Certainly disappointing stuff. Trading is tricky enough without having to worry about people ripping you off.
I suppose it's not suprising. Wherever big money is involved, there is always the chance for something shady going on. I see it all the time here in Silicon Valley in the way startups are managed.
I simply am not. I never found the need to and I don't like watching the news anyway.
I have my account with Etrade. I remember a few years back they sent some letters about MF Global, but Etrade said something about they had already taken steps to disassociate themselves or something, and that they had it under control. And I wasn't affected. So I felt sufficiently reassured to not give it more thought.
Maybe a bit naive ... but honestly what would I do anyway?
How did they steal? Just curious. Was it a blatant refusal to let you withdraw as the ship started sinking, or ....?
I don't know. It seems like the same old story in history. Sometimes it's pyramid scams, sometimes it's accounting fraud. ... How much can us, as outsiders, do to protect? It's hard because the insiders are the only ones who know the truth.
My money is with Etrade. Maybe they are a big scam in the making. Or maybe they are not, but someday maybe they will just make some huge unintended mistakes and go out of business.
I guess the best we can do is withdraw our profits at regular intervals, which I do anyway simply because of the nature of trading
That totally sucks, man. Maybe I came close myself with Etrade without realizing it.
Well... I only trade with real money. I personally have never found the need to follow world events, but I appreciate your advice
No problem! None taken
Hi Mike, well when I first started trading futures some years back, I was told at that time that as long as the firm was a member of NFA, etc. that it was safe. That made sense to me at the time, so I didn't give it further thought.
Thanks everybody for your responses. This was definitely some stuff I did not know. Soooo,
*** My question: What's the consensus here on the forum about good, reliable brokers at present time? I've been using Etrade as a discretionary trader, and I recently opened a small second account with TradeStation so I can test some automated system I developed.
Favorite Futures: Gameplay Klownbine® Trading of Globex
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ha ha ha
I think these posts by @mwtzzz are meant to be a joke, or satire. (Something I would not know anything about, by the way.)
I agree with this philosophy. I only trade real money, preferably OPM. I avoid any exposure to "news". When I trade, I turn off the monitors that have the charts on them. I STILL think Bernard Madoff Investment Securities is a fine company. And the Dutch East India Company too, for that matter.
Would anyone like to purchase some Tulips?
The unfortunate thing is that a serious thread has been hijacked by a mischief maker, who has been abetted by the gullible.
"If we don't loosen up some money, this sucker is going down." -GW Bush, 2008
“Lack of proof that something is true does not prove that it is not true - when you want to believe.” -Humpty Dumpty, 2014
“The greatest shortcoming of the human race is our inability to understand the exponential function.” Prof. Albert Bartlett
Last edited by Zondor; February 11th, 2013 at 12:13 PM.
The following user says Thank You to Zondor for this post:
For the record, no I am not a mischief maker, I am quite serious about trading, if you look at my other posts on this forum you will see it. And generally when I post something it exactly reflects my opinion.
No I don't watch the news, I could care less. And no, it doesn't affect my trading.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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