Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following 3 users say Thank You to Big Mike for this post:
Assuming what we read is correct, you can also look at historical data and compare the trends, besides FA I think there is no choice but keep your account as little as possible, like withdrawing all the excesses or refunding on a monthly basis. At the time beeing there are no guarantees on brokerage once again it is our job to reduce risk and be prepared. I feel sorry and inappropriate with all the traders that currently are facing this problem nobody is immune to this issue and we are all learning a big lesson.
Last edited by redratsal; July 10th, 2012 at 07:50 AM.
The following user says Thank You to redratsal for this post:
A year and a half ago I was this close to starting an account with PFG. A trading instructor of a site had recommended them. I tried a trial with TradeNavigator. Saw a nice ad with Wasendorf. checked out their new building complex satellite pictures in google maps. Then, thankfully I found futures.io (formerly BMT) and Ninjatrader. I tried Ninjatrader and felt that TradeNavigator had a UI look and feel that seemed 10 years out of date. (made for windows 9x feel). And PGBestDirect's new platform seemed incomplete. Then I went with Mirus and RCG. I also thought how come PFG didn't offer Ninjatrader. I also saw Woodies CCI club had PFG ads on their site. I once visited the Global Futures office in Encino, CA. That place was a crowded mess, just enough room to walk between. Desks crammed together. Most of the staff were young college or teen age. Many were just watching their monitors catching me watching uneasily(better not be causing forex slippage!), while a broker guy was walking around yapping out loud on the phone. But who knows, maybe leaner is better for the customer..
how to really insulate yourself from this. In the FINRA report posted by Mike I see that Jr. is registered at a firm where I was also registered for a short time. Small world I guess.
Guys please realize that monthly FOCUS reports in this industry are NOT audited. A firm can report/claim basically anything they want. So, even a firm with a bazillion in excess net capital COULD be just as vulnerable. This is a real concern for me as I have a bunch of money waiting to go out to broker. I will strongly reconsider that now and probably review changing brokers twice a year.
Certainly, although it is a pain in the ass I think a strategy that leaves just enough on balance to cover typical trading margin req is probably a good plan. My current broker will let me transfer pretty freely so I think I'll sweep weekly back to the bank.
While I have blown up an account twice in 20 years, I have never had the money stolen from me. When you are complicit and lose you came to play the game and that is a great deal different than being a victim. I'm sorry for the guys especially among this community that have been and will be hurt by this....anothe symptom of what is wrong in the world, imo.
I know... but I was looking at commonly mentioned firms on futures.io (formerly BMT) that included Ninja Trader or Sierra Charts in their platforms... since a large number of futures.io (formerly BMT) members use those platforms...
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"