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ThinkorSwim and TD Ameritrade Warning
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ThinkorSwim and TD Ameritrade Warning

  #21 (permalink)
Trading for Fun
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J Boca View Post
MF Global

PFG Best.......................

hmmm.... I never watch the news .... I guess I'm missing something?

I'm assuming by your post (and someone else's response to me ) that those were firms who stole customer's money?

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  #22 (permalink)
Trading for Fun
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Big Mike View Post
LOL

Sent from my Nexus 4

Very uninformative response. If I'm mistaken the least you could is explain.

I never watch the news so I have no idea what's going on in world events. If there are some big firms who ended up stealing customers' money, then I stand corrected, but I was under the impression that the NFA and CFTC protected customers against that kind of stuff ....

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  #23 (permalink)
Market Wizard
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mwtzzz View Post
???? I'm not sure what to say. Let me try to rephrase my original comment: most businesses, both large and small, are legitimate. But the odd scam is hardly going to go through the trouble of registering with the NFA, SPIC, etc. ... So what I'm saying is that if you open an account with a firm that's registered at those places they're definitely not going to "steal" your money. I think that was the concern of the original post that I was responding to

I don't understand. PFG Best, was big, and was registered with NFA, CFTC, etc. Yet, they definitely stole my money.

PFG Best was a 20 year scam in the making, and he (Wassendorf) did everything possible to appear legit.


If you trade futures, regardless if you watch the news or not, you MUST learn about PFG and MFG. You can trade like a trading master, and still have big regulated companies steal your profits.

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  #24 (permalink)
Market Wizard
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mwtzzz View Post
I was under the impression that the NFA and CFTC protected customers against that kind of stuff ....

@mwtzzz;

That is what the "LOL" was for. You might think you are protected, until it happens. Those firms (MF Global, PFG, Refco, etc.) were some of biggest and were registered by most relevant watchdogs and regulators, including NFA and CFTC.

How can you trade and not be aware of trading world news?

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  #25 (permalink)
Trading Apprentice
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mwtzzz View Post
hmmm.... I never watch the news .... I guess I'm missing something?

I'm assuming by your post (and someone else's response to me ) that those were firms who stole customer's money?

"PFGBest Accounts Frozen (PFG scandal big thread)" Search this thread, still is on 1st page of summary.
Search MF Global too for more info. Can't post direct link since I'm new.

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  #26 (permalink)
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mwtzzz View Post
???? I'm not sure what to say. Let me try to rephrase my original comment: most businesses, both large and small, are legitimate. But the odd scam is hardly going to go through the trouble of registering with the NFA, SPIC, etc. ... So what I'm saying is that if you open an account with a firm that's registered at those places they're definitely not going to "steal" your money. I think that was the concern of the original post that I was responding to

I wish I could agree with you, but experience shows that those institutions who fail on a large scale, are those that are trusted most. They are fully registered, and perceived to be stable.
Therefore, I see your comment as naive rather.
I am not angry at your comments, as I am sure you had the best intentions to help.
But, registration alone will not protect you.

The key is truly knowing the net cap, the people who head the operation, and use some common sense about the facts that you do know.

Don't be in the business of hope...know you facts.

These are general comments and not intended at the institution discussed by the person who started this thread.
Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #27 (permalink)
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mwtzzz View Post
Very uninformative response. If I'm mistaken the least you could is explain.

I never watch the news so I have no idea what's going on in world events. If there are some big firms who ended up stealing customers' money, then I stand corrected, but I was under the impression that the NFA and CFTC protected customers against that kind of stuff ....

I lost two thirds of my trading account at PFG best (and there is a very recent thread on here to tell you what occurred), so I find you comments very naÔve. If you want to succeed in this industry you need to pay attention to what is going on, and saying you don't listen to the news is totally ignorant and will end up costing you if you decide to trade with real money. So pay attention to what is happening in the trading world if you want to participate in it.

No offence meant.

Dudley

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  #28 (permalink)
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From 7/09/12

PFG CEO was on NFA Committee

Futures Commission Merchant Advisory Committee

Russell R. Wasendorf Sr.
CEO
PFG Best
Chicago, Illinois
(term ending February 2015


Madoff also was in similar positions at NASDAQ.........

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  #29 (permalink)
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mwtzzz View Post
Very uninformative response. If I'm mistaken the least you could is explain.

I never watch the news so I have no idea what's going on in world events. If there are some big firms who ended up stealing customers' money, then I stand corrected, but I was under the impression that the NFA and CFTC protected customers against that kind of stuff ....

You should probably do some research and be a bit more educated on the subject before you write your replies stating incorrect information. Google is your friend.

Mike

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  #30 (permalink)
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mwtzzz View Post
Very uninformative response. If I'm mistaken the least you could is explain.

I never watch the news so I have no idea what's going on in world events. If there are some big firms who ended up stealing customers' money, then I stand corrected, but I was under the impression that the NFA and CFTC protected customers against that kind of stuff ....

Somehow, you've missed out on hearing about the biggest shocks to the futures and retail trading industry in the past two years. The hearing for Corzine , a former gov. of NJ, was just an ineffective formality and they let him get away with basically "I had no idea". The heads of the NFA and CFTC also were ducking and defensive in their short interviews (on CNBC) and all told pretty much everything since the MFGlobal bankruptcy was swept under the rug real quick news-wise. So if one was a very part-time trader, it might have been possible to have missed the news of those scandals or be peripherally unaware as that was probably the intention of those interests who were culpable or responsible in some 'small' way (i.e. regulators)! (Not to mention the rampant insider trading corruption with many in congress involved and the regulators only offering up the occasional fall-guy caught like Raj Rajaratnam. http://finance.fortune.cnn.com/2011/10/13/raj-given-11-years-for-insider-trading/ )No follow up except recently the PFGBest founder/ceo was sentenced 50 years. I almost signed up with PFGBest. Genesis TradeNavigator looked horrendous and made for win9x. A week later thanks to info from a friend and futures.io (formerly BMT), I signed up with NT and found Mirus/RCG. Sorry to hear about your loss with PFG Mrmuggins.


Last edited by Cloudy; February 11th, 2013 at 04:58 AM.
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