| Group description: |
This group nominally covers the whole of Scotland – although we are also open to members from wider afield. The focus of the group will be on ‘Technical Trading’ rather than Investing. Importantly, we understand that many people do both longer term investing and shorter term ‘technical trading’. Of that mix of styles this group will focus on ‘technical trading’ – so you might expect us to have conversations such as:
Swing Trading, Stop Losses and Position Sizing, Chart Patterns – Cup and Handle, Breakouts, Springs, Flags etc, Support & Resistance, Indicators, Price Targets, Positive Expectancy, Trade Management, Trading Systems, Trade Ideas and Evaluation, Trade Planning, Leading and Lagging Sectors, Leading and Lagging Participants within Sectors, Trade Journals, and the ‘Tools of the Trade’.
The majority of the group have both longer term investments and carry out shorter term trades, too. They would term themselves both ‘investors’ with a longer term outlook and ‘traders’ with a shorter term outlook. The group members have broad experience in the markets – including across all asset classes and vehicles (shares – companies, trusts, ETFs, funds; spread-bets, CFDs, Options, Crypto). However, most of the group are predominantly interested in equities within the context of a portfolio.
Although some members are highly experienced traders that is not true of all and experience level should not be seen as an impediment to joining. So, if you don’t know who Richard Wyckoff was, or why Fibonacci is even more relevant today than in the 11th Century – don’t worry! Every day is a ‘school day’ for us all – Mr Market makes sure of that! |
This conduct is probably market abuse, and attracts civil penalties. It would also be actionable by the company as a libel/malicious fasehood.
In the UK fraud is mostly left to be prosecuted thoughthe civil courts, a fact conveniently forgotten by those politicians who fulminatte against the “compensation culture”.
Robert Morfee
Companies are very reluctant to pursue libel actions because of the extra publicity that arises and because it’s a diversion of management time. I think under the latest changes to UK libel law they would also need to prove actual financial loss to the company which would be very difficult.
But you are right that it would be “market abuse” under the Financial Services and Markets Act so the FCA could certainly pursue the matter if they had the resources to do so. I look forward to seeing the first such case in the UK – one has to ask why there has not been one so far as I recall despite the numerous rampers (and the opposite) on twitter and on bulletin boards.
Roger Lawson
Yes. A claimant in a defamation action, or an action for malicious falsehood, must show loss or “serious harm”. What harm is done will depend on the company, but in the case of a company dependant on borrowing there may be a real effect of a plunge in share price.
I agree that the remedies in the UK are unsatisfactory; the state does not spare much cash for fraud and similar prosecutions because results are so difficult and expensive to obtain. It’s an unrewarding activity for a risk averse civil servant. The civil courts are increasingly inaccessible. So misconduct goes unpunished and remains attractive. Hence the lack of morals in finance which many commentators have deplored over the years.
Robert Morfee