zonetrooper... why are you so happily adding funds to your fxcm acct (as u mentioned on another thread) if u don't mind me asking? they just got fined, however insufficiently, by the nfa... have you read the 'complaint' section? u may find it instructive, judging from your other posts on this thread and others... to an extent, funding fxcm at this juncture is a form of encouragement to them. why? to reward them for a good PR stunt (the refcofx MoU)? you really think they care about refcofx custies? or is it more that if too many people move their retail fx accts to more reputable institutions, Drew Niv's lifestyle is going to suffer? if u ever get to meet any one of fxcm's top MDs with sunshades on and rolling out of an all-nighter in roppongi's titty bars, into an otherwise serious business meeting, u'll see what i mean... instantly ))
Do you have a link? You might have mixed up one of my posts with zonetrooper. I am a RefcoFX account holder and have set up a FXCM account, which I would like to fund with my RefcoFX account. But I might fund it on my own and withdraw profits (if any) on a regular basis.
You can always count on the fear mongers coming out of the woodwork with doom and gloom scenarios to comment on things they are incredibly unqualified for. When the deal goes through, quite a few people on this board are going to look awfully stupid. Just to make clear where we are instead of posting pointless rhetorical questions: 1. RefcoFX customers can still trade and manager their accounts, they cannot make withdrawals or deposits 2. FXCM is buying RefcoFX to rescue the firm and the customers funds, if they succeed then RefcoFX customers will be whole. They will be able to withdraw as normal. 3. FXCM is the favorite to win the auction whose date will be determined on the 15th. This is due to the MOU in place, the break up fee, the fact itâs a private firm, the fact they can get more out of the asset than any other buyer 4. 100% guarantee, after FXCM saves the day there will still be the ignorant fear mongers (ohh I mean the shills for Oanda, gft etc.) on the board who find something to bash about them. Trader/God
This is the type of thinking that led customers to lose their money at RefcoFX. Mature adults instead think in terms of risks as to what might happen, rather than in terms of certainty as to what will happen. Mature adults recognize risks and uncertainty, and respond to them carefully and intelligently. Mature adults don't get embarassed, and don't "look awfully stupid", because they tried to protect themselves, or to warn others, regarding a risk. They don't get embarassed, or "look awfully stupid", just because such a risk does not ultimately ripen into an actual disaster. Successful trading requires one to think in terms of uncertainties, rather than certainties. Trader/God claims to have some superior qualification to comment about FXCM, but he has never revealed why he is qualified.
Hmm. So if I put my money at in Fidelity, they can borrow at will, and if they loose their shirts, I get to loose mine also. All without my knowledge. Sounds like a bunch of trickery. Whey would any one put their money with any institution if this is the case? Yes, I've read the part of the contract where it talks about collateral. That's all apart of doing business. These guys are moving rather large amounts between banks, and their are promissory notes signed. Technically is lending back in forth. But this is done to facility trading of currencies in REFCO FX case. Customer accounts are not to be used by REFCO FX to lend money to other Refco Entities, nor should this money be used for pay role purposes. (This would/should be considered theft of customer funds)
Yes, I have read the complaint. Some people apparently were being sucked in by the guarantee stop loss garbage that many firms claim. I especially like the advertisement that many firms say that you can't loose more than what you have in your account. Though I bet you can if the conditions are right. As far as trading with FXCM, for some reason or another, their platform/spreads/pairs offered ect meat my trading type perfectly. And I haven't cared too much for other dealers, though I am always looking. I was checking out a dealer in Canada that uses FXCM and has CIPF insurance, but they won't accept US accounts. So right now, I'm biding my time, trading with FXCM and making pretty good profits. (Hopefully, I won't experience another REFCO) Though I'm always looking for a FXCM replacement. As to wether or not FXCM caires about REFCO customer, I don't know. I do know they do care about the integrity of the FOREX Markets. And if REFCO customers get say, 10 cents on the dollar, their will be 15000 people screaming at their congressmen. And I don't think any industry really wants Congress dictating to them on how to handle their business. Also, the FOREX Markets are still rather new, and a black eye to it might must kill FXCM and other non bank dealers all together. But, on the other hand, if the FOREX Markets can with stand a candle like the REFCO without customers loosing their money, then the chances are a lot more players will enter into the market, which will be good for FXCM. especially if they are playing the role of the White Knight.
ZoneTrooper, I guess I will never understand the logic behind getting robbed by a bunch of guys (RefcoFX) and immidiately sending more cash to exactly the same bunch of guys (FXCM) while being perfectly happy about it.
I see no reason not to trust FXCM, and if you have traded with RefcoFX the switch over to FXCM will be easy, same trading platform and forms. Just make regular withdraws of profits (if any), no charge for withdraws by check.
fxcm the favourite blah... saving the day etc?... u sound like the horse racing channel now dude... entertaining but... fxcm doesn't want to be scrutinized by other parties at the auction for the 35% stake refcofx holds in them, they also want their $8mio loan back from refco as part of the deal (MoU) they tried to put together with refco and that the judge can tear to pieces any time, they also want to negate the bad PR effect of the nfa award that'd been pending for months and they just got hit with, they & acm alike are suffering from customer / funds flight because people were uncomfortable with potential on or off-balance sheet deals between refco and its affiliates (such as... the $8mio loan from fxcm to refco...)... 'saving' refcofx custies their main goal hey? :=))))))))))))) how cute of u to think that ;-) (having said that i still have $30K with fxcmpro/currenex, but thats not because i think of them as white knights, thats for sure ))))))))))))) )