hi everybody since i am completely new to trading, i am thrilled to have found this forum to help beginners like me.. i have been looking for a new futures brokers and i have been assessing a lot of them.. i came across Mirus futures but i have a little concern about them. when i got to their contact page, i found the names of the brokers and associated persons that work there, so i entered each name of them in the NFA database site and found that; 1- two of them ARE NOT in the NFA database, ie they are not regestired which are Tony pacione and Georgios Kostopoulos 2- one has NO CURRENT STATUS (Sean Reilley) 3- one of the principle has shown 3 results each with a different middle name should this be a concern? thanks
<i>"since i am completely new to trading, i am thrilled to have found this forum to help beginners like me.. "</i> If you are completely new to trading in general and one post in here specifically, we assume you'll be paper-trading for quite some time. If so, you're getting started the right way and it doesn't matter which broker you work with. If not, it doesn't matter which broker you go with, you'll be broke sooner than later with any of them.
Wow..what a positive message to the newb...sheesh Since the newb WILL BE investing TIME with a broker for a sim set up, he might as well get off to a good start...right? (answer...Hell YES!) Mirus, AMP, VCap, Dorman, Velocity, Spike, Advantage, etc. are all brokers you can check out if you are going to be using the free NT platform in Sim mode as you start learning. Your question about Mirus is a good one, call and talk to them about what you have observed and make them answer for it..only way you will know for yourself. BTW, best wishes to you and ENJOY..trading is a blast!
Austins' posts usually have more clarity than that one. Read it again. He's saying if your starting out PRACTICING on a SIMULATOR ACCOUNT, you're doing good and will eventually learn and prosper. If you're NOT PRACTICING but starting out as a newbie with REAL MONEY, you'll go broke fast. (I think I got that right)
<i>"Wow..what a positive message to the newb...sheesh"</i> Sometimes we see things in life that are incongruous. For example, a brand-new trader is usually fixated on how to trade. Getting thru the learning curve of entry points, trade management = money management and mental - emotional control are the three pillars of success that consume most thoughts. Instead, here we find someone who is fixated on specific nuances of a specific broker? Wouldn't it be logical to simply pass on any such questions and move on to the next of a dozen choices? Why keep traipsing down a rabbit trail that leads nowhere toward success for a new trader? There are enough more important things to worry about than that... like avoiding total loss before one learns to ropes. Another scenario might be someone with a specific agenda to promote. It's possible that in the entire history of message boards, someone somewhere has created an alias and made their maiden post purposely for that thinly veiled agenda. In any event, if what the OP shared about their situation is true, their first priority is trading well. Choosing a clearing firm who backs an IB is a cart in front of several horses first. Choosing an IB comes after or at the same time as choosing the clearing firm. Still way down on the list of priorities in this case. The OP will be comforted to know that a number of traders here have a lot more money working thru Mirus in the security of Dorman or RCG than any newbie should ever deposit in a maiden account. On a side note, I'm entering my third year with Mirus with never a platform outage, not one single instance of inability to trade at any time due to software or connectivity issues. That in itself is more than many can say at other brokerages out there. Focus on learning to trade well first, then somewhere down the road the real money issues will arrive to be dealt with.
WOOOW, though i am thankful to ur replies but they are WAY out of topic. first of all, i meant i will be opening my first real account, i have been sim trading and studying and strategizing for over a year now. but i have never opened an account with a broker so i wouldn't know what to look for.. n.b i am self-directed trader i don't need broker help except for closing positions ------ and for gods sake i have NO AGENDA to promote.. .. and i posted the question in the retail forums sub group .so i am not sure how you move on to the next trader who want actual trading advises as there are another forum for this --------- as it is advisable before opening an account with a broker, to look them up in the NFA database.. thats what i did and u can do it urself.. --- my question is, for those are with mirus and those who are not (traders have knowledge of brokers and their status in the nfa should this concern you? and what does it mean "no status" in the nfa site 1- two of them ARE NOT in the NFA database, ie they are not regestired which are Tony pacione and Georgios Kostopoulos 2- one has NO CURRENT STATUS (Sean Reilley) 3- one of the principle has shown 3 results each with a different middle name thanks
..and like I said, call Mirus and ask them about what you have observed..yes you need to have those issues clarified imo. Call the NFA too..might as well dig a little and get your answers.
<i>"my question is, for those are with mirus and those who are not (traders have knowledge of brokers and their status in the nfa... should this concern you?"</i> Thank you for clarifying your individual status as a trader. The initial post left lots to be interpreted, which directly affects your next steps toward choosing a broker. Sticking to the topic this time :>) None of what you posted is of any concern to me. Why would it be? What should I care about details of who is employed at the introducing broker? The only concerns I would have are these: #1: what software = platform is used to link my computer with CME? #2: Who is the clearing firm that actually holds my money? #3: How accessible is my broker during times of outage? The clearing firm holds your money. The software is your bridge to desired exchange. The broker merely facilitates that process. Those of us who use Mirus are happy with all three facets of the process. Perhaps you should explore the brokerage(s) whom you have previously or currently sim traded thru. That would be an excellent place(s) for you to start, already being familiar with their platform(s) and process.
but if the people handling your money at the IB are not registered at the NFA, i think this should be concern.. if one of them makes a mistake or even worse manipulate your account and incur you some losses, you would not be able to file against them (they are not registered) nor the NFA will help you... other concern is that since they are not registered this could mean they are beginners and may be under still training .. please i am not talking about or against a specific firm.. i am just, being a beginner in this world, raising a general discussion about this issue
I've been a client for a long time and they are great guys over there. Since you didn't take the advice of TradeStar to call and verify yourself, I did it for you. You obviously searched for Tony Pacione instead of Anthony Pacione. George Kostopoulos is overseas and only handles foreign traders, so not required to be series 3 licensed. There are 3 Pat Shaughnessy's in the NFA system with different middle names... so what? Is Patrick Shaughnessy such a unique name that you are suprised by this? It would seem very likely that you're a broker trying to use dirty tactics. If so, you should know that it will be very difficult with a well-run company like Mirus, who has an excellent reputation. Good luck in your "trading".