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> It some ways margin is good 'insurance' because I am only at risk
> when I am in cash ... when I am in a trade I 'own' the stock and
>only
> have the margin% in their hands.
Another example of how you can keep trading but minimise your cash
exposure:
- trade US options (big market)
- you can be a cash buyer only and use a cash account with, say 10000
and still control a large stock value (long or short)
- no selling of options
- losses are limited but you have carry costs and you have to look
out for volatility crunch (not to be fooled with).
I used to have a cash account like that at ETRade.
--- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@xxx> wrote:
>
> Hello Carl,
>
> Re your cousins account:
>
> Was the broker US based or where?
>
> It varies from country to country.
>
>
> Re US insurance:
>
> It varies between brokers.
>
>
> FDIC or SIPC or both?
>
>
> I got millions of hits with a google search "broker account
> insurance".
>
>
> What to do?
>
> Personal choice.
>
> What did I do? (prior 6-12 mths)
>
> Moved out of a broker with my account in smaller Aussie account
(not
> first in line for Aussie bailout).... and pulled back from offshore
> (Island state account with cash in major Euro banks).
>
> Kept away from IB for a while.
>
> This was negative for my offshore trading (Aussie market is no good
> for me) so ....
>
> I moved to spread better IG Markets ... not as risky as it
sounds ...
> I like the products .... my account is 'in trust' in a local major
> Aussie bank when not on margin call/use.
>
> It some ways margin is good 'insurance' because I am only at risk
> when I am in cash ... when I am in a trade I 'own' the stock and
only
> have the margin% in their hands.
>
> IG Markets are in some places in Europe.
>
> They are listed on the UK exchange ... same business risk as IB or
> ETrade.
>
> Also, pure brokers shouldn't be going broke ... vols are at record
> levels ... commercial banks/brokers are the ones who went broke.
>
>
>
> I think it is OK to go back to the US but I am waiting a bit longer.
>
> Consider:
>
> - diversify your brokers
> - trade with a local broker (adjust your game to their instruments?)
>
>
> and I don't have 'life and death' assets on the line in trading.
>
> brian_z111
>
> --- In amibroker@xxxxxxxxxxxxxxx, "Carl Vanhaes" <carl.van@> wrote:
> >
> > I know this might be judged as off topic, but I also know this is
a
> > general concern across all active traders nowadays: I am based in
> > Europe and have a brokerage account at IB. I have no concern
about
> IB
> > reliability but they are "only" a broker. And my concern is the
> banks
> > they use to store your and their money, in this case Citibank and
> > Bank of America. When you ask they say your account is insured up
> to
> > 1 million USD.
> > Very good but I wonder what would happen if both Citibank and BAC
> > failed and went bankrupt. I had a member of my family here which
> > funds purchased at his local banker agancy were supposed to be
> > insured; until they called him some months ago to say that they
> were
> > very sorry but his investment were 100% lost due to Lehman
Brothers
> > bankrupcy. He sued his banker (guess what bank: Citibank!!!) but
> > nothing so far...
> > If you can't even rely on your own banker in this financial
crisis
> > then isn't it time to leave trading until this crisis is over?
And,
> > in the meantime, buy some precious metal and have it stored in a
> > place you can see and touch ??
> >
> > I like to have your opinions here...
> >
> > Carl
> >
>
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