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PFGBest Accounts Frozen (PFG scandal big thread)
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PFGBest Accounts Frozen (PFG scandal big thread)

  #211 (permalink)
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http://www.mrtopstep.com/2012/07/pfgbest-broken-promises-shattered-trust-how-it-went-down/

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  #212 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
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Broker/Data: Mirus Futures/Zen-Fire
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djkiwi View Post
Hi @liquidcci

Actually if you use a ninjatrader multibroker license you can log on to the datafeed first (say CQG, Kinect or Zenfire) then next logon to IB then thirdly TD. This gets around the poor datafeeds of IB and TD. You can then direct trades to either AMP, IB or TD or any other ninja broker using chart trader or ATM strategies.

I'm doing this currently and it is a very efficient way of trading and spreading your risk. I'm a little unhappy with the lack of flexibility in a few areas though but this is the future for me. I will add a couple more accounts and then spread trades accordingly.

Cheers
DJ

@djkiwi

TD doesn't mention Ninja trader under platforms on their website even though NT lists them as a broker. You actually send trades to TD from NT?

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #213 (permalink)
 Vendor: www.probabletrades.com 
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Ah crap, Rosenthal Collins (my broker, Mirus Futures, clears through them) is ranked even lower than PFG on that Atlas report!

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  #214 (permalink)
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Quebec
 
Futures Experience: Intermediate
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mattz View Post
Not sure what to say. Sad for the guys from PFG.
I never had any association with PFG with the excpetions of a few phone calls where they wanted me to clear through them and I politely declined.

Sadly non of of the due diligence that a retail trader typically conducts would allow them to conclude that either one (MG, PFG) would go out of business. However, as an IB I choose FCMs based on the people that run them, experience, mentality, test under economic stress, compliance staff, etc and other variables that retail guys dont take into consideration.

FCMs are run by PEOPLE, and their culture and behaviour would dictate the direction whether it will be a success or a failure. so far I made the right choices and hope this will carry into the future.

@mattz

Thank you for replying quickly i appreciate. I was wondering about the 'other variables that retail guys dont take into consideration', what would you suggest we do/ask before selecting a broker? What do you think about PrivateBanker's recommendations here?

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  #215 (permalink)
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futuretrader View Post
I doubt that hoping they do it without real pressure from their clients is going to work; it's too useful and profitable for them to be able to dip into customers' accounts.

What we need is a forum for retail traders to organize and start pestering and pressuring their brokerage firms to either insure or truly segregate customers' funds. If a few of them change and then attract clients because they are safer, the industry will begin to change.

Hi futuretrader,

I agree to your first paragraph above.

But I doubt that a forum of retail traders will help much. The only thing that will surely change a thing in this industry IMO is masses of people withdrawing funds from their futures accounts, i.e. ceasing to trade futures at all. Only then, when the profits of the brokerage firms start to decrease considerably, will they start to change something...

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  #216 (permalink)
Elite Member
Houston,Tx
 
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Broker/Data: Mirus Futures/Zen-Fire
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shodson View Post
Ah crap, Rosenthal Collins (my broker, Mirus Futures, clears through them) is ranked even lower than PFG on that Atlas report!

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@shodson

I use Rosenthal Collins/Mirus Futures and had the same reaction also but...

1. Who the hell is Atlas ...

2. What is their standing in the industry ...

3. How do they arrive at their conclusions...

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Last edited by ThatManFromTexas; July 10th, 2012 at 06:52 PM.
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  #217 (permalink)
Trading for Profit
Munich, Germany
 
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mattz View Post

...

However, as an IB I choose FCMs based on the people that run them, experience, mentality, test under economic stress, compliance staff, etc and other variables that retail guys dont take into consideration.

FCMs are run by PEOPLE, and their culture and behaviour would dictate the direction whether it will be a success or a failure. so far I made the right choices and hope this will carry into the future.


It's for sure right, that it's about the people. However, as one other futures.io (formerly BMT) member mentioned earlier, even a PFG employee who knew Wasendorf almost on a personal level, was apparently shocked about all this. So, for an outsider it is nearly impossible to judge about a company by knowing some of their managers. I guess, even if you knew Wasendorf personally, it would still be difficult to suspect something.

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  #218 (permalink)
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ThatManFromTexas View Post
@shodson

I use Rosenthal Collins/Mirus Futures and had the same reaction also but...

1. Who the hell is Atlas ...

2. What is their standing in the industry ...

3. How do they arrive at their conclusions...

It looks like their "CFCT/NFA Disciplinary Action" value could be skewing their numbers a bit, especially when you compare the other numbers to firms higher in the list. RCG was fined a few months ago for not cracking down on a single shady account hard enough (google "rosenthal collins group" and see a few entries down). This seems like a one-off type of event, but that could be wishful thinking (I'm also a RCG customer ;-)

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  #219 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
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ThatManFromTexas View Post
@djkiwi

TD doesn't mention Ninja trader under platforms on their website even though NT lists them as a broker. You actually send trades to TD from NT?

Hi @ThatManFromTexas

For live trades through Ninja I've only used IB and AMP although not expecting any issues with TD as I am able to logon to my TD account through Ninja. If there are any issues I will report back.

Cheers
DJ

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  #220 (permalink)
Trading for Profit
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ThatManFromTexas View Post
@shodson

I use Rosenthal Collins/Mirus Futures and had the same reaction also but...

1. Who the hell is Atlas ...

2. What is their standing in the industry ...

3. How do they arrive at their conclusions...

...


From their website it looks like they just aggregate publicly available information (how should they get inside info...?).

Hence, I don't think that it is of much use.

The net capital figures and in- and outflows are reported by the companies themselves.

The only interesting red flags are regulatory or exchange actions and penalties or whether they have proprietary trading, but these can be researched by the retail clients on their own... no need for Atlas...

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