Mike Maffei answers questions about Currency Cash Machine
Mike Maffei answers questions about Currency Cash Machine, trading the bank order flow, and mirror trading. Mike Maffei's Currency Cash Machine has stirred up a hornet's nest of questions. He's going to start letting traders demo the service very soon, but he asked me to send out these answers to the most frequently asked questions today because he's been flooded with them.
If you have questions about the system, he probably answers them below.
If you haven't watched both of Mike's videos yet, you can still check them out to make sure you understand what we're doing:
Here are Mike's answers to the 8 most frequently asked questions about Currency Cash Machine:
Can I join Currency Cash Machine using a pay-per-performance model, where I pay a percentage of profits like in a hedge fund?
I would love to do that, but I'm not legally allowed to charge a pay-for-performance fee for mirror trading. It's currently illegal for a mirror trading strategy provider to charge a percentage of profits to retail investors.
In fact, when it comes to pricing a mirror trading service, I'm only given two options:
- Flat membership fee
- Mark up the spread on every trade we make
I believe marking up the spread is a really, really bad idea for a couple of reasons.
First, if I mark up the spread, you would make less money on every single trade we make. When you make less per trade, that "loss" would compound over time and create a big gap between my returns and your returns. A price model that negatively impacts your trading is just a bad idea.
Second, if a mirror trader makes money on the spread on each trade, he's incentivized to over-trade your account. Every time he places a trade, he dings your account like it's a cash register. That's a terrible pricing model.
That leaves me with the flat membership fee model. If the regulator agencies decide to allow pay-for-performance, I'll be the first to jump on that. You could bet you'd see a lot of other pros pay more attention to the mirror trading space.
Can I test it in demo account before deciding if I want to use it?
Yes, I'll let you try the service for a full 3 months. You'll be able to try it in a real account or in demo account – whichever you prefer. Watch your inbox for details on the trial.
Why do you need algorithms and computers to trade bank order flow?
I was surprised to see this question pop up.
Apparently when some people hear the top 10 banks exchange $3.2 trillion a day in currencies, they think that means there are 10 giant trading accounts that everything is run through.
That's not correct. These banks are trading out of thousands of accounts. They're not funneling all of their trades through a single account. The big banks are giant institutions with trading floors the size of football fields.
Often, I don't think the left hand knows what the right hand is doing inside some of these trading floors. It's not like UBS is placing one giant trade at a time. We need to monitor an enormous number of currency orders as they come through real-time, and calculate what that's telling us about the order flow.
We're aggregating the order flows and identifying patterns to find our setups. It's not 100% perfect, but it's better than just about anything I've ever seen.
I've spent years specializing in trading the bank order flow, and I can tell you it's not easy. I spend hundreds of thousands of dollars every year just to maintain the equipment I need to do this.
Questions and Answers
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Mike Maffei candidly admits, "The REAL SECRET behind how I turned $50K into $750,000 in 12 months isn't just because I front-run banks.
Throughout this document you'll find answers to all of the most commonly asked questions about the Currency Cash Flow Machine. This document is consistently updated with the most common questions as they come up; so make sure to check back to learn more.
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