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The following 2 users say Thank You to Big Mike for this post:
@Big Mike, I have found that those who do not trade, or paper trade are concerned with being copied. Sadly, they also have other concerns that are at times not relevant to trading.
Those who do trade, realize that brokers in day to day operations are involved in:
1) Sales - bringing customers on board
2) Monitor Risk - in case of unexpected moves
3) Servicing customers who encounter technical issues or have general questions
In case there is a bored broker that all he does is look for successful trades to imitate, he will experience a VERY SHORT career span.
This is a service industry, and regardless of skill, success, and risk capital, all we do is take care of the customer from all aspects: technology, fast response time, and other things that are relevant to that specific trader. We do not engage in trying to imitate or duplicate traders.
I hope this answers what brokers do, or should do.
Thank you for the opportunity to answer this.
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The following 6 users say Thank You to mattz for this post:
So in other words, it is possible for brokers to be able to do this.
If I owned a brokerage and knew that one of my customers was making 10000% returns on his money, I'd just have some software make the exact same trades as the super trader customer. with my own account. Why wouldn't a broker do this?
Anyway thanks for answering my question.
Every time I've talked with anybody from my broker from the Sales to Customer Support to Trade Desk they've had no idea what my returns are. They don't seem to have access to my account balances or anything. So... I guess if you're making a lot of trade desk calls instead of software executions there might be an intercept along the way... But I don't think the average personnel have that kind of access.
If I owned a brokerage and wanted to do this, I would only copy the trades of the top couple customers. I doubt they'd have any interest in making less money when they could make more. I also don't think they'd give access to just anyone who works there. I would imagine if anyone did it, it would be the people at the top of the company.
The main question I had was if there was anything in place to keep this from happening. Doesn't sound like there is.