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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #271 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
Platform: SaxoTrader
Broker/Data: SaxoBank
Favorite Futures: ESTX
 
Posts: 290 since Dec 2009
Thanks: 242 given, 109 received

Using the combo Velocity / TT / Sierra, can you please tell if when trading the FDAX on Eurex :
- the open position is reported instantaneously on the web portal ... or is the report delayed by a few minutes or not updated at all outside US RTH hours ?
- if carrying an overnight position, will my position be reset for the next electronic day session or will I see it on Sierra next day ?

Thanks

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  #272 (permalink)
Elite Member
Belgium
 
Futures Experience: Advanced
Platform: SaxoTrader
Broker/Data: SaxoBank
Favorite Futures: ESTX
 
Posts: 290 since Dec 2009
Thanks: 242 given, 109 received


SARdynamite View Post
Using the combo Velocity / TT / Sierra, can you please tell if when trading the FDAX on Eurex :
- the open position is reported instantaneously on the web portal ... or is the report delayed by a few minutes or not updated at all outside US RTH hours ?
- if carrying an overnight position, will my position be reset for the next electronic day session or will I see it on Sierra next day ?

Thanks

Anyone ? I do prefer to refer to user-ended practical experience than a salesperson speech. Thanks in advance

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  #273 (permalink)
 Vendor: www.velocityfutures.com 
Houston, TX
 
Futures Experience: Intermediate
Platform: X-Trader, Sierra
Favorite Futures: Futures, Stocks
 
Posts: 1 since Dec 2011
Thanks: 0 given, 1 received



SARdynamite View Post
Anyone ? I do prefer to refer to user-ended practical experience than a salesperson speech. Thanks in advance

The customer portal has 2 tabs, one that will show you your position with a small lag typically of a minute or less (it will show you the last time it was updated) and another tab with your positions in Real-Time, but this is still in Beta mode.

Sierra will show you positions you held overnight, the position will be marked to market to the latest settlement price, it will not show your original entry.

If you are ever unsure of your position, or cannot access your portal, or believe you see a discrepancy, you can call the desk any time the market is open.

Hopefully this wasn't too sales-y and other people can weigh in with their individual experiences with our portal/Sierra/FDAX.

Luis Escoffie
Velocity Futures LLC

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  #274 (permalink)
Trading Apprentice
Arlington Va
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, BUND, FUTURES
 
Posts: 1 since Sep 2010
Thanks: 0 given, 1 received

Troubles with Velocity

I too can tell you Velocity is a TERRIBLE company run on a shoe string. They are not worth the discount. I had them for two years and Velocity made many mistakes which cost me quite a bit of capital. Long story short, I moved on. I recall one time they raised margin rates in the middle of the day and ripped me out of position.. cost me thousands. I called to complain and reps are rude, and the company really cares very little about their customers. Their answers is they can do what they want, and they felt volitility was too high so they flipped the switch to overnight margin. No warning, now calls, screw how it affects the customer. This is an example of how they deal with customers. They will ruin you in a minute without a concern about your as a customer. Never been treated so poorly by a broker in my life. MY suggestion. DON"T USE THEM. The savings initially will cost you huge in the long run. They also have a second website called futuresbroker.com. Same company.

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  #275 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 157 received


Steve77 View Post
I too can tell you Velocity is a TERRIBLE company run on a shoe string. They are not worth the discount. I had them for two years and Velocity made many mistakes which cost me quite a bit of capital. Long story short, I moved on. I recall one time they raised margin rates in the middle of the day and ripped me out of position.. cost me thousands. I called to complain and reps are rude, and the company really cares very little about their customers. Their answers is they can do what they want, and they felt volitility was too high so they flipped the switch to overnight margin. No warning, now calls, screw how it affects the customer. This is an example of how they deal with customers. They will ruin you in a minute without a concern about your as a customer. Never been treated so poorly by a broker in my life. MY suggestion. DON"T USE THEM. The savings initially will cost you huge in the long run. They also have a second website called futuresbroker.com. Same company.

Do you know what the next step will be?

You will get a threat of legal action from their lawyer for your post above. I'm not kidding.

Thats exactly what I got from my statements of FACT here on these forums about velocity. They sent some drivel about how I was putting their business in a bad light and this was potentially libellous or words similar to that! I ignored the fool. How can informing other people of bad service be illegal?

Velocity is a JOKE BROKER. They really are.

If I get any more silly correspondence from them, I will post it here for all to see. Name and Shame. Thats my policy. And if it gets deleted, I will make issues worse by posting the same on ET too - they are more liberal that futures.io (formerly BMT) and have a wider audience.

Telling people about bad experience is not against the law. Who do these jokers think they are? LOL!!!

What really bugged me though is theat I got a PM from BigMike following my TRUTHFUL posts asking if he could pass on my personal email to velocity so they could address my concerns. I asked him NOT TO. Nevertheless the following days I got the correspondence from velocity. hmmm. Can I trust this board to keep by ino private? Thats why I dont post here at all (a part from this post of course).


Last edited by TheDude; February 23rd, 2013 at 01:09 PM.
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  #276 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 157 received

Id just like to say that since leaving velocity I am now with another broker and it is a different world!

Staff are polite.

Orders are executed promptly if you have to call the desk

Staff are knowledgeable about the industry

On the very rare occasion they make a mistake, they put their hands up, and correct it immediately.

Whats more they are CHEAPER than velocity.

It's a breath of fresh air!

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  #277 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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TheDude View Post
What really bugged me though is theat I got a PM from BigMike following my TRUTHFUL posts asking if he could pass on my personal email to velocity so they could address my concerns. I asked him NOT TO. Nevertheless the following days I got the correspondence from velocity. hmmm. Can I trust this board to keep by ino private? Thats why I dont post here at all (a part from this post of course).

If you asked me not to, then I did not. If you don't trust me or if you don't like the forum, leave and don't come back.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

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  #278 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 157 received


Big Mike View Post
If you asked me not to, then I did not. If you don't trust me or if you don't like the forum, leave and don't come back.

Mike

Thanks for the reply.

If you say you didn't then I believe you. I'm sure you can understand a degree of suspicion on my part given the close time difference between events.


The reason I didn't want my details passed on to them is because I have pretty much washed my hands with them. I have no issue telling people about how I was treated however as I dont want anyone else to have a similar experience. Other than that, it really is good riddance from me as far as they go. I understand that others havent been as unfortunate as I was with them, and they think velocity are great. I respect that.

Anyway, water under the bridge as they say.


Last edited by TheDude; February 23rd, 2013 at 04:07 PM.
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  #279 (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
Thanks: 29,353 given, 83,234 received


TheDude View Post
Thanks for the reply.

If you say you didn't then I believe you. I'm sure you can understand a degree of suspicion on my part given the close time difference between events.


The reason I didn't want my details passed on to them is because I have pretty much washed my hands with them. I have no issue telling people about how I was treated however as I dont want anyone else to have a similar experience. Other than that, it really is good riddance from me as far as they go. I understand that others havent been as unfortunate as I was with them, and they think velocity are great. I respect that.

Anyway, water under the bridge as they say.

I would imagine they determined who you were based on your comments. I don't think it is unusual for a company to try and reach out to solve a problem. In this case, you didn't want them to do that it would seem. I would imagine they would have no way of knowing that unless in your private communication with them you told them you didn't want them to respond.

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
 
  #280 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 157 received



Big Mike View Post
I would imagine they determined who you were based on your comments. I don't think it is unusual for a company to try and reach out to solve a problem. In this case, you didn't want them to do that it would seem. I would imagine they would have no way of knowing that unless in your private communication with them you told them you didn't want them to respond.

Mike

LOL. 'Solve the problem' by threatening legal action for informing others of experience! Perhaps you should offer them your services as head of customer relations? Someone who seeks to resolve issues would probably be a very healthy addition to a business that seems not to care about its customers.

Perhaps they have realised the errors of their ways and are rebranding themselves with this futuresbroker.com outfit - it that is indeed them.

Anyway - enough from me on this. Lets see if there is anyone out there with positive experiences of velocity.... I'm sure there must be one or 2 good people in that place...... (Im not holding by breath though!)

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