LOL! If you had simply agreed with me in the beginning, it never would have come to this! LOL! OldTrader
You're probably right, but since I didn't say anything that inflammatory, I felt like I should at least defend myself for a page or two. The initial statement, that business is built around the notion that ethical behaviour must take a back seat to profit, and that the brokerage business has at least as much sharp practice as any other business, stands, and probably won't be debated by anyone here. Has IB ever engaged in any sharp business practices? I now know how it feels to have the IB police bust down my door. I'll probably be more circumspect in the future. At least we had the entertainment value of seeing Mandelbrot stick his foot in his mouth (irregardless?? I mean, really...) and then flail around in desperation instead of doing the manly thing and just dropping it : )
Nah, that seems to be your schtick. But thanks for the engligh lesson professor, I'll be more careful in the future when conversating with you.
I'm blown away that three people can debate on ET while mostly keeping things civil AND making intelligent points!
While I'm not at liberty to disclose many details, I can confirm that *B is far more cutthroat a firm than most realize. Last year they opportunistically screwed a certain counterparty out of about $5 mil, on the flimsiest of excuses. Their attitude is quite consistent with Nik's speculations, along the lines of: "We'll fuck you over simply because we can, and good luck trying to get your money back via the legal system." If you guys only knew...
I would not like to think that IB or any broker is going out of their way to screw anyone. No proof of that is offered here. Only innuendo which can't be defended against. The only bona fide screwing I've heard of publicly is the one IB and others took from manipulators in Europe last year. I'd love to hear enough detail to make my own judgment as to whether someone was ripped off or not. As far as liquidating , there is NO GOOD way to do it. They are not going to 'trade' out of it , that's not their mandate. They don't have the time or the ability to minimize your loss. If you can prove they somehow printed you a bad price and booked the difference then you have a case. I doubt it. By definition, margin selling is clumsy, ugly, and will cost you money. The cure is to stop maxing out your margin , you're probably not that good or smart to trade at huge multiples of capital. And if you are that smart , don't bitch when it blows up.
LMAO Rearden As we say down here: Put up or Shut up (often followed by the friendly salute: dickhead).
What part of "I'm not at liberty to disclose many details" are you having trouble comprehending? Anyone familiar with me & my posts to this site who is also blessed with the pattern recognition abilities of a successful trader, instinctively knows to take my post seriously- For the simple reason that it came from me. On the other hand, anyone who can confidently laugh off my statement as certain nonsense... Well, good luck to you, but I'm sure glad you're not managing <i>my</i> money.