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steve ruffley 14 years trading, presenting and educating 

Steve Ruffley
Steve RuffleyCEO iView Charts

Steve Ruffley

CEO iView Charts

Steve has been involved in the finance and trading arena for over a decade.
From investing for HNWI’s at PriceWaterhouseCoopers, trading his own account, mentoring & the risk management of traders at Refco to running the live trading floor at Schneiders. When it comes to trading there is not a lot he has not done.

Steve is regulated by the FCA – Individual Reference Number: SXR01320

Steve is the CEO of www.Tradermaker.com
Chief Market Strategist at www.Intertrader.com
Creator of  Meta Stock software www.TradermakerPRO.com
Writer of the ‘Ruff guide to trading’ 

In his educational courses he has presented over 800 live webinars and 42 consecutive NFP trades.  Only losing twice. For the last 4 years Steve has held weekly trading clinics on www.FXstreet.com where he was nominated for the ‘Forex Best 2014′ award for best presenter.

As seen on

In association with his PR agency Hotwire, Steve has worked with many of the big names in finance

Steve’s media quotes & iView levels

For the last 4 years Steve has provided quotes and articles for the main stream financial press. Here is a selection of quotes and pieces from the well known new wires.

Reuters
Britain’s blue-chip share index rises as ARM beats profit forecast

Tue Jul 22, 2014 10:57am EDT

* FTSE 100 up 1 pct

* ARM surges after posting higher profits

* Tesco hit by brokers’ price target cuts

* Cautious parcel unit outlook hits Royal Mail

By Sudip Kar-Gupta

LONDON, July 22 (Reuters) – Britain’s top share index rallied on Tuesday, lifted by technology group ARM, which posted higher profits that beat analysts’ expectations.

Global equity markets were also boosted after pro-Russian rebels complied with calls from Western governments and handed over the black boxes of a Malaysian Airlines plane shot down over eastern Ukraine last week.

The blue-chip FTSE 100 equity index was up by 1 percent, or 66.87 points, at 6,795.31 points going into the close of the trading day.

Nevertheless, it remains 1.2 percent below its July high.

The FTSE has come under pressure as tensions between Russia and the West have mounted over Ukraine, prompting fears of an escalation to economically damaging sanctions on Russia, which Western powers accuse of backing the anti-Kiev rebels.

However, Intertrader chief market strategist Steve Ruffley backed buying equities on days when the market dipped, since the FTSE has proven resilient in terms of bouncing back from lows.

“I can see the FTSE easily reaching record highs of 7,000 points,” said Ruffley, adding that the FTSE would get support from Britain’s strengthening economy and better corporate earnings.

ARM RISES

ARM jumped 4.6 percent, making it the best-performing FTSE stock in percentage terms, after the company – which sells blueprints for chip designs – posted higher second quarter profits.

“ARM is the UK’s pre-eminent play on the digital economy,” said Mirabaud Securities equity research partner Steve Clayton.

However, Tesco fell 3.5 percent as Deutsche Bank and Exane BNP Paribas both cut their price targets on the stock, a day after the supermarket retailer announced a profit warning and a change in chief executive.

Tesco’s shares had risen 1.3 percent on Monday as investors reacted positively to the fact that CEO Philip Clarke would be leaving after months of underperformance.

However, a degree of caution set in on Tuesday as analysts said new CEO Dave Lewis, from Unilever, had a tough task ahead of him in restoring the fortunes of Tesco, which has been hit by competition from low-cost rivals.

Royal Mail also underperformed, falling 3.9 percent after the postal company, which listed in October, said rising competition had prompted it to cut its expectations for revenues from its parcel deliveries business.

“The key challenge remains weakness in parcel pricing in the UK. In our view, the company faces a considerable volume and pricing challenge in parcels in the next 18 months,” said Cantor Fitzgerald analyst Robin Byde. He kept a “sell” rating on the stock. (Additional reporting by Neil Maidment and Alistair Smout; Editing by Andrew Heavens and Susan Fenton)

UK’s FTSE rises as ARM rallies

Tue Jul 22, 2014 6:17am EDT

* FTSE 100 up 0.8 pct

* ARM surges after posting higher profits

* Tesco hit by brokers’ price target cuts

By Sudip Kar-Gupta

LONDON, July 22 (Reuters) – Britain’s top equity index rallied on Tuesday, lifted by technology group ARM which rose after posting higher profits.

Global equity markets were also boosted after pro-Russian rebels complied with calls from Western governments and handed over the black boxes of a Malaysian plane shot down over eastern Ukraine last week.

The blue-chip FTSE 100 equity index was up by 0.8 percent, or 54.45 points, at 6,782.89 points by the middle of the trading day.

The FTSE remains around 1.3 percent below its July high.

The index has come under pressure as tensions between Russia and the West have mounted over the downed plane.

The index has come under pressure as tensions between Russia and the West have mounted over Ukraine, prompting fears of an escalation to economically damaging sanctions on Russia, which Western powers accuse of backing the rebels.

However, Intertrader chief market strategist Steve Ruffley backed buying up equities on days when the market dipped, since the FTSE has proven resilient in terms of bouncing back from lows.

“I can see the FTSE easily reaching record highs of 7,000 points,” said Ruffley, adding that the FTSE would get support from Britain’s strengthening economy and better corporate earnings.

ARM rose 6.2 percent, making it the best-performing FTSE stock in percentage terms, after the company – which sells blueprints for chip designs – posted higher second quarter profits.

“ARM is the UK’s pre-eminent play on the digital economy,” said Steve Clayton, equity research partner at Mirabaud Securities.

However, Tesco fell 3 percent as Deutsche Bank and Exane BNP Paribas both cut their price targets on the stock, a day after the supermarket retailer announced a profit warning and a change in chief executive. (Additional reporting by Alistair Smout; Editing by Andrew Heavens)

 UK’s FTSE falls as sterling rises, misses out on Europe equity rally

Thu Jun 5, 2014 11:55am EDT

* FTSE 100 closes down 0.1 pct at 6,813.49 points

* ECB cuts interest rates to record lows

* European stock markets rally as euro ticks lower

* But sterling rises, hindering FTSE

By Sudip Kar-Gupta

LONDON, June 5 (Reuters) – Britain’s top equity index fell on Thursday, missing out on a broader rally among Europe’s stock markets which were boosted by new European Central Bank (ECB) economic stimulus measures.

Traders said the UK’s benchmark FTSE 100 index was hindered by the fact that the ECB’s measures had led to the sterling currency rising against the euro, since a strong pound can impact the ability of British companies to export overseas.

The ECB cut interest rates to record lows on Thursday and unveiled new measures to strengthen the region’s economy and fight off the risk of Japan-like deflation.

Although this caused European stock markets to rally, with Germany’s DAX briefly hitting a record high of just over 10,000 points, the FTSE 100 underperformed.

The FTSE closed down by 0.1 percent, or 5.14 points, at 6,813.49 points – paling in comparison to gains of 1.1 percent on France’s CAC and a 0.2 percent rise on the DAX.

“The FTSE is getting left behind. The DAX keeps breaking new record highs, but the FTSE keeps coming up short,” said Central Markets trading analyst Joe Neighbour.

The FTSE hit a peak of 6,894.88 points last month, which marked its highest level since December 1999.

The index is up by around 1 percent since the start of 2014, but some traders said it needed to break out above the 7,000 point level – which would mark a record high for the FTSE – in order to start a stronger rally on the market.

“We have yet to test the psychological level of 7,000 in the FTSE. I feel that this alone could be a major turning point in the direction of the UK stocks,” said Intertrader chief market strategist Steve Ruffley. (Additional reporting by Tricia Wright; Editing by Toby Chopra and Susan Thomas)

UK’s FTSE falls and misses out on European equity rally

Thu Jun 5, 2014 10:22am EDT

* FTSE 100 down 0.1 pct

* ECB cuts interest rates to record lows

* European stock markets rally as euro falls

* But sterling rises, hindering FTSE

By Sudip Kar-Gupta

LONDON, June 5 (Reuters) – Britain’s top equity index fell on Thursday, missing out on a broader rally among Europe’s stock markets which were boosted by new European Central Bank (ECB) economic stimulus measures.

Traders said the UK’s benchmark FTSE 100 index was hindered by the fact that the ECB’s measures had led to the sterling currency rising against the euro, since a strong pound can impact the ability of British companies to export overseas.

The ECB cut interest rates to record lows on Thursday and unveiled new measures to strengthen the region’s economy and fight off the risk of Japan-life deflation.

Although this caused European stock markets to rally, with Germany’s DAX briefly hitting a record high of just over 10,000 points, the FTSE 100 underperformed and was down by 0.2 percent at 6,807.77 points going into the close of trading.

“The FTSE is getting left behind. The DAX keeps breaking new record highs, but the FTSE keeps coming up short,” said Central Markets trading analyst Joe Neighbour.

The FTSE hit a peak of 6,894.88 points last month, which marked its highest level since December 1999.

The index is up by around 1 percent since the start of 2014, but some traders said it needed to break out above the 7,000 point level – which would mark a record high for the FTSE – in order to start a stronger rally on the market.

“We have yet to test the psychological level of 7,000 in the FTSE. I feel that this alone could be a major turning point in the direction of the UK stocks,” said Intertrader chief market strategist Steve Ruffley. (Additional reporting by Tricia Wright; Editing by Toby Chopra

UK’s FTSE rises as bid talk drives up Smith & Nephew

Thu Jun 5, 2014 9:15am EDT

 up 0.2 pct

* ECB cuts interest rates to record lows

* Smith & Nephew up on report of Medtronic bid interest

By Sudip Kar-Gupta

LONDON, June 5 (Reuters) – Britain’s top equity index rose on Thursday, buoyed by medical devices company Smith & Nephew which was lifted by new bid speculation.

The London market also tracked gains in European stock markets, which rose after the European Central Bank (ECB) cut interest rates to record lows on Thursday and unveiled new measures to strengthen the region’s economy and fight off the risk of Japan-life deflation.

The blue-chip FTSE 100 index was up by 0.2 percent, or 10.14 points, at 6,828.77 points going into the close of the trading day.

Smith & Nephew rose 3.5 percent, making it one of the best-performing FTSE stocks in percentage terms, after a media report that U.S. rival Medtronic was looking at bidding for it. Smith & Nephew declined to comment on the report.

Smith & Nephew’s shares had also risen at the end of May, on speculation that rival Stryker would bid for it. Stryker denied it was planning a bid but traders said Smith & Nephew would continue to be supported by the backdrop of takeover talk.

“There’s no smoke without fire. As long as you’ve got the takeover talk in the background, there should be further upside in the stock,” said Dafydd Davies, senior trader at London-based Prime Wealth Group.

The FTSE hit a peak of 6,894.88 points last month, which marked its highest level since December 1999.

The index is up by around 1 percent since the start of 2014, but some traders said it needed to break out above the 7,000 point level – which would mark a record high for the FTSE – in order to start a stronger rally on the market.

“We have yet to test the psychological level of 7,000 in the FTSE. I feel that this alone could be a major turning point in the direction of the UK stocks,” said Intertrader chief market strategist Steve Ruffley. (Additional reporting by Tricia Wright; Editing by Pravin Char)

Read all here

Financial Times

Uncertain future: to make a bet, traders need to decide where gold will go next

Love it or loathe it, gold has attracted many investors over the past decade, but in recent months volatile prices and uncertainty have put the metal’s future in question.

When Gordon Brown, as chancellor of the exchequer, decided to sell off a portion of the UK’s gold reserves in 1999, the price stood at about $280 per ounce. Since then the price rose steadily to a peak of more than $1900/oz in 2011 but finally ran out of steam in 2012 and has experienced some sharp price reversals this year. It is currently trading at about $1324/oz.

However, experts point out that while a fall in the price of gold negatively affects those invested directly in the physical metal, traders can play price falls to their advantage. The question for most investors who tend to use these markets for hedging or speculation is how to make money from fluctuating gold prices.

Gold, that precious metal, store of value, pillar of financial sanity has certainly dumbfounded traders of late,” says Nick Lewis, head of risk at Capital Spreads.

“When quantitative easing began in 2008, many traders foresaw a Weimar Republic-type hyperinflation taking grip across the developed world. That fear of uncontrolled price rises naturally saw traders pile into gold and up until 2011 their thesis looked good as central banks around the world had adopted the ‘print to prosperity philosophy’, churning out money at unprecedented rates never seen before.”

However, Mr Lewis points out that, as many gold bugs and notable traders have discovered, gold prices have not kept pace with the increase in the money supply. “Since the high in 2011, gold shed almost 39 per cent making another new low in this down trend at the end of June at $1180.4/oz,” he says.

Rising or falling, there are various ways in which investors can gain exposure to the metal. The method of investment will typically depend on the timeframe. Longer-term investors might choose gold funds, mining shares, exchange traded funds and physical gold. Active traders tend to focus on futures, options, spread betting and contracts for difference because of their shorter trading horizons and desire to use leverage to amplify the movement for their trading positions as they seek rapid gains.

As spread betting is a derivative you do not actually own the physical underlying asset but you can profit from rises and falls in the price of gold via a spread bet. Any capital gains you make from financial spread betting are completely free of capital gains and income tax and spread betting is also exempt from UK stamp duty.

Traders tend to like gold because it can be traded at any time of the day, as it is a 24-hour market. Many spread betting firms calculate gold trades at 0.1 basis points per US dollar, which means that for every dollar movement you would either make or lose 10 times your stake. So if you buy £5 worth of points and gold moves up $2 you would make £100 (5 x 2 x 10).

But to make a bet traders need to decide where gold will go next. While most experts say the potential for full-scale conflict in the Middle East is arguably set to be the biggest driver for gold prices in the near term, many people are less sure about the direction of gold prices over the longer term.

Brenda Kelly, technical analyst at IG, says: “It has certainly been a more volatile year than we have been used to recently for gold. There is a feeling that gold has lost some of its allure – maybe not too surprising considering it is still up by around 500 per cent since the beginning of the century. At the moment the risk is that any rallies are likely to be viewed as “dead cat bounces”.

Some say the gains have come about as a result of the recent uncertainty in Syria and the wider Middle East. Joe Rundle, head of trading at ETX Capital, says gold has reclaimed its label as a haven, with clients piling back into the asset as risk aversion due to potential Fed tapering and Middle East uncertainties has become the dominant narrative across global asset classes.

“Gold’s a worthwhile hold when the global economy is in turmoil and you’re worried about where your assets are protected best,” says Mr Rundle. “But with the US economy resurging, the eurozone back in growth mode and the UK economy showing encouraging signs of growth, the global economy is in a much better place than, say, two years ago when uncertainty drove the market and pushed investors running to the safe arms of gold, core government bonds and the US dollar, Japanese yen.”

However, he thinks gold could fall below $1000/oz after the start of tapering and adds that the investment case for the precious metal has been tarnished by the prospects of Fed tapering and the impact it has on financial markets during the process of tapering. He says clients at ETX Capital have closed positions in gold ETFs so the expectation is that there is only one way gold will go during the QE unwind process – down.

Alfonso Esparza, senior currency analyst at OANDA, agrees, saying a strong non-farm payroll number and a quick resolution to potential American involvement in Syria would boost the dollar and “in turn set the stage for the Fed to begin tapering this month, negatively impacting gold prices”.

This widespread negative sentiment is summed up nicely by Steve Ruffley, chief market strategist at CFD provider InterTrader, who says: “The speculators have already made their money from gold. There is just simply not enough fear or greed in the markets for gold to head back to $1900/oz.”

The Independent

European stocks torn between stronger data and latest Fed comments

David Brett

Published 23/09/2013 | 13:19

European shares traded flat at midday on Monday after stronger euro zone data and Angela Merkel’s landslide personal victory in Germany’s election failed to offset dampening comments from a U.S. Fed policymaker.

St Louis Federal Reserve President James Bullard said the U.S. central bank could begin to rein in its bond-buying in October if data allowed, dampening the bullish mood on stock markets over the Fed’s decision last week to delay withdrawing its monetary stimulus.

Having hit a session low of 1,258.10, the FTSEurofirst was flat at 1,262.34 by 1009 GMT, along with the broader STOXX 600 at 314.17. Both pared losses after euro zone PMI data added to signs that the economy is healing.

“Attractive valuation, improved euro zone macro data and positive earnings revision leave plenty of upside room for the value side in Europe,” Nicolas Simar, a fund manager at ING Investment Management, said.

Fund managers continue to turn their focus to equities, albeit from low levels, with Worldwide equity funds tracked by EPFR Global enjoying record net inflows of $25.9 billion in the week ended Sept. 18, the flow data provider said.

Germany’s DAX, at 8,675.43, held near its all-time closing high of 8,694.18 and could push even higher in the longer term after the German election.

“With Merkel re-elected the German economy may finally be able to push higher and (the Dax could) reach the dizzy heights of 9,000,”Steve Ruffley, chief market strategist at InterTrader, said.

Equities continue to benefit from central bank policies which diminish returns offered by other asset classes such as bonds and benefit equities. Most European indexes hit multi-year highs after the Fed surprised investors by sticking fully with its current stimulus programme last Wednesday.

But with more Fed members expected to speak on Monday, traders said performance could be choppy.

“We appear to be back to interpreting kites flown by FOMC (Federal Open Market Committee) members and to dependency on monthly data that is notoriously prone to drastic revision,” Alastair Winter, chief economist at Daniel Stewart & Co, said.

“It is far from clear what data will be good enough to slow the printing presses.”

Leading the fallers on Monday were utilities, led lower by the UK-listed National Grid after a downgrade by UBS to “neutral” from “buy” on valuation grounds.

Commodity-related shares also faltered, having been among the strongest gainers in the last 3 months, despite stronger-than-expected manufacturing data from China.

Analysts at Citigroup cast doubt over the outlook for the sector, saying: “The improvement in China’s industrial indicators is likely to be short-lived given tight credit and as industrial numbers have been flattered by strong electricity (cooling demand in response to record heat) and steel production (overproduction being pushed onto international markets).”

Miners are also acutely exposed to any talk of money being withdrawn from the economy by central banks.

Bloomberg

Euro Stoxx Futures target May highs: Technical analysis

By Alexis Xydias Aug 1, 2013 3:03 PM GMT

Euro Stoxx 50 Index futures might return to the highs seen in May should the contracts close above the 2,753 level, according to InterTrader.

To continue recent gains, the futures must climb through the Fibonacci level indicated by the 23.6 percent retracement of the rally from April 18 to May 28, said Steve Ruffley, London-based chief market strategist at the spread-betting broker, a unit of Bwin.Party Digital Entertainment Plc.

“The market has found overall support and it’s breaking through Fibonacci levels,” Ruffley said in a phone interview. “It will reach new highs if we close above 2,753, provided we don’t get any negative news or rumors from the macro end.”

Futures on the Euro Stoxx 50 expiring in September rose 0.3 percent to 2,751 at 3:43 p.m. in Frankfurt today. The Euro Stoxx 50 (SX5E), the benchmark index for euro-area equities, has climbed 9.5 percent since reaching the lowest close in seven months on June 24 as Federal Reserve Chairman Ben S. Bernankemoved to ease speculation that any tapering in the bank’s bond-purchasing plan is pre-determined.

Fibonacci analysis marks retracement levels of the difference between high and low points on a chart. The ratios used, such as 23.6 percent and 38.2 percent, were identified by 13th century mathematician Leonardo of Pisa and correspond to proportions found in nature.

“We are in a bull run even if the market is consolidating in the short term,” Ruffley said. “The Euro Stoxx shows the most upside room among the equity indices I look at.”

Technical analysts study charts of trading patterns and prices to predict changes in a commodity, currency or index.

FXStreet.com

Greed, Gluttony, Pride: Just 3 of the 7 deadly sins of trading

There are many things traders fall prey to when trading the markets. Having spent so long mentoring and managing traders sometimes you have to think of new ways to explain the same old basics. Trading is all about fear and greed. The markets are a hugely efficient way of separating the weal from the brave and the novice traders from their money.

What I have tried to do over the years is take away as much ‘fear’ as possible. I do this in three main ways:

  • Inform – let people know what fundamental and technical is important
  • Show – Trade live events to show people how to interact with the markets in real time
  • Repeat – After 3 years of trading live on FXstreet – my basic trading principles are the same.

I have identified 7 trade types. Now you can call yourself a swing trader, momentum trader, this list goes on, but there are only ever two types of trader. Position or scalper. If you hold overnights you are a position trader, if you don’t you are a scalper. It’s as black and white as that.

Once you identify which, you will be better positioned to trade. If like most… you are a scalper then ‘intra day’ you can trade the market with one of 7 trades, 2 of which are a ‘hold, wait and see’ so in fact only 5 actually count as actual trading opportunities.
My sentiment goes back to the self-fulfilling prophecy of trading. Understand what the market is basing its trading decisions on, and then trade with it or against it. After a decade of research I have use the Volume, Me Marker, RSI, ATR and Fibonacci principles to from my very own bias.

0-10

Imminent Bull reversal

10-30

Increasing Bear sentiment – leading to reversal

30 – 45

Low edge directional bias

45 – 55

Strong range breakout chance

55 – 70

Low edge directional bias

70 – 90

Increasing Bull sentiment – leading to reversal

90-100

Imminent Bear reversal

With the exception of the ‘low edge bias’ which also plays the part of informing traders out to stay out of trades, you basically are left with two options, trading the reversal or the break out. This in my experience simplifies trading enormously. Using the fear and greed elements of the markets, when markets reach their extremes, as in the ‘increasing bull/bear’ sentiment you will often get over extensions. This is where the markets is at the top or bottom and you see one final quick moving spike to get final shorts and longs out the markets. These often leave pin bars, or candles with long wicks.

The market has a memory and the 50% key Fibonacci level is one that if we close below will re activate the lower retracement levels.

Raconteur

City nerds have taken over the trading universe

Charles Orton-Jones traces the rise of a new breed of City computer geeks who prefer algorithms to champagne and Lamborghinis

The Masters of the Universe have been demoted. Back in the 1980s the strutting lords of the City were traders. The author Tom Wolfe wrote in The Bonfire of the Vanities of the supremacy of this exotic species of testosterone-fuelled warriors of capitalism. Traders were narcissistic, exuberant, hyperactive uber-males and, above all, rich. Wolfe’s caricature of these Masters stuck – how could it not when New York and London teemed with men (always men) who worked so tirelessly to confirm it?

But the Big Bang reforms of 1986 were stripping the City of stockjobbers. The open-cry trading, which did so much to foster the confrontational image of the City, was abolished. Trades could be executed at the push of a button. Then the buttons began to push themselves. Computers took over as the agents of trading, handing supreme power to the men behind the machinery: the quants.

Wolfe recently went back to the trading floors of Wall Street to check the status of his race of Masters. His verdict: “The most unlikely thing in the world happened: a bunch of weaklings, a bunch of nerds known as quants, shut the golden door flat in their faces.”

It’s the role of these quantitative analysts to programme the trading machines which now dominate the City

Quants are physics PhDs, mathematicians and computer science graduates. It’s the role of these quantitative analysts to programme the trading machines which now dominate the City. They write algorithms which know when to buy and when to sell. They use massive computing power to analyse the market. As computer trading has risen, so has the status of quants.

And what of London? Are the quants running the show here as in Wall Street? Old City hand Hugh Cumberland has no doubts: “Quants are the kings of the pile. Their style is very different. In the old days you’d have known who the star traders were – they had glorious nicknames like the Pimlico Plumber. The quants are unknown. No ego.”

The culture of the City is changing. Mr Cumberland recalls: “My father was chief financial officer of a banking group. He once did the largest foreign exchange deal ever in the Hoop and Grapes. He wasn’t even an FX trader, but the alcohol was flowing and the deal happened.”

The notion appals modern City folk now used to the supremacy of quants and computers. Dary McGovern, managing director of timetotrade, which allows retail investors to create their own algorithms, says the personal side is vanishing. “A lunch might be used for an introduction. After that, why would you? I was talking to an institutional guy recently and he said they don’t even like to take phone calls any more. They don’t want that interaction. Computers are doing it all,” he says.

The creeping influence of silicon and maths is intruding into even the most “human” of areas. Take social networks. Traders use Twitter and blogs to get an edge on their rivals. It is one of the few edges humans have over machines. Or was. Firms such as Knowsis use algorithms to trawl social networks and pass on market-insights in a form which can be used either by a trader or fed directly into a trading algorithm.

Knowsis founder Oli Freeling-Wilkinson says: “Our investor is a quant fund, Method Investment & Advisory. They employ a lot of quants and use our data to see what is of value. There are too many tweets and blogs for any one human to read. We bring a more scientific approach.”

But is there a limit to the rise of quants? Surely our humbled Masters can thrive in this robotopia?

Steve Ruffley, chief market strategist at spreadbetting platform InterTrader, sees a weakness in the quant armoury. “The problem with very intelligent people is that they need numbers; they don’t want to know how you are feeling, they want to tell you,” he says. “The more- scientific people are too regimented, too brutal, too insular to communicate. They won’t let people help them, so they have a ceiling. They don’t have the compassion to build a business, so I would not expect quants to be the next captains of industry.”

It’s a common view, and not merely among traders and brokers. Knowsis’ Mr Freeling-Wilkinson says that, even though investors now demand scientific backing to any investment strategy, the human element remains: “We will never get to the stage where we let computers run everything. Human curation will always be vital.”

So maybe the Masters and quants can co-exist. At legendary City chop house Simpsons Tavern, located by the Bank of England, the mood is buoyant. Proprietor Aaron Singh says: “Quants need to learn how to behave in the right way. It is our job to help them understand the traditions of the City and the value of gentlemanly behaviour. The evidence I’ve seen is that they are keen to learn. If they want to get to the top, they need to.”

Tom Wolfe said of the traders: “They had no suspicion, none at all, of what these ball-less, sofa-bottomed weaklings were up to.”

But the war for dominance in the City isn’t over yet.

BBC

(Close): Shares in Tesco fell 11.6% to 203p after the supermarket giant admitted that it had overstated its half-year profit forecast by £250m.

Tesco has launched a review into the matter and four executives have been suspended.

Tesco was the biggest faller on the FTSE 100, with the index down 64.29 points at 6773.63.

British travel group TUI saw the biggest rise, with shares up 1.9%, Admiral was next with a 1.3% gain.

Mining shares fell on worries over the strength of China’s manufacturing sector. Shares in Rio Tinto fell 3.8%.

Nevertheless, some analysts are optimistic that FTSE 100 can gain ground this year, perhaps even approaching 7,000 points, a new record.

“I would be simply amazed if the FTSE failed to test 7,000 points,” said InterTrader chief market strategist Steve Ruffley.

On the currency markets, the pound rose 0.29% against the dollar to $1.63360 and climbed 0.3% against the euro to 1.27340 euros.

(Close): London’s leading shares recovered from near 15-month lows to finish the week on a high note.

The FTSE 100 closed up 1.9% at 6,310.29, led by Tullow Oil, up 8.3% after a broker upgrade.

The big loser was Rolls-Royce, down 11.5% after warning that revenues were under pressure.

Analysts warned that the shares turbulence was not over, with Charles Stanley’s Jeremy Batstone-Carr saying: “I’m not sure we’re out of the woods.”

Share markets in London and across the world have fallen due to a mixture of disappointing economic and corporate news, and worries about the impact of the Ebola crisis.

But the FTSE’s recovery on Friday began after Thursday’s encouraging US jobless claims and industrial output data.

The FTSE 100 hit a peak of 6,904.86 points at the start of September, its highest since early 2000, but has since lost ground.

Steve Ruffley, chief market strategist at InterTrader, said investors should not panic. “A correction is a natural part of the investing cycle. It is not necessarily a bad thing,” he said.

Building materials firm Travis Perkins also lost ground, shedding 1% after it revealed that its sales growth slowed in the third quarter.

The pound was flat against the dollar at just under 1.61 and ahead by a cent against the euro at just over 1.26 euros.

Oil prices also picked up, with Brent crude heading above $86 a barrel after dropping to below $83 on Thursday.

People who have worked with Steve

  • “His main strength is to transform complicated trade ideas into simple and easy to understand trades. Steve’s professionalism & integrity precedes him.”

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  • “I've interviewed Steve a number of times and he certainly an expert in his field.  Very knowledgeable and approachable, I had a lot of fun talking to him over the years.”

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Spread betting and CFD trading are leveraged products and as such carry a high level of risk to your capital which can result in losses greater than your initial deposit. These products may not be suitable for all investors. CFDs are not suitable for pension building and income. Ensure you fully understand all risks involved and seek independent advice if necessary.

Spread betting is exempt from UK Capital Gains Tax. Tax laws are subject to change and are dependent upon individual circumstances.

InterTrader Direct is a trading name of InterTrader Limited which is owned and controlled by bwin.party digital entertainment plc. InterTrader Limited is authorised and regulated by the Financial Services Commission. Registered address: Suite 6, Atlantic Suites, Europort Avenue, Gibraltar.

Logic Investments – Risk Warning Notice

The value of shares can fall as well as rise; you may not necessarily get back the amount you invested.  Past performance is no guarantee of future performance. Trading in derivatives such as Contracts for Difference or Foreign Exchange (FX) may not be suitable for all types of investor as they carry a high degree of risk. You may lose all of your initial investment and in some cases you may be liable for a greater sum than this. Extended runs of losses as well as profits can occur. Only speculate with money you can afford to lose. Changes in exchange rates may also cause your investment to go up or down in value. Tax laws may be subject to change. Please ensure that you fully understand the risks involved. If in any doubt, please seek independent financial advice. To view our full Risk Warning please Click  Here

Authorised and regulated by the Financial Conduct Authority. FCA Registration No. 516459

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