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Experiences with Crossland, LLC
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Experiences with Crossland, LLC

  #21 (permalink)
Elite Member
Chicago, Illinois
 
Futures Experience: Advanced
Platform: Ninjatrader, TT, InvestorRT
Broker/Data: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Favorite Futures: Treasury futures
 
Posts: 285 since Nov 2010
Thanks: 175 given, 815 received

Quality people at Crossland

I'm not a Crossland customer but I have over 20 years experience working with Ed Hague (and Jim Zellinger, if he's still there) from their days at Transmarket Group and Advantage Futures. You won't find better people anywhere in the industry. Tell Eddie that STB says "Hi".

"You don't need a weatherman to know which way the wind blows..."
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  #22 (permalink)
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Futures Experience: Intermediate
 
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Trader Y View Post
I guess that is true. The bank would then be hit with a massive lawsuit for fraud I am guessing. .

please, educate yourself before speaking about a subject... google is a wonderful source of information if used properly... your argument is completely without merit... the bank did not perpetraded the fraud, and they are under no obligation to inform anyone that a customer moved their own money within their operating accounts.. MFG is the one who is on the hook for the lost money.. well, no-one is on the hook.. if the trustee cant find the $600MM+ the customers are screwed... good luck suing the parent co...


Trader Y View Post
But an FCM who doesn't trade it's capital period is obviously a better fit with ultra low risk than some of these big outfits which engage in such activities.They have little to no risk. The risk and what I am getting at is with the bank that Crosslands would deal with. The bank does take on risks if you look at their website. Sadly most banks fall into this category now unless they're smaller community banks who are well managed.

first... any FCM, even crossland, can commit gross neglience and touch/comingle operating and customer funds... there are "procedures" in place.. but then again, fraud is fraud and humans are humans... so size does not matter...

as to Harris Bank, which BTw is my primary bank, please know that Harris is actually owned by BMO (a canadian bank nonetheless..) and that the FDIC will insure up to $250K in the event of a failure... if you have more than $250K, then they will offer you a service via which you can manage $10MM+ from a single statment but you in fact have more than one account across multiple banks(one per bank... I forget the name of the product now, but that allows you to basically insure all your cash...

anyone with greater than $10MM in cash, has a different problem and would more than likely be with more than a single private bank...

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  #23 (permalink)
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bluemele View Post
In some brokers I thought it was possible to have a sweep account to an FCM. I believe that you can monitor that?

Or, couldn't you just leverage a letter of credit from a bank for your trading account? Then that way it stays in the bank?

if you are large enough ( and I dont mean $1MM or less) you can more than likely do that... I have seen it only done with FX with upwards of $1MM... and the account is "tied' to the bank.. so any losses, are trued up daily.. and so are gains... so your balance with the bucket shop is always $0.00...

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  #24 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received

back to the original topic now

no sense on discussing anything further about MFGI, if you want to discuss it, please open a new thread...

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  #25 (permalink)
Trading for Fun
Windsor, ON, Canada
 
Futures Experience: Advanced
Platform: SierraCharts
Broker/Data: IB
Favorite Futures: Movement
 
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Posts: 58 since Dec 2010
Thanks: 14 given, 22 received

Of course anyone could commit fraud. Are the odds better of a firm that trades actively in the market much higher for dipping into customer funds? Yes. We just witnessed that. Therefore, from an outsider looking at a firm to trade with, naturally a place like crossland would have less risk. A simple google search on "risk" would help you here. Please educate yourself on risk before making statements that companies who engage in massive leveraging and gambling somehow would have the same risk as those who don't and make money off a fee. It sounds like you'd make a much better lawyer than a trader. Career change?


Last edited by Trader Y; November 9th, 2011 at 07:58 AM.
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  #26 (permalink)
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Trader Y View Post
Of course anyone could commit fraud. Are the odds better of a firm that trades actively in the market much higher for dipping into customer funds? Yes. We just witnessed that. Therefore, from an outsider looking at a firm to trade with, naturally a place like crossland would have less risk. A simple google search on "risk" would help you here. Please educate yourself on risk before making statements that companies who engage in massive leveraging and gambling somehow would have the same risk as those who don't and make money off a fee. It sounds like you'd make a much better lawyer than a trader. Career change?

LMAO, I've met ignorant people, but I think by far you top all those before you. you missed the point of my previous post, that it is naive to think that size of a firm determines the ability to commit fraud. I think I have a better understanding of risk than you, and I clearly have a better understanding of what our agencies do... or wait, I forgot ... you are the individual spewing out that the FDIC will cover the MFGI losses, and that the bank they used now faces lawsuits from their customers! that goes to show your level of knowledge on the matter.

please move on and stop posting on my thread unless it is posting about crossland in specific, let's hope that as a customer and therefore some one that uses their service, you have a better grasp on arguments about them than you do on other subjects thus far.

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  #27 (permalink)
Trading for Fun
Windsor, ON, Canada
 
Futures Experience: Advanced
Platform: SierraCharts
Broker/Data: IB
Favorite Futures: Movement
 
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Posts: 58 since Dec 2010
Thanks: 14 given, 22 received

It's what the firm does not the size. Bigger firms mostly have trading desks. Nothing like having a know it all on the board. You start the thread and then jump on people for contributing. Who's in the wrong? I admitted I was wrong about the FDIC part but stated the real risk lies in the bank as it is the one who engages in trading practices and in leveraged loans. Crossland does not. Could they commit fraud and comingle? Sure. Odds of that are??? Why even have an account then if your that paranoid. Focus on your trading not jumping from broker to broker. We all know your type.

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  #28 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
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sysot1t View Post
LMAO, I've met ignorant people, but I think by far you top all those before you.

Rude behavior is not tolerated on this site. @sysot1t has been temporarily banned for 1 month.

Mike

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.
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  #29 (permalink)
Site Administrator
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Big Mike View Post
Rude behavior is not tolerated on this site. @sysot1t has been temporarily banned for 1 month.

Mike

Make that a permanent ban now after creating multiple duplicate accounts and not following the rules of the forum.

Mike

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.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #30 (permalink)
Elite Member
Chicago, Illinois
 
Futures Experience: Advanced
Platform: Ninjatrader, TT, InvestorRT
Broker/Data: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Favorite Futures: Treasury futures
 
Posts: 285 since Nov 2010
Thanks: 175 given, 815 received



Trader Y View Post
I like them. Never seems to be any hiccups or anything. Rates are good. One time my internet went down during an open position. I called in and it was flattened immediately. Service is good. For futures it's probably the best shop out there for any retail trader that I know of.

It's also worth checking out Advantage Futures. Their main business is professional traders but they also work with retail accounts. For pros the commissions have historically been among the most aggressive in Chicago. I haven't done any comparison shopping recently so I'm not in a position to say they are the best for retail customers, I'm just saying it's an option worth checking out. If you are doing high frequency trading or need co-location response times, they offer that service.

Their website is Home | Advantage Futures | Futures clearing broker | Futures broker | Futures clearing firm

"You don't need a weatherman to know which way the wind blows..."
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