don't be so sure about your point d, dattrader. others are hearing the same thing. i believe the update your are waiting on has been a while in the coming, no? Do you know anything about these guys running the show? Maybe you should check it out?
What "update" have I been waiting for? Do you mean the new Platinum trading platform? If so it is out and so far seems to be a solid program. As far as knowing about the "guys running the show"....well I didn't know a whole lot about MarGwen and Stuart Townsend either when I traded on Realtick...What the heck am I supposed to do do a background check on the owners of every company I might trade with? As I said what is the downside/risk anyway.....I might have to switch platforms again. I dont get all this weird sh*t you guys are throwing my way. Quit with the clandistine mysterious stuff and tell us what the hell you are talking about already. PS I noticed you are another "first timer"........
just passing along information dattrader. nothing against you personally but heres the risk. getting your money out of the bd !!! as far as first timer i look at the site and just try to pass along info that may help// save someones but. Remember Enron!! ps trading for years and i wish you the best. jj
i use IB - their cs sucks but commisions are good and the system seems stable. Truth be said if you know how to trade you can make money fine with a online broker like Brown &Co. For God sakes i look for .75 to 1.50 - that scalping for pennies is over my friend!
jj, Spelling is so important if one wants to communicate effectively. Consider the word "but". A homonym to "but" is the word "butt". Here is the proper usage. I would like to learn to ride a horse BUT I don't have time. I've been riding a horse all day and my BUTT is sore.
JJ-I do not take it personally so no worries there.....but again you or Badass or Active have still seemed to miss my point. A trader's money (in this case) is not with the introducing BD, rather it is with the clearing firm (in this case Southwest). It is my understanding that the introducing broker has no rights or access to these funds, rather their trading software is used to execute trades in the traders account with the introducing broker, and these trades are then uploaded to the account at the clearing firm for clearing/settlement. SO again the IB never has access or obsession of the funds anyway. So I ask again, what/where is the risk to the retail trader if the introducing broker closes shop?
is PointDirex clearing firm and they are SIPC protected (www.sipc.org). they have even helped other clearing firms that have gone in trouble by taking on their clients. So any introducing firm that goes belly up would still not hurt you, if you're willing to wait 1-3 months for the courts to settle your funds.
OK Dattrader, all i am saying is just be careful. No matter which company you go through, just be wise. THe daytrading business is not like it use to be and many firms are having problems. So if you do have an account with a firm that unfortunately goes under, it will take a lot of work to get your money back especially if you had special circumstances with that firm for margin reasons. Ex. You make the check out to the firm for $10,000, and they give you an account with $100,000 buying power. 10-1 margin. Well, if the firm goes under, how are you going to get your money back if the firm has the funds and the acct was in their name. You were just trading a hedge fund, not your own personal account.