Recfo Live ??

Discussion in 'Index Futures' started by jondav, Mar 16, 2002.

  1. jondav



    New trader and new member here.

    I have a question for anyone who uses or is familiar with the Refco Live platform. I traded for the first time yesterday (E-mini S&P) and was pleased to have scalped a 4pt profit. At the end of the day by account summary showed a $200 increase over my starting balance.

    Today when I checked my summary I was shocked to see that my $200 profit had changed to a $215.28 loss. Now I know that commissions needed to be deducted which should have totaled $39.60 (4trades @ $9.90). But just where did the rest of my money go?

    Am I missing something here (other then $218.28)? Some hidden fees?

    I have been trading on a simulator for months and have never seen anything like this. Unfortunately, it is Saturday and no one is in the office at my IB.

    Any advice or comments would be appreciated:confused:
  2. Refco isn't that the word they used in the movie "Boiler Room "when one of the trainer brokers had a hot prospect on the telephone. I believe it was a doctor in this case.
  3. Bob777


    When you placed your trade did you also place an order for a stop loss?

    Sounds to me like you did and forgot to cancel your stop, which ended up getting filled. I would check your account because you probably still have an open position.
  4. jondav



    Thanks for the reply. However, according to the account summary I have no open positions. Best I can tell I am flat with all trades offset.
  5. There is an monthly access fee for J-Trader ("PropTrader") but not for
    RefcoLive ( ) Maybe they charged you this fee in error ?
  6. syd697


    Is Refco Live a new platform? If not, how long has it been around? Any of you guys trading futures options with Refco? What kind of fees are they charging all in for a half turn for 1 option contract? Thanks for any input.

  7. stevet


    firstly, you are paying too high a commision rate if it was 2 round turns or a reasonable rate it was 4 round turns

    seems doubtfull you would have made exactly 200 - but could happen

    does your account not show credit debit net which would show you what was accounted for

    could be that there was a delay on the account updating - so that when you read it the first time- even if you had closed out the last trade - the account had not been updated to the latest position - did the account say flat the first time?
  8. wild


  9. I know what you mean, but Lind Connect comes as

    1) Go to Trading Login
    2) Then hit Interactive Demo

    Funny, isn´t it ?
  10. jondav


    Thanks to all that replied.

    The problem was resolved today when I spoke with my broker. It turns out that when they setup my account with Refco (the FCM) the commission amount was not entered correctly. The incorrect entry caused the system to default to a RT commission of $103.82.

    The problem has been fixed and my account credited.

    Thanks again for the help.

    #10     Mar 18, 2002