FX before. We know the industry, we know what talks and what doesn't talk, we know what works and what doesn't work. We have seen that there is a lot of fatigue in the FX industry. The people are sick and tired of attempting to trade, and for various reasons (maybe that trade is not getting through, etc). Any reasons that makes it frustrating for the trader, when they just want to trade FX. And we are coming in here from this angle. We know the industry, we know what's possible and what not possible from a brokerage perspective. We are going to try to completely overcome any of those issues. Our solution to that problem is essentially the subscription package.
Here's the theory, that you are trading and where your usual FX brokerage is taking out their commission (maybe they are paying commissions for IB, maybe they are widening the spread, maybe they are taking money from here to try and meet their other target they've got). We are saying that none of that. We are not taking anything out. Our subscription package is very transparent. It is once per month at a fixed cost, you know what exactly that cost is and it is at very good price. And thereafter, your trading is essentially free. This will be really cheap and there will be big savings to be made.
This isn't anywhere else in the FX industry at the moment. It will be completely unique to us and it will be something that is extremely attractive to season traders. And for the millennials or the aspiring traders (who don't know how to trade yet), it will be appealing as well because we are saying we know what the issues are, we know what the problems are in FX. If you trade with us, thing are clear, things are clean. We'll support and educate you and you will have a much better overall experience.
That’s our positioning. Aside from that, we've got the FCA Regulation, which is absolutely huge. I'm just personally speaking having worked for a couple of FX companies in the past that didn't have the FCA Regulation, it was always something that clients keeps asking for. So that is one that is really significant for us.
**Terence adding in to Helen's explanation >> Coming from the viewpoint of a lot of us have in the FX industry, one way or another, we really want to come from the angle where we want to be able to create a perfect trading environment for traders. At this point of time we are putting the focal point on our traders creating an environment which is great from them in terms of trading and not like other brokers out there where the emphasis is mainly on profit. Whatever we do such as the subscription packages and the other innovative features that we have are all from the view of a trader.

Q : What makes us stand out from the competitors?
A >> Its going to be our subscription package that isn't available anywhere else. Secondly would be the TIO reimburse (that's what Terence talked about before).Next would be the TIO Shield. That is our fancy name for the really cool feature whereby if you trade on a specific currency pair and if it all goes wrong, you will get your money back (essentially minus a small premium). These are the 3 big points that differentiates us aside from the other stuffs I've said about our tone and angle.
Q : Should we expect TIOMarkets to be fully operational on the 9th of April?
A >> We are opening the doors for pre-registration on the 2nd of April. We've got a little surprise campaign coming out a little earlier than that. That's all I'll say about that for now but then there are 10,000. We don't know exactly when that will be. We believe that it will be sooner rather than later. Even so, one week wouldn't be long enough, so give us a couple of weeks and then we will fully open the doors and let you know when that will be.
Q : The profit for trade.io will just come from the subscription and not from the spreads?
A >> It comes from both, actually. The profit from the company comes firstly from the subscription packages. And then secondly, we are going to be offering what I am calling an "ala carte" option which is maybe you don’t want to pay monthly, that's fine. You can just trade on-the-go as you go. And the spreads will be a little wider but we're going to be fully transparent and honest about that. So, it's your choice which you prefer to trade.
** Additional point from Helen >> It is going to be green (beginner) user friendly and we're creating some pretty cool educational packages. Pretty much everything we're doing, we are saying right. What is different to what we've done before, what is different to how the others are doing it. How can we make it more interesting, less jargony and more fun. Thus it will be definitely friendlier to new users.
Q : Who is our liquidity provider?
A >> that is way out of the marketing remit perhaps. We (Helen and Terence) are unable to answer that.
Q : What is our plan to get partners onboard?
A >> We actually have a very big plan in terms of having joint venture partners and affiliate onboarding because we believe affiliates are going to play a very big part of our whole entire strategy. So we actually have plans that will be launched in Phases.
We'll be paying our joint venture partner and affiliates CPA commissions. Those of you who are in the industry will be familiar with that its Cost Per Acquisitions(CPA). So depending of the numbers of traders or clients that you refer to us and which country they are from you will be paid one time CPA commission. This is kind of controversial in the sense of we don't pay out IB commission because what is mentioned earlier, we basically want to create a great trading environment for traders and probably those of you who know that when IB commissions were paid it has to come from somewhere and very often is comes from the traders. So in our case we are just paying one time CPA commission. Later on down the road, we will launch other hybrid commission program as well. In terms of the CPA commission we'll also allow our partners to be able to have sub-affiliates as well down to about 2 tiers. In other words, not only you will be able to refer traders but you will actually be able to refer sub-affiliate as well.
Not only that, previously like Helen mentioned we actually have a lot of different funnel which we coming out with and those funnel will be made available to our affiliate as well so we'll be testing those funnels and we'll let you know whichever funnel that works, we'll provide you with the emails plus we provides you with the banners and landing pages. So all you have to do as an affiliates is to mail to our databases or however you're going to drive the traffic to your landing pages and after that the company will take over to help you convert those leads into actual clients for you.
It is really exciting in term of the partners. We are giving all the resources they need, we are making the resources as attractive as possible, to make it easiest as possible for them to make lots of money. That will help us a lot. And just as at the partnership side, we've got an exciting addition to the team over here. We've got a new Head of partnership that started with us today in fact and she is a bit of a of a big deal in FX. She has got some of the incredible contacts and networks so that we can really hit the ground when it comes to the partnership.
Q : When is our website is going to live?A >> Firstly, we are going to have what we called landing pages go live on the 2nd. They are individual pages not connected to a bigger website specifically and their purpose is specifically to lead generate. So there we will be going live. For the actual website is as you all know is a big project and a work in progress so that’s going to come a bit later.
Q : How are we going to differentiate ourselves?
A >> I've seen it three or four times now on the chat they are very worried about how we are going to differentiate ourselves. We will! You can trust that we'll because as I said we've been there and we've done that. We've been in FX before. Many of us we don’t want to be like the other brokers. We going to be different not only our offerings and our products but in the way that we express those things. From the tone to the visuals to the actual offerings. It's going to be a breath of fresh air in all aspects apart from the actual platform we're using which is a very well-known very popular platform and of course the instruments are going to be popular instruments that will also be offered by the brokers we can't differentiate there, we don't want to. So, you'll see.
Q : Will hedging be available and what is the maximum leverage available ?A >> Yes and the maximum leverage 1:500
Q : Is there any plans to collaborate with another full bright firm like another Forex firm or other to boost our trade volume?
A >> No plans to partner with another FX at this stage to boost our trading volume.
submitted by tradeio to u/tradeio [link] [comments]

Everything You Need to Know About WaykiChain

Everything You Need to Know About WaykiChain
https://preview.redd.it/6gvkwst0chw11.png?width=880&format=png&auto=webp&s=8e34f501819e16b6c2c286b9c02c9f357a15ba0a

What is WaykiChain?

WaykiChain is a block public chain focusing on blockchain technology development and related operations. WaykiChain has positioned itself as an infrastructure that is based on both Ethereum and Blockchain, intending to trigger a collective growth of different industries by presenting an enterprise solution.

Determined to build a world-class decentralized platform and ecosystem, WaykiChain launched the first smart-contract-based game prediction DApp in May 2018 with over 130,000 install volume, token WICC listed in 100+ exchanges, peaking at $3, community members over 300K, is believed to be innovating a new business model in the new era.
WaykiChain, a team focused on blockchain industry’s foundation and application development, now consisting of nearly 70 people, with core members from world-renowned companies such as Alibaba, Tencent, Morgan Stanley and Intel, is hoping to ultimately achieve an ecosystem that everyone can participate in the building and share the results.

Where is WaykiChain Heading?

The future of WaykiChain is a big community-driven public chain ecosystem. WaykiChain aims to build a decentralized application platform that can provide users with complete on-chain smart contract system. Anyone can realize their business ideas on WaykiChain and develop their own DApp, and build their own brands.
WaykiChain takes decentralized prediction, assets trading and forex trading as entry industries to expand markets in the early stage. After accumulating plenty of application users and developers, WaykiChain will gradually perfect its upper blockchain applications.
Currently, WaykiChain tech team is focusing on underlying public chain development. WaykiChain will provide friendly development environment to developers with sufficient development templates an interfaces. Besides, WaykiChain team plans to take a part of WICC as reward those developers who have made important contributions to the community. WaykiChain is committed to building an underlying technology platform that truly integrates blockchain application and real business. Along with its development, WaykiChain will gradually grow into a big ecosystem with totally decentralized operations, and brings the convenience of blockchain to every user.

Further Reading

White Paper
WaykiChain white paper is in update now, and will be available soon.
Huobi Project Center
https://www.huobi.br.com/projectcenteproject/?id=91&utm_source=Marketing&utm_medium=Referral&utm_campaign=WICC
Waykichain Developer-Friendly Community
http://www.waykichain.com/announcement.html?id=887

WaykiChain’s Technology

Consensus Mechanism
Delegated Proof of Stake (DPoS) is a consensus algorithm maintaining irrefutable agreement on the truth across the network, validating transactions and acting as a form of digital democracy. Delegated through token holders’ vote, ledgers nodes will package all the transactions in the block and get corresponding reward. DPOS can maximize token holders’ interests and network performance, meanwhile minimize the maintenance and operation costs.
WaykiChain adopts DPoS, which is the most adaptive consensus mechanism for developing and operating applications on chain. The block is successively generated by 11 ledger nodes. Every 10 seconds, a new block will be generated on WaykiChain. Verified by WaykiChain mainnet operation, the transaction confirmation speed can reach 1000+tps.
Vote Mechanism
WaykiChain adopts DPOS consensus mechanism with 11 ledger nodes. When a block is generated, a node is elected with the most votes according to random perturbation algorithm from the 11 nodes. Then ledger node gains all of the transaction fee in its ledger block. Users can get proportionate votes by locking their WICC. Every node can be cast for 11 candidates at most. Every voted user will be awarded proportionate interest. When users’ corresponding accounts’ votes changes, the interest from voting will be received automatically. The first year’s rate of interest is 5% and it will decrease 1% annually during the following years. Finally, the annual rate of interest will be fixed at 1% permanently.
Smart Contracts
WaykiChain is a smart contract platform that supports Turing devices. These smart contracts can help in a variety of real-world applications including copyright issues, decentralized exchanges and asset problems. It adopts DPOS consensus mechanism, sets up 11 voting nodes, and generates a new block every 10 seconds. According to detailed calculation by WaykiChain team, currently, the confirmed transaction speed can reach 1000+tps.
WaykiChain’s smart contract can be built using the programming language Lua. Lua was developed in the early 1990s and has an extensive developer community. It has been used in desktop development, web development and the Internet of Things. It also is one of the easiest programming languages and hence it provides an incentive for developers to code on WaykiChain’s platform.
Sidechain
The most popular smart contract cryptocurrency Ethereum, failed when Cryptokitties were released. Ethereum’s network was unable to handle the massive influx of users. Thus, scalability remains a huge problem. Fortunately, WaykiChain has a feature known as sidechains which can deal with huge amount of users. Applications built on WaykiChains will have their own sidechains and they are not linked in any way to each other.
WaykiChain Ecosystem Development System
WaykiChain ecosystem development system is driven and co-developed by three parties: WaykiChain core developers, open source community developers and business developers. In the decentralized system, WaykiChain team will provide technical standards and community contribution incentives to ensure that the entire ecosystem moves forward as a whole. On the basis of the underlying public chain, plug-ins, and smart contracts, business developers are able to develop applications efficiently and build their own brands with blockchain’s credit endorsement.
WaykiChain plans to establish Technology Research Academy to gather a group of outstanding developers with decentralized blockchain beliefs. WaykiChain will provide underlying technology support and standards. Developers in the academy can free communicate, learn from each other and co-develop a fully decentralized community.
Ecosystem Layered Architecture
WaykiChain technology stack consists of four layers: the core node layer, the wallet node layer, the application platform layer, and the DApp application layer. Any developer can choose which layer to start development based on their own development capability, business needs, and application flexibility needs. WaykiChain core technology team is committed to providing the develop-friendly interfaces of each layer and improving the technical documentation to help the community better build the ecosystem.

Further Reading

WaykiChain Github: https://github.com/WaykiChain/WaykiChain
How Does WaykiChain Work?
WaykiChain uses a DPoS consensus mechanism with eleven accounting nodes. The annual rate of return is 5% for the first year, with a 1% increase with every year that goes by. Each time a block is created, an accounting node is randomly associated. The accounting node gains all of the transaction fees in its accounting block. Users can earn interest by locking WaykiChain coins. The interest is automatically determined each time the votes for the corresponding user account change.
The terms of betting are triggered by the initiator through smart contract transactions. Users can initiate various betting contract transactions, all of which can be searched and identified in the block browsers. When the betting is over, the bet initiation will publish the final results and the gaining will be then shared accordingly. In short, the betting revenue is automatically issued to the user’s wallet after the betting results are displayed.
The smart contract provided by the platform makes it possible for asset initiations to create dividend sharing rules. These rules are only triggered by various conditions. Hence, the final price of the assets in circulation will be determined by the market’s behavior towards the object in the transaction.

WaykiChain Applications

Token System
Waykichain Token, WICC is a token only used and circulated in WaykiChain Wallet DApp. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC Lock Revenue Sharing Plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. This means WICC will be listed on lots of exchanges and traded with other cryptocurrencies, thus WICC also has trade value.
WaykiChain Block Explorer
WaykiChain official block explorer is a data display system for WaykiChian applications, which displays the WICC transfer and transaction records, account balances, prediction games transactions, and payout results according to application data on the blockchain. All data is open and transparent and inherently irreversible.
WICC Lock & Revenue Sharing Plan
In order to reward all community supporters and provide a channel for application operators to make retribution to community, WaykiChain launched WICC Lock & Revenue Sharing Plan. Application operators can provide a portion of the proceeds to the community members to encourage their contribution to the entire public chain, and to motivate the community to continuously improve the public chain as a more robust underlying system. Investors can lock their own WICC, as a way of showing long-term optimism about the project, to get a certain amount of revenue.
Investors can lock a certain number of mainnet WICC through the entrance in WaykiChain DApp. During the lock period, this part of WICC cannot be traded, transferred, or consumed as transaction fee. When the lock period expired, WICC will be automatically unlocked and become tradable. During the lock period, investors will receive WICC revenue at the end of each month. The amount of each investor’s WICC revenue is related to his/her WICC lock volume and duration, total WICC revenue generated during the period, and the total WICC lock volume and duration of all investors participating in the lock plan during this period. Specific calculating formula is as follows:
WICC Lock revenue Calculation Formula:
Each investor’s daily WICC revenue = Each investor’s lock index / The sum of each investor’s lock index * Total WICC revenue that day
Each investor’s lock index = Each investor’s WICC lock volume * Time index * Volume index

https://preview.redd.it/7c273o53chw11.png?width=689&format=png&auto=webp&s=219d1e810f4d9217c55c336273b6d2f021257dfa
Time Index Table
Decentralized App
The first smart contract based application delivered by WaykiChain’s team is the WaykiChain decentralized betting application. In this application, the smart contract will assign a time duration in which the user can engage in the betting process. All the conditions related to betting will be given. When a bet is finished, the contract will release the results. The smart contract will then reward the winners.
This DApp was launched in May 2018, attracting over 130,000 users to download and bet and has been upgraded to V2.1 ever since. The latest product WaykiBet DApp V2.5 is planned to launch in November along with a new WaykiChain wallet.
WaykiBet V2.5 enables a new feature that everyone can be a bookmaker. With the authoritative event data and services provided by WaykiChain DApp, user even without any technical or product background can build a bet in simply one-click. And at the end of the game, WaykiBet will automatically call the smart contract to calculate the bet results and deliver payouts, without any manual participation.
Besides, WaykiBet V2.5 has exempted the betting fee through the structure optimization and allows the player to participate in the betting directly after creating a new wallet without activation to ensure users outside of the cryptocurrency industry can be involved in the easiest manner.
WaykiTimes Wallet
The new WaykiChain wallet, named as WaykiTimes will retain the original wallet functions, such as Lock Revenue Sharing and node voting. The newly added “Forum” gathers the community of WaykiChain and blockchain together, will become an ecology of open communication. Meanwhile it will has a “News” section to meet different users’ needs. In the future, WaykiTimes will implement WaykiChain token economy to encourage the community members.
Getting Setup
Download WaykiBet DApp V.2.5 at official website: https://www.waykichain.com/

Meet the Team

WaykiChain team is comprised out of over 60 individuals with relevant experience in marketing, business, betting, lottery, betting and crypto industries.
Wayki Sun, Founder & CSO
One of the earliest digital currency investors and entrepreneurs in China. The founder of Xinhuo Network, the founder of Ou Lu Zhong Chou and the Managing Director of Jufeng Digital Asset Management Co., Ltd. Sun led an investment team of hundreds of people with great achievements made in stock, foreign exchange, futures and digital currency markets.
Gordon Gao, CEO
Gordon Gao, an alumni of Columbia University, ex-Lead Data Scientist of Fishbowl in Wall Street, ex-Senior Data Analyst of Alibaba Group, senior member of Mensa International Club. He is responsible for offering support to WaykiChain’s commercial model designing and strategy planning, building up a digitalized monitor system for products and operation and promoting WaykiChain overseas with his international background.
Tony Chau, Co-founder & CBO
Bachelor’s Degree in Finance from the University of Toronto in Canada and served in Hongshang Asset Management Co., Ltd. Focused on industrial surveys and commercial analysis, with in-depth research and distinctive perception on business operation models, and professional financial knowledge and complete project experience.
Tame Huang, Chief Consultant
The founder of BTC38, served as Product Manager and Project Manager of Tencent, Vice President of Fantasy Basketball, and Chief Strategy Officer of Licai Box; Huang was involved in the investment on more than ten high-tech enterprises, such as Jidian Technology, Yixiang Network, Maoming Rural and Commercial Bank, Jujin Technology, Cointime, etc., and established the Bitcoin Time Digital Currency Exchange in May 2013.
Xi Zhang, CPO
Tsinghua MBA, former Senior Product Manager of Tencent. Xi Zhang has been engaged in Internet industry for 14 years with several entrepreneurial experiences. In 2008, he joined aibo123.com as Product Director, responsible for the product design and operation of Olympics lottery. In 2014, he stared his own business and founded QiuShang APP, the first prediction APP in China applying big data prediction with 8% return rate and 67% win rate. In 2016, as a partner, he joined the Haiqiu Technology founded by famous football player Sun Jihai, responsible for the Miaohai business unit. He was fully responsible for the products, technology, operations, and marketing of Miaohai sports short video APP. The total downloads of Miaohai APP were 6 million and daily active users were 1 million.
Richard Chen, CTO
Master of Computer Science from the National University of Singapore and Bachelor of Communication Engineering from Shanghai Jiao Tong University. Richard worked for Alibaba and was responsible for the internal and external information security system construction of the entire groups Customer Service Department. Prior to this, Richard also served as Senior Vice President for the worlds top investment bank Morgan Stanley for 3 years and Intel Chief Architect for 8 years. Richard has received four US patents and won Intel Achievement Award (IAA). Richard has published several global patents in encryption technology, distributed network communication and collaboration, and big data.
Xiang Li, CMO
MBA degree from Tsinghua University, former COO of Brightoil Online under Brightoil Petroleum (Holdings) Limited, senior manager of Dacheng Food (Asia) Limited, has over a decade of experience in marketing and brand building. Ms. Li is an expert in building brand strategy, brand positioning, advertising channels, event marketing, crisis management, etc. Now Ms. Li is the marketing director of WaykiChain, responsible for the brand operation of WaykiChain in the global market and marketing cooperation.
Getting Connected:
  1. Website: https://www.waykichain.com/aboutUs.html
  2. Telegram: https://t.me/wiccofficial

FAQ:

What is WICC? How to Buy WICC?
WICC is the token launched by WaykiChain. In order to buy WaykiChain (WICC), we recommend you to buy some BTC or ETH (the highest volume trading pairs) from an exchange that accepts them. Then, you will have to find a marketplace that sells WICC in exchange for the aforementioned cryptocurrencies. We recommend you to buy WICC at AEX or Huobi Exchange (AEX has already supported WICC mainnet migration, Huobi will support the migration in November, 2018). For more information on this matter, you can visit CoinMarketCap.
When it comes to storing your WICC coins, it’s recommended that you use the official WaykiChain wallet. By consuming the tokens, you can also use various applications on WaykiChain.
What is the use of WICC?
WICC is a token used and circulated in WaykiChain Wallet DApp. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC lock plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. WICC has been listed on over 100 exchanges and trading with other cryptocurrencies for almost 1 year, thus WICC also has trade value.
What are WaykiChain’s advantages as a public chain 3.0?
There are three different types of blockchain: public chain, consortium chain, and private chain. Public chain refers to the consensual blockchain that any individual or team can read and send transactions to, and obtain valid confirmation. Public chain, also known as the non-license chain, is totally open to the whole network that any node can access or leave at any time without any permission. As a public chain of blockchain 3.0, WaykiChain has the advantages of high speed, high stability and flexibility, and low handling fee, providing rich development tools and perfect development environment for worldwide developers. Adopting DPoS consensus mechanism, sidechain technology and other technologies, WaykiChain can process 1000+ transaction requests per second. Relying on its strong strength of underlying technology and innovation, WaykiChain can effectively support high-traffic application scenarios and realize the landing of WaykiChain ecological applications.
What is WaykiChain decentralized betting application?
WaykiChain decentralized betting application is the first smart contract application launched by WaykiChain team. Each betting is triggered by the application developer via a smart contract. During the period specified in the contract, the users can initiate betting transaction, and all betting records can be traced on the blockchain browser and can never be tampered with. The smart contract will automatically reward the winners based on the final result. WaykiChain will use smart contract to automatically execute the game rule on its public chain. Instead of relying on trust between people, WaykiChain betting application adopts trust among machines to save credit costs, and guarantees full compliance with the rules setting. Besides WaykiChain Official, the developers of the decentralized applications can be any other third-parties. WaykiChain welcomes all developers to join.
What is WaykiChain Address?
WaykiChain address is a 34-bit string consisting of English letters and numbers that may look like digital gibberish. My WaykiChain address WXv6xP8yVW4PkZ3DPvxqfBtfz7Bof1RJHm, as an example, looks like this. All transfer records for each WaykiChain address can be found through the blockchain explorer. The address is a personal WaykiChain account like your bank account number. Anyone can transfer WICC to you via your WaykiChain address. How do I get my own WaykiChain address then? You can download a WaykiChain Wallet on WaykiChain official website, or register one on trading platforms. Each user’s WaykiChain address is unique. It should be noted that each WaykiChain wallet can only create one address, therefore the wallet mnemonics must be kept carefully.
What consensus mechanism does WaykiChain adopt?
WaykiChain adopts DPOS consensus mechanism, a new algorithm to guarantee the security of cryptocurrency network. DPOS consensus mechanism can offset the negative effects of centralization through implementing technology-based democracy, and maximize the effectiveness of the public chain through nodes accounting. DPOS can be understood as giving the token holders a key to open the voting rights corresponding to their tokens, instead of giving them a shovel to mine. DPOS can maximize the profitability of the token holders, minimize the cost of network security, maximize the efficiency of network, and minimize the cost of network operation. WaykiChain has 11 accounting nodes in total. The nodes are generated by the token holders’voting. If nodes are making trouble or cannot account normally, the token holders can change their votes, so that there will be other nodes to replace to ensure that the public chain can be operating normally.
What is WaykiChain mainnet migration?
WaykiChain (WICC) mainnet migration is the process of replacing the previous Ethereum-based token ERC20 TOKEN with WaykiChain mainnet token. WaykiChain public chain, through several months of testing and rigorous evaluation from the exchange platforms after its release, has been fully proven to operate efficiently and stably. Mainnet migration marks that WaykiChain public chain is actually putting into use. After the mainnet migration, various applications and developments based on WaykiChain can be launched, and the service period of WaykiChain public chain truly starts. The dividend mechanism, voting mechanism, gas consumption, and accounting fees on WaykiChain ecosystem are all completed by the mainnet token. The previous ERC20 tokens do not have these functions. By the end of June 26th, AEX Exchange, CEO Exchange, and Bying Wallet have supported WICC mainnet migration. There will be more exchanges and wallets supporting the migration in the future. Please follow WaykiChain’s Wechat official account for more details.
Are there any requirements or restrictions for developing projects on WaykiChain?
WaykiChain’s code is completely open. WaykiChain welcomes third parties worldwide to develop, carry and operate various application products on WaykiChain, and finally form a diversiform public chain community ecology. WaykiChain is happy to provide public chain technology support for any individuals or third parties. Applications developed and operated by third parties, based on WaykiChain public chain, need to comply with local laws and policies. Only after obtaining related licenses, permits or qualifications required by local laws and policies, developers and operators can launch and operate their applications on WaykiChain. Because of blockchain public chain’s globality, anonymity, open code, and the limitation of our ability, WaykiChain Official cannot judge the identity of third parties, nor have the ability and right to verify, supervise, control or interfere the third parties. Therefore, third parties should bear responsibility of their own actions.
What is WaykiChain Block Explorer?
WaykiChain Block Explorer is a system that displays all transaction information on WaykiChain and provides visualized track services. Technically, a block explorer works by scanning the block into the database server and then setting up a Web access service. Users only need to import the transaction hash to check whether the transaction has been packaged and confirmed. From the point of product, block explorer is more suitable to be called as asset explorer, which provides asset certification for users so that they don’t have to visually identify or manually analyze the transactions themselves. The block explorer also provides statistics of blocks and transactions, helping users to directly understand the activity of the blockchain. The statistics can also be translated into various indexes for investors to understand the project. To track the transactions, users can search relevant information on WaykiChain official website through WaykiChain wallet address, transaction hash or block height.

Further Reading

https://www.waykichain.com/question.html

Wish List for WaykiChain

Just thinking it would be great to create a post for everyone to post what they want to have for future releases of the Waykichain DApp or anything related to using Waykichain.
Welcome feedback from the community, so please do get in touch. Want to dive in further? Follow WaykiChain onTwitter, Medium and LinkedIn.
submitted by Waykichain to u/Waykichain [link] [comments]

Everything You Need to Know About WaykiChain

Everything You Need to Know About WaykiChain

https://preview.redd.it/uho8eww9npw11.png?width=880&format=png&auto=webp&s=960d1dc0f9afa9c17633a4fae2c43a41ace45260

What is WaykiChain?

WaykiChain is a block public chain focusing on blockchain technology development and related operations. WaykiChain has positioned itself as an infrastructure that is based on both Ethereum and Blockchain, intending to trigger a collective growth of different industries by presenting an enterprise solution.

Determined to build a world-class decentralized platform and ecosystem, WaykiChain launched the first smart-contract-based game prediction DApp in May 2018 with over 130,000 install volume, token WICC listed in 100+ exchanges, peaking at $3, community members over 300K, is believed to be innovating a new business model in the new era.
WaykiChain, a team focused on blockchain industry’s foundation and application development, now consisting of nearly 70 people, with core members from world-renowned companies such as Alibaba, Tencent, Morgan Stanley and Intel, is hoping to ultimately achieve an ecosystem that everyone can participate in the building and share the results.

Where is WaykiChain Heading?

The future of WaykiChain is a big community-driven public chain ecosystem. WaykiChain aims to build a decentralized application platform that can provide users with complete on-chain smart contract system. Anyone can realize their business ideas on WaykiChain and develop their own DApp, and build their own brands.
WaykiChain takes decentralized prediction, assets trading and forex trading as entry industries to expand markets in the early stage. After accumulating plenty of application users and developers, WaykiChain will gradually perfect its upper blockchain applications.
Currently, WaykiChain tech team is focusing on underlying public chain development. WaykiChain will provide friendly development environment to developers with sufficient development templates an interfaces. Besides, WaykiChain team plans to take a part of WICC as reward those developers who have made important contributions to the community. WaykiChain is committed to building an underlying technology platform that truly integrates blockchain application and real business. Along with its development, WaykiChain will gradually grow into a big ecosystem with totally decentralized operations, and brings the convenience of blockchain to every user.

Further Reading

White Paper
WaykiChain white paper is in update now, and will be available soon.
Huobi Project Center
https://www.huobi.br.com/projectcenteproject/?id=91&utm_source=Marketing&utm_medium=Referral&utm_campaign=WICC
Waykichain Developer-Friendly Community
http://www.waykichain.com/announcement.html?id=887

WaykiChain’s Technology

Consensus Mechanism
Delegated Proof of Stake (DPoS) is a consensus algorithm maintaining irrefutable agreement on the truth across the network, validating transactions and acting as a form of digital democracy. Delegated through token holders’ vote, ledgers nodes will package all the transactions in the block and get corresponding reward. DPOS can maximize token holders’ interests and network performance, meanwhile minimize the maintenance and operation costs.
WaykiChain adopts DPoS, which is the most adaptive consensus mechanism for developing and operating applications on chain. The block is successively generated by 11 ledger nodes. Every 10 seconds, a new block will be generated on WaykiChain. Verified by WaykiChain mainnet operation, the transaction confirmation speed can reach 1000+tps.
Vote Mechanism
WaykiChain adopts DPOS consensus mechanism with 11 ledger nodes. When a block is generated, a node is elected with the most votes according to random perturbation algorithm from the 11 nodes. Then ledger node gains all of the transaction fee in its ledger block. Users can get proportionate votes by locking their WICC. Every node can be cast for 11 candidates at most. Every voted user will be awarded proportionate interest. When users’ corresponding accounts’ votes changes, the interest from voting will be received automatically. The first year’s rate of interest is 5% and it will decrease 1% annually during the following years. Finally, the annual rate of interest will be fixed at 1% permanently.
Smart Contracts
WaykiChain is a smart contract platform that supports Turing devices. These smart contracts can help in a variety of real-world applications including copyright issues, decentralized exchanges and asset problems. It adopts DPOS consensus mechanism, sets up 11 voting nodes, and generates a new block every 10 seconds. According to detailed calculation by WaykiChain team, currently, the confirmed transaction speed can reach 1000+tps.
WaykiChain’s smart contract can be built using the programming language Lua. Lua was developed in the early 1990s and has an extensive developer community. It has been used in desktop development, web development and the Internet of Things. It also is one of the easiest programming languages and hence it provides an incentive for developers to code on WaykiChain’s platform.
Sidechain
The most popular smart contract cryptocurrency Ethereum, failed when Cryptokitties were released. Ethereum’s network was unable to handle the massive influx of users. Thus, scalability remains a huge problem. Fortunately, WaykiChain has a feature known as sidechains which can deal with huge amount of users. Applications built on WaykiChains will have their own sidechains and they are not linked in any way to each other.
WaykiChain Ecosystem Development System
WaykiChain ecosystem development system is driven and co-developed by three parties: WaykiChain core developers, open source community developers and business developers. In the decentralized system, WaykiChain team will provide technical standards and community contribution incentives to ensure that the entire ecosystem moves forward as a whole. On the basis of the underlying public chain, plug-ins, and smart contracts, business developers are able to develop applications efficiently and build their own brands with blockchain’s credit endorsement.
WaykiChain plans to establish Technology Research Academy to gather a group of outstanding developers with decentralized blockchain beliefs. WaykiChain will provide underlying technology support and standards. Developers in the academy can free communicate, learn from each other and co-develop a fully decentralized community.
Ecosystem Layered Architecture
WaykiChain technology stack consists of four layers: the core node layer, the wallet node layer, the application platform layer, and the DApp application layer. Any developer can choose which layer to start development based on their own development capability, business needs, and application flexibility needs. WaykiChain core technology team is committed to providing the develop-friendly interfaces of each layer and improving the technical documentation to help the community better build the ecosystem.

Further Reading

WaykiChain Github: https://github.com/WaykiChain/WaykiChain
How Does WaykiChain Work?
WaykiChain uses a DPoS consensus mechanism with eleven accounting nodes. The annual rate of return is 5% for the first year, with a 1% increase with every year that goes by. Each time a block is created, an accounting node is randomly associated. The accounting node gains all of the transaction fees in its accounting block. Users can earn interest by locking WaykiChain coins. The interest is automatically determined each time the votes for the corresponding user account change.
The terms of betting are triggered by the initiator through smart contract transactions. Users can initiate various betting contract transactions, all of which can be searched and identified in the block browsers. When the betting is over, the bet initiation will publish the final results and the gaining will be then shared accordingly. In short, the betting revenue is automatically issued to the user’s wallet after the betting results are displayed.
The smart contract provided by the platform makes it possible for asset initiations to create dividend sharing rules. These rules are only triggered by various conditions. Hence, the final price of the assets in circulation will be determined by the market’s behavior towards the object in the transaction.

WaykiChain Applications

Token System
Waykichain Token, WICC is a token only used and circulated in WaykiChain Wallet DApp. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC Lock Revenue Sharing Plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. This means WICC will be listed on lots of exchanges and traded with other cryptocurrencies, thus WICC also has trade value.
WaykiChain Block Explorer
WaykiChain official block explorer is a data display system for WaykiChian applications, which displays the WICC transfer and transaction records, account balances, prediction games transactions, and payout results according to application data on the blockchain. All data is open and transparent and inherently irreversible.
WICC Lock & Revenue Sharing Plan
In order to reward all community supporters and provide a channel for application operators to make retribution to community, WaykiChain launched WICC Lock & Revenue Sharing Plan. Application operators can provide a portion of the proceeds to the community members to encourage their contribution to the entire public chain, and to motivate the community to continuously improve the public chain as a more robust underlying system. Investors can lock their own WICC, as a way of showing long-term optimism about the project, to get a certain amount of revenue.
Investors can lock a certain number of mainnet WICC through the entrance in WaykiChain DApp. During the lock period, this part of WICC cannot be traded, transferred, or consumed as transaction fee. When the lock period expired, WICC will be automatically unlocked and become tradable. During the lock period, investors will receive WICC revenue at the end of each month. The amount of each investor’s WICC revenue is related to his/her WICC lock volume and duration, total WICC revenue generated during the period, and the total WICC lock volume and duration of all investors participating in the lock plan during this period. Specific calculating formula is as follows:
WICC Lock revenue Calculation Formula:
Each investor’s daily WICC revenue = Each investor’s lock index / The sum of each investor’s lock index * Total WICC revenue that day
Each investor’s lock index = Each investor’s WICC lock volume * Time index * Volume index
Time Index Table
Decentralized App
The first smart contract based application delivered by WaykiChain’s team is the WaykiChain decentralized betting application. In this application, the smart contract will assign a time duration in which the user can engage in the betting process. All the conditions related to betting will be given. When a bet is finished, the contract will release the results. The smart contract will then reward the winners.
This DApp was launched in May 2018, attracting over 130,000 users to download and bet and has been upgraded to V2.1 ever since. The latest product WaykiBet DApp V2.5 is planned to launch in November along with a new WaykiChain wallet.
WaykiBet V2.5 enables a new feature that everyone can be a bookmaker. With the authoritative event data and services provided by WaykiChain DApp, user even without any technical or product background can build a bet in simply one-click. And at the end of the game, WaykiBet will automatically call the smart contract to calculate the bet results and deliver payouts, without any manual participation.
Besides, WaykiBet V2.5 has exempted the betting fee through the structure optimization and allows the player to participate in the betting directly after creating a new wallet without activation to ensure users outside of the cryptocurrency industry can be involved in the easiest manner.
WaykiTimes Wallet
The new WaykiChain wallet, named as WaykiTimes will retain the original wallet functions, such as Lock Revenue Sharing and node voting. The newly added “Forum” gathers the community of WaykiChain and blockchain together, will become an ecology of open communication. Meanwhile it will has a “News” section to meet different users’ needs. In the future, WaykiTimes will implement WaykiChain token economy to encourage the community members.
Getting Setup
Download WaykiBet DApp V.2.5 at official website: https://www.waykichain.com/

Meet the Team

WaykiChain team is comprised out of over 60 individuals with relevant experience in marketing, business, betting, lottery, betting and crypto industries.
Wayki Sun, Founder & CSO
One of the earliest digital currency investors and entrepreneurs in China. The founder of Xinhuo Network, the founder of Ou Lu Zhong Chou and the Managing Director of Jufeng Digital Asset Management Co., Ltd. Sun led an investment team of hundreds of people with great achievements made in stock, foreign exchange, futures and digital currency markets.
Gordon Gao, CEO
Gordon Gao, an alumni of Columbia University, ex-Lead Data Scientist of Fishbowl in Wall Street, ex-Senior Data Analyst of Alibaba Group, senior member of Mensa International Club. He is responsible for offering support to WaykiChain’s commercial model designing and strategy planning, building up a digitalized monitor system for products and operation and promoting WaykiChain overseas with his international background.
Tony Chau, Co-founder & CBO
Bachelor’s Degree in Finance from the University of Toronto in Canada and served in Hongshang Asset Management Co., Ltd. Focused on industrial surveys and commercial analysis, with in-depth research and distinctive perception on business operation models, and professional financial knowledge and complete project experience.
Tame Huang, Chief Consultant
The founder of BTC38, served as Product Manager and Project Manager of Tencent, Vice President of Fantasy Basketball, and Chief Strategy Officer of Licai Box; Huang was involved in the investment on more than ten high-tech enterprises, such as Jidian Technology, Yixiang Network, Maoming Rural and Commercial Bank, Jujin Technology, Cointime, etc., and established the Bitcoin Time Digital Currency Exchange in May 2013.
Xi Zhang, CPO
Tsinghua MBA, former Senior Product Manager of Tencent. Xi Zhang has been engaged in Internet industry for 14 years with several entrepreneurial experiences. In 2008, he joined aibo123.com as Product Director, responsible for the product design and operation of Olympics lottery. In 2014, he stared his own business and founded QiuShang APP, the first prediction APP in China applying big data prediction with 8% return rate and 67% win rate. In 2016, as a partner, he joined the Haiqiu Technology founded by famous football player Sun Jihai, responsible for the Miaohai business unit. He was fully responsible for the products, technology, operations, and marketing of Miaohai sports short video APP. The total downloads of Miaohai APP were 6 million and daily active users were 1 million.
Richard Chen, CTO
Master of Computer Science from the National University of Singapore and Bachelor of Communication Engineering from Shanghai Jiao Tong University. Richard worked for Alibaba and was responsible for the internal and external information security system construction of the entire groups Customer Service Department. Prior to this, Richard also served as Senior Vice President for the worlds top investment bank Morgan Stanley for 3 years and Intel Chief Architect for 8 years. Richard has received four US patents and won Intel Achievement Award (IAA). Richard has published several global patents in encryption technology, distributed network communication and collaboration, and big data.
Xiang Li, CMO
MBA degree from Tsinghua University, former COO of Brightoil Online under Brightoil Petroleum (Holdings) Limited, senior manager of Dacheng Food (Asia) Limited, has over a decade of experience in marketing and brand building. Ms. Li is an expert in building brand strategy, brand positioning, advertising channels, event marketing, crisis management, etc. Now Ms. Li is the marketing director of WaykiChain, responsible for the brand operation of WaykiChain in the global market and marketing cooperation.
Getting Connected:
  1. Website: https://www.waykichain.com/aboutUs.html
  2. Telegram: https://t.me/wiccofficial

FAQ:

What is WICC? How to Buy WICC?
WICC is the token launched by WaykiChain. In order to buy WaykiChain (WICC), we recommend you to buy some BTC or ETH (the highest volume trading pairs) from an exchange that accepts them. Then, you will have to find a marketplace that sells WICC in exchange for the aforementioned cryptocurrencies. We recommend you to buy WICC at AEX or Huobi Exchange (AEX has already supported WICC mainnet migration, Huobi will support the migration in November, 2018). For more information on this matter, you can visit CoinMarketCap.
When it comes to storing your WICC coins, it’s recommended that you use the official WaykiChain wallet. By consuming the tokens, you can also use various applications on WaykiChain.
What is the use of WICC?
WICC is a token used and circulated in WaykiChain Wallet DApp. WICC itself does not have any FIAT characteristics. By consuming WICC as a kind of fuel, users can use applications on WaykiChain; by locking their WICC for a certain period of time, users can share the revenue from WICC lock plan; and by voting for effective and stable accounting nodes, users can earn related interest. WICC can be obtained by participating in the lock plan, by accounting, voting, and subscription, or by trading with other holders. WICC has been listed on over 100 exchanges and trading with other cryptocurrencies for almost 1 year, thus WICC also has trade value.
What are WaykiChain’s advantages as a public chain 3.0?
There are three different types of blockchain: public chain, consortium chain, and private chain. Public chain refers to the consensual blockchain that any individual or team can read and send transactions to, and obtain valid confirmation. Public chain, also known as the non-license chain, is totally open to the whole network that any node can access or leave at any time without any permission. As a public chain of blockchain 3.0, WaykiChain has the advantages of high speed, high stability and flexibility, and low handling fee, providing rich development tools and perfect development environment for worldwide developers. Adopting DPoS consensus mechanism, sidechain technology and other technologies, WaykiChain can process 1000+ transaction requests per second. Relying on its strong strength of underlying technology and innovation, WaykiChain can effectively support high-traffic application scenarios and realize the landing of WaykiChain ecological applications.
What is WaykiChain decentralized betting application?
WaykiChain decentralized betting application is the first smart contract application launched by WaykiChain team. Each betting is triggered by the application developer via a smart contract. During the period specified in the contract, the users can initiate betting transaction, and all betting records can be traced on the blockchain browser and can never be tampered with. The smart contract will automatically reward the winners based on the final result. WaykiChain will use smart contract to automatically execute the game rule on its public chain. Instead of relying on trust between people, WaykiChain betting application adopts trust among machines to save credit costs, and guarantees full compliance with the rules setting. Besides WaykiChain Official, the developers of the decentralized applications can be any other third-parties. WaykiChain welcomes all developers to join.
What is WaykiChain Address?
WaykiChain address is a 34-bit string consisting of English letters and numbers that may look like digital gibberish. My WaykiChain address WXv6xP8yVW4PkZ3DPvxqfBtfz7Bof1RJHm, as an example, looks like this. All transfer records for each WaykiChain address can be found through the blockchain explorer. The address is a personal WaykiChain account like your bank account number. Anyone can transfer WICC to you via your WaykiChain address. How do I get my own WaykiChain address then? You can download a WaykiChain Wallet on WaykiChain official website, or register one on trading platforms. Each user’s WaykiChain address is unique. It should be noted that each WaykiChain wallet can only create one address, therefore the wallet mnemonics must be kept carefully.
What consensus mechanism does WaykiChain adopt?
WaykiChain adopts DPOS consensus mechanism, a new algorithm to guarantee the security of cryptocurrency network. DPOS consensus mechanism can offset the negative effects of centralization through implementing technology-based democracy, and maximize the effectiveness of the public chain through nodes accounting. DPOS can be understood as giving the token holders a key to open the voting rights corresponding to their tokens, instead of giving them a shovel to mine. DPOS can maximize the profitability of the token holders, minimize the cost of network security, maximize the efficiency of network, and minimize the cost of network operation. WaykiChain has 11 accounting nodes in total. The nodes are generated by the token holders’voting. If nodes are making trouble or cannot account normally, the token holders can change their votes, so that there will be other nodes to replace to ensure that the public chain can be operating normally.
What is WaykiChain mainnet migration?
WaykiChain (WICC) mainnet migration is the process of replacing the previous Ethereum-based token ERC20 TOKEN with WaykiChain mainnet token. WaykiChain public chain, through several months of testing and rigorous evaluation from the exchange platforms after its release, has been fully proven to operate efficiently and stably. Mainnet migration marks that WaykiChain public chain is actually putting into use. After the mainnet migration, various applications and developments based on WaykiChain can be launched, and the service period of WaykiChain public chain truly starts. The dividend mechanism, voting mechanism, gas consumption, and accounting fees on WaykiChain ecosystem are all completed by the mainnet token. The previous ERC20 tokens do not have these functions. By the end of June 26th, AEX Exchange, CEO Exchange, and Bying Wallet have supported WICC mainnet migration. There will be more exchanges and wallets supporting the migration in the future. Please follow WaykiChain’s Wechat official account for more details.
Are there any requirements or restrictions for developing projects on WaykiChain?
WaykiChain’s code is completely open. WaykiChain welcomes third parties worldwide to develop, carry and operate various application products on WaykiChain, and finally form a diversiform public chain community ecology. WaykiChain is happy to provide public chain technology support for any individuals or third parties. Applications developed and operated by third parties, based on WaykiChain public chain, need to comply with local laws and policies. Only after obtaining related licenses, permits or qualifications required by local laws and policies, developers and operators can launch and operate their applications on WaykiChain. Because of blockchain public chain’s globality, anonymity, open code, and the limitation of our ability, WaykiChain Official cannot judge the identity of third parties, nor have the ability and right to verify, supervise, control or interfere the third parties. Therefore, third parties should bear responsibility of their own actions.
What is WaykiChain Block Explorer?
WaykiChain Block Explorer is a system that displays all transaction information on WaykiChain and provides visualized track services. Technically, a block explorer works by scanning the block into the database server and then setting up a Web access service. Users only need to import the transaction hash to check whether the transaction has been packaged and confirmed. From the point of product, block explorer is more suitable to be called as asset explorer, which provides asset certification for users so that they don’t have to visually identify or manually analyze the transactions themselves. The block explorer also provides statistics of blocks and transactions, helping users to directly understand the activity of the blockchain. The statistics can also be translated into various indexes for investors to understand the project. To track the transactions, users can search relevant information on WaykiChain official website through WaykiChain wallet address, transaction hash or block height.

Further Reading

https://www.waykichain.com/question.html

Wish List for WaykiChain

Just thinking it would be great to create a post for everyone to post what they want to have for future releases of the Waykichain DApp or anything related to using Waykichain.
Welcome feedback from the community, so please do get in touch. Want to dive in further? Follow WaykiChain on Telegram, Twitter, Medium and LinkedIn.
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