Discussion in 'Professional Trading' started by SomeYoungGuy, Dec 15, 2009.
Have any of you ever had trouble getting your cash out of a trading account?
Unless you're invested with Iranian broker , no.
Madoff was a broker. Ask his investors that.
Perhaps I should refocus this question towards winning traders who would have something to withdraw..
I don't want to have my broker set up a paper trading account and scamper off with my dough. Basically all I have to do is make sure a broker is registered at FINRA and I'm good to go? Is it that simple?
Yes. It almost doesn't seem real but its real $$. The losses are real too.
Refco was registered. Madoff too. Most bucketshops are registered. Some chop shops too.
The only way that I know how to evaluate a broker is to use one that is publically traded like IB. When the earnings go to zero, close your account. I'm serious and paranoid about brokers now.
Are you serious? Do you honestly believe a broker cares about your measly deposits and potential (likely to never materialize profits)?
No major broker would care to do that. A Refco situation is due to hiding bad debts, not deciding to scam the customers.
I wouldn't be too worried about most of the major players out there.
But I wouldn't touch a retail FOREX trading firm with a 10-foot pole.
These are the 21st Century Bucketshops.