|
PureBytes Links
Trading Reference Links
|
Yeah, I thought I was in good shape when I decided to years ago to trade
my IRA with Intrust. I can't recall back then if it was "sponsored" by
Lind-Waldock or First American. Both firms I thought were big enough
with regard to safety. To be fair I think Intrust was the pretty much
the only game in town for IRA trading. So,, I'm not saying it was either
broker's fault but for sure they did nothing to back up their clients.
I was amazed how Intrust filed just after April 15th (can't recall the
year) so that they could squeeze every last dollar out of us.
I've got some worthless piece of paper "certificate" that shows I'm
entitled to $$ if there is any left. It looks like they printed it at
"Staples". Real pathetic looking.
Meanwhile some guy stole $66 million dollars and years later is walking
around free as a bird. Or wait did he die? Can't recall. Anyway,
Attorney's continue to file petitions for $$ and Pricewaterhouse Coopers
is still getting paid for doing squat.
If you are a Futures trader you can figure that if the firm goes bust
your screwed. You'll be lucky if it even makes the news. Feds figure if
you lose $$ trading futures then you deserve to lose it anyway.
Just my opinion here but after over 25 years of trading futures to me
the biggest risk is still the risk of the broker failing. Just my
opinion, but as far as I'm concerned, Bigger might be better but I'm not
convinced.
Regards,
Tom
Jimmy Snowden wrote:
I would never use some mickey mouse broker like the Cruz boys have. I
was a broker for nine years and saw a bunch of little guys go bust.
Sure there is insurance but if you have a margin account you never
know when you will get your money out. You don't know if your
positions will be closed. Not for me. I know too much about how that
stuff works.
|