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

  #81 (permalink)
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ThatManFromTexas View Post
If PFG had what they declared ... there would be no problem...

Absolutely agree but IB's 1,334,246,380 extra net capital is different than PFG 9,533,749, at least curiosity can be satisfied

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  #82 (permalink)
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  #83 (permalink)
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redratsal View Post
Absolutely agree but IB's 1,334,246,380 extra net capital is different than PFG 9,533,749, at least curiosity can be satisfied

I understand your point ....but I'm not sure what criteria to use to determine which firm to have an account with...

VELOCITY FUTURES ....................... 678,123

AMP GLOBAL CLEARING ................. 824,952

DORMAN TRADING ..................... 1,854,524

MB TRADING FUTURES ................ 2,563,666

ROSENTHAL COLLINS GROUP ... 18,649,806


Anyone want to chime in on this one ... or should that be in a separate thread ?

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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  #84 (permalink)
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ThatManFromTexas View Post
I understand your point ....but I'm not sure what criteria to use to determine which firm to have an account with...

VELOCITY FUTURES ....................... 678,123

AMP GLOBAL CLEARING ................. 824,952

DORMAN TRADING ..................... 1,854,524

MB TRADING FUTURES ................ 2,563,666

ROSENTHAL COLLINS GROUP ... 18,649,806


Anyone want to chime in on this one ... or should that be in a separate thread ?

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 08:50 AM.
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  #85 (permalink)
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tspencer View Post
I was literally 2 hours away from funding my account with them this morning before i got an email from Erich, what a blessing in disguise it was that my bank required a letter to raise the telegraphic transfer limit on my account

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..

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  #86 (permalink)
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TMFT,

Futures (and forex) trading also available through TDAmeritrade and ThinkOrSwim.

https://www.tdameritrade.com/trade/futures.html?odlink=futures

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  #87 (permalink)
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Who knows...

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.

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  #88 (permalink)
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Cloudy View Post
TMFT,

Futures (and forex) trading also available through TDAmeritrade and ThinkOrSwim.

https://www.tdameritrade.com/trade/futures.html?odlink=futures

@Cloudy

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!"
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  #89 (permalink)
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I'm sure the NT

web page has a list to include all brokers with whom they can integrate. Anyone can lie on a focus report. Keep that in mind that size or excess net capital does not provide insurance against fraud.

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  #90 (permalink)
Student Of The Markets
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wldman View Post
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.


How would changing brokers twice a year decrease the chances of not moving to a broker that may happen as PFG and MFG? Please clarify for me.

Thanks

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