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Upon further investigation, I have discovered that what I said below is not
entirely correct. The old FCM will generally charge you to close out
positions when leaving an account. The new FCM will incur a cost in
reestablishing the position but may choose to not charge you for promotional
reasons.
Don't know why they just can't transfer the positions.
Alternatively, you can wait until rollover time to switch. You are going to
incur a RT anyway, just roll out of the old account and into the new one.
But this could get messy with having to have margin funds in both accounts
to accomplish this.
Scott Hoffman
Issaquah, WA
-----Original Message-----
From: Scott Hoffman <trader20@xxxxxxxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Wednesday, October 28, 1998 9:51 AM
Subject: Transferring accounts
>FYI - It has been confirmed to me by a Lind-Waldock rep that open
positions,
>cash and tbills may be transferred from one FCM to another without having
to
>liquidate and then reestablish the positions thus avoiding the extra
>commissions, slippage, ext referred to below. Just like in the equities
>world.
>
>Just trying to be helpful and possibly save my fellow traders some money in
>the future.
>
>Regard to all,
>
>Scott Hoffman
>Issaquah, WA
>
>>I switched
>>brokers in July, from a "Broker Assist" type of
>>account ($39/round turn) to a "Full Discount" account
>>($24/R.T.). This required extra trades (with extra
>>commissions and extra slippages) to close and re-open
>>existing positions
>
>
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