Here's a recommendation: Rosenthal Collins Group, www.rcgdirect.com ;Actually my introducing broker is Mirus. www.mirusfutures.com I got a letter the other day from the owners reassuring me how RCG is secure as I'm sure every other client got the same letter. (attached). And other brokers probably said something about the MFglobal fiasco to their clients as well. RCG has a long history, but so do a lot of others. (ex: remember Dean Witter? Now, primarily as Discover Card I get "free checks" and "secure services" , "urgent! life insurance entry forms" and other fee based shenanigans offered every month; a ridiculous amount of paper and stationery, of which I have to throw in the trash. I still have a $10 a year fee for some kind of "wallet protection" I never signed up for. ) Who or what can you trust these days..
Last edited by Cloudy; November 19th, 2011 at 10:00 AM.
Gerald Celente lost $100k /w MFGlobal, says "CME group is a ponzi scheme!"
Gerald Celente the professional "trends" data prognosticator who predicted we would be in a depression this year. (we are kind of. in our modern day, soup kitchens are food stamps. ditch digging has been replaced by extended unemployment and machines), had $100k tied up in a broker which got bought out by MFGlobal. Now he's ranting and raging (obviously upset by his personal losses) today on Alex Jones' show: Alex Jones' Infowars: There's a war on for your mind! , (click on the live streaming radio link to hear the repeating show today with Celente raging about MFGlobal) that the whole CME is a ponzi scheme and can't cover a missing 700 million, and the "whole system" will collapse like a house of cards. Basically saying the whole futures market is now a ponzi by the banks and would self-destruct. Of course he has his own "services" and "investment advice" newsletters on how to profit during times of economic collapse. Looks like he got cleared out too.
Alex Jones was commenting how the morning show crew on CNBC on Friday looked scared. At first they said the missing 700 million funds was a disaster, then 15 minutes later changed their tune after the break and said it was "normal" and under control. He mentioned the "host", Cramer and "that attractive asian gal", when it's actually Melissa Lee who runs the morning show or at least co-runs.
If you don't want to trade the CME's COMEX gold futures contract, for example, you can always trade the SPDR GLD, the world's biggest physically-backed gold contract. Crude oil, corn and copper also boast ETFs that trade like stocks -- and, more importantly, offer better guarantees.
And her some thing to laugh and cry at the same time also token from the above article:
Some said the handling of position transfers after MF Global's bankruptcy, a significant but not unprecedented undertaking, was flawed. Certain accounts, particularly those with many options positions, were transferred with the wrong amount of collateral. "They didn't seem to understand what short/long option value means and how you net them out. We couldn't believe it," said one senior executive with a major futures commission merchant. "Criticism is starting to surface of the CME leaders. It's really hurting the credibility of the exchange."
Ok, so do I buy these from the neighbor down the street after I hit him up for a smoke? I imagine that I must still go through a 'broker' and the issue is that keeping money with a broker could be a loser. Am I missing something?
The following user says Thank You to bluemele for this post:
The person that wrote this article does not understand that much about what happened.
The CME guarantees the contracts and their performance bonds ( margin ). They do not guarantee "excess margin" which is what MF Global stole. Brokers can 'invest' 'excess margin' ( to make money which the broker keeps ) and that is outside of what the CME does.
Central clearing is not central deposit.
That being said, IMHO, someone should be in jail by now.
Math. A gateway drug to reality.
The following 2 users say Thank You to traderwerks for this post:
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