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Futures Broker vs Profitable Clients
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Futures Broker vs Profitable Clients

  #1 (permalink)
Trading Apprentice
Sydney
 
Futures Experience: Intermediate
Platform: Anonymous
Favorite Futures: currency
 
Posts: 2 since Nov 2015
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Futures Broker vs Profitable Clients

Disclaimer: Everything i mention is purely fictional, and hypothetical. People should not take my financial advice seriously as it is intended for entertainment purposes.
Hi,

I'm a futures trader and have a theoretical question about how brokers react to very,very successful traders. I've read and watched interviews of some of the best futures traders in the world. Not many mentioned much about brokers taking the opposite side of you, but I've noticed in one of Paul Rotter's interviews, he discouraged people from taking on a trading career. He said that not only was trading difficult, but once you made it, brokers would dislike you, and try to cause all sorts of problems to make you leave.

I know that in forex, the company can take the opposite side against you. But why in the futures market, that is traded over the exchange, that brokers care how much you make? I'll go first and take a stab at one reason. Disclaimer: This is purely hypothetical and does not apply to real life situations.Some brokers run semi-profitable managed funds. They do not like seeing profitable traders because other people would flock to them. It would also cause investors and potentials to pull funds from their managed funds. I know that large banks hire super-traders, so this is not something that happens everywhere. I'm guessing it's a self-destructive behavior that is self-limiting.

What are your thoughts?

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Leeds UK
 
Futures Experience: Intermediate
Platform: FXTrade
Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
 
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Posts: 401 since Apr 2015
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FuturesT1000 View Post
I've read and watched interviews of some of the best futures traders in the world. Not many mentioned much about brokers taking the opposite side of you, but I've noticed in one of Paul Rotter's interviews, he discouraged people from taking on a trading career. He said that not only was trading difficult, but once you made it, brokers would dislike you, and try to cause all sorts of problems to make you leave.

It's important to distinguish between genuine brokers who are executing your trades in the market, and market-makers who are holding the other side of your trades.


FuturesT1000 View Post
I know that in forex, the company can take the opposite side against you.

Here, you're referring to counterparty market-makers.

They hold the other side of your trades (as well as your deposited funds).


FuturesT1000 View Post
Some brokers run semi-profitable managed funds. They do not like seeing profitable traders because other people would flock to them.

Wouldn't that be a plus, for them? Every broker wants more clients?


FuturesT1000 View Post
It would also cause investors and potentials to pull funds from their managed funds.

I'd never thought of that, but isn't it perhaps a bit "deep", or far-fetched, as a reason for not wanting profitable clients in case that attracts more?

It's certainly noticeable, when audited figures have been published purporting to show the overall proportions of winning and losing accounts at various brokerages, that the "real brokers" have significantly more profitable traders than the "retail bucket-shops". (Of course, they tend to offer lower dealing-costs, as well.)

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  #4 (permalink)
Trading Apprentice
Batavia NY
 
Futures Experience: Intermediate
Platform: Kubuntu, python
Broker/Data: Interactive Brokers, Quandl
Favorite Futures: stocks, futures, currency
 
justrandom's Avatar
 
Posts: 31 since Nov 2015
Thanks: 7 given, 16 received

The broker isn't in the business of taking directional risk. A real brokerage would want the order flow of a great trader for marketing purposes to other traders.
More so though it is just a bad strategy to find great traders and short them.

This sounds like someone making things up to account for a draw down in their own performance.

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