An article by Dhirendra Kumar of Value Research in Hindi daily Dainik Jagran where he questions brokers facility to allow posting verified P&L on social media
Saw this on ET Wealth today. I know Dhirendra, will respond here and forward it to him.
The verified P&l we have launched is our Version 1. We could even think of launching this because @Sensibull had first launched their version of Verified P&L but only for the day.
While these aren’t perfect solutions, they have done their job well. The number of people sharing screenshots claiming a certain P&L, either real or photo-shopped, has dropped significantly. Even with our current version of verified P&L, when someone shares a P&L for a custom period, there is usually pushback from the audience asking for a longer time or up-to-date P&L. Not sharing typically means that maybe the period it is shared is a blip. The idea is to make it hard for people to make false claims; I don’t know if there is any other solution. Not having this would mean unabated screenshots showing large profits to lure people.
It was important to give both the options of the custom period and up-to-date because we were solving two problems. Traders who want to share their P&L to get jobs in prop trading desks while also covering the social media issue.
The biggest issue with Verified P&L, which is not mentioned in the article, is that no one can measure what this absolute P&L means. Ideally, it has to be percentage returns, drawdowns, Sharpe ratio, etc. This is something we are working on for version 2.0. An equity curve of every account which will also show all the above performance metrics for the account.
@TheGouda I think when a customer shares a custom time period, maybe we should have a note on the Verified page that it is a custom time period and not up-to date. So the person who is viewing is aware.
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If a client wants to publish Console Verified P&L for a custom date range, we show the date range in the Verified PnL for everyone’s reference, as you can see in the below screenshot.
If the Up-to-date option is chosen, its shows differently as it gets updated every day on a rolling basis.
We’ll try to make this differentiation more prominent so viewers don’t miss it.
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Or include an info article on “what to look out for in a verified P&L report” and add this as a link to top of every report.