Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Daytrader4545....thanks for the advice but you have to understand that some people have many more and larger accounts than others. I traded options through an FCM that cleared with PFG. I traded big with risk money. I am not a a 2 or 3 lot emini daytrader. PFG was one of the largest and well respected firms in the industry. Its CEO, Russell Wasendorf, was one of the most respected figures in the industry. He was also on the board of directors for the NFA. Now to explain why I had a "relatively large" account with PFG. I have most of my money with wealth management firms all over the country. I also have several large risk accounts that I trade myself. I do not trade for a living, I trade because I like the game, much as a gambler likes the casino. I have lost a small fortune in this game and I have made some very good profits to offset those loses, mostly hedging with options. After the loss at PFG I have reduced my account size at several retail brokers.
NOw lets talk about the real risk in the markets:
The S&P 500 mini is trading over 1800....
1800 times $50 = $90000......
The current margins are as low as $400...
That is 225 to 1
If we applied the same rules for stocks, we would have to put up $22,500 per contract,
and yet the SEC requires stoic traders to put up $25000 to day trade because it is too risky.
One day......we are going to have a serious event in the world during market hours,
and the market is going to gap and many of these fly by night brokers are going to go under... along with everyone's funds.
I think they should have the same rules that apply to Forex, max 50-1 leverage.
One way or the other, anyone who has an account is at risk not only of losing their money trading but losing it to
unscrupulous individuals ...or just maybe an act of God.
As a Mirus/RCG client that's what I'd like to know - I think Mirus should tell us what their medium-terms plans are.
I'm not paying for data, no way.
That's what I'm looking at too, although the clearing operation being part of the same firm puts me off (as does unpublished commissions). The reason I chose Mirus in the first instance was because they looked the most upfront and open of a sorry bunch.
