As it is my first post on this forums i would like to say hello to everybody. I am planning on starting an account to trade CL futures contract. I have been testing a strategy for quite some time and it seems like its working. I am at the point of choosing broker. After reading the agreement from certain company I am a bit concerned though. Could you guys tell me if this is just bad company or this is industry standard? From what I read there the broker isn't responsible for errors in data , his not to blame if the data will be interupted. Also, if anything is screwed up on their end they dont take the blame. They can invest my money and gain intrest on it with me taking the risk. I have to ask company employee to send me my money , its not automatic, so it looks like I am dependant on his good will. Basically I dont see any rights I have there. Everything there is about protecting their intrest. It looks as if I might not get my money back even if I make money in the markets. Could someone please elaborate on this subject?
You are basically correct. Brokers will never take responsibility for a disruption from market data or platform issues. You take on that risk. With current Fund funds at near zero, no FCM will pay you interest on your credit balances. When you request a wire or ACH, if the account has funds available from a risk and margin perspective, they will follow you instructions to another bank or broker with an account in the same name and SS#/EIN#. It's not really "dependent on his good will." Feel free to contact me if you have more questions. Bob