That's what a logical person would think. How could they not give the client money back. But this is the new America!!!! Where SECRET Socialism is King, and those who have money don't deserve to keep it. Next, they will be after your house, even though there are not leans on it. I think its time to move to Canada where Socialism is upfront, but you still have some property rights.
I dont understand, why you guys are still waiting helplessly when its easy to get your money. You can still access your RefcoFX accounts, open an account somewhere else and semi hedge with your refco account. Example: Account A buy 10 lots, Refco account sell 5 lots at the same price. You have to be able to make profitable trades but if you cant do that you were going to lose it all anyway. Waiting to be saved by lawyers is probably the worst option available. Save yourselves before you can no longer access your Refco accounts!!!
Why bother selling on the RefcoFX account? Gains after October 17 might not be honored, losses I'm sure will be honored if those accounts are "rescued".
Flawed logic there. In order for this to work, you'd have to be able to predict where prices are going. Otherwise you'd end up with more money at refco. And if you could trade successfully, it'd be more profitable to just make the trades outright, instead of hedging with refco.
Of course you have to be able to predict where prices are going, you have to be able to make profitable trades, if you cant do that you were going to lose all the money in your Refco account anyway. Well personally there is a difference in the number of lots that I trade when semi hedged as opposed to just outright trading, for example if I normally would trade 10 lots outright, when semi hedged I would trade 20 as 10 would be hedged against Refco account so I would make the same profit and also effectively transfer Refco account funds to my new account. It worked for me but to each his own, good luck with the lawyers.
No... Actually the requirement is that you trade 2 accounts in a somewhat illiquid market. One where you can be both the bid and ask. You just keep hitting your own bid/ask until all funds are transferred from one account to the other. btw... I had a Refco futures account. Just waited about 6 months... And then the good folks at Man Financial sent me a cheque for the full amount. rm+
Its certainly possible in certain markets... But we are talking about the retail spot forex market, with the built in spread and refco taking the other side of every trade.
Why did people carry on trading with Refco Retail, because their attitude stank. Isn't that a tell tail sign enough? Guess it's just human nature to act after the horse has bolted. I'm at my 5th broker now. It's tough to find a good one, and it took me a long time.