NYC PCM 14:15 GMT October 24, 2005
Subject: New York Meet Up
All those in New York interested in a get together for coffee and trader talk - don't forget to let Jay know.
nj jf 14:06 GMT October 24, 2005
yes that is an issue
you must go segregated account or bank guarantee that will keep you and your clients safe no matter what
ICT ML 13:09 GMT October 24, 2005
jf hope you are right.....and you know those jokers better than anyone.......but nothing they wuld do could shock me anymore.
Unfortunately, this has spilled over to other non-refco clients now. I get emails from everyone telling me they need to reconsider their FX investments etc.......they have people telling them "told you so" about our industry etc.......
The backlash is going to effect everyone soon.
nj jf 12:36 GMT October 24, 2005
ml- ive never seen something where u can bet perhaps win or lose yet be in a posiiton to receive no payout
if thats a legal way to operate a business id be highly surprised
nj jf 12:28 GMT October 24, 2005
i think you will find the refco..fx... part will get yr money back its the wholesale side that will struggle
it just may take a while tho - the retail is a different animal
to be honest the best thing that ever happened to this industry is probably these guys getting in trouble because they employ the worst tactics and rules of any broker to screw the customer.
Spotforex NY 11:58 GMT October 24, 2005
ICT ML 01:44 GMT
I totally agree with your viewpoint....another bucketshop here in NY (ChoiceFX) had the same policy. ...trade all you want, use all the leverage you want....just makes it easier for the firm to pay you NOTHING in hopes that the account blows up......otherwise...good luck suing the company for your funds back.
Atlanta South 09:38 GMT October 24, 2005
Subject: Area Traders
Ref 19:33////I guess not......I tried.
ICT ML 01:44 GMT October 24, 2005
Subject: Rfco bucket shop
So now, all you who believed the crap about "we don't trade against our clients".........even when many of us told you it was B.S.....
Consider this, Rfco is allowing clients "to continue trading".....but not withdraw any funds, because they don't have the $$$$. Just WHO do you think Rfco is giving up these "trades to"? They reportedly have no credit or cash anymore to carry on the FX part of business.
So WHO are you trading with then? Think about that.
The answer is you are NOT trading. They are running a BOOK on you, like they always have according to many in the industry I talk to. They are assuming that given enough time, the average RfcoFX "trader" will lose more and more $$$ and the eventual "Pay Outs" to those with any $$$ in their accounts when its over will be reduced to a more manageable level. Every little bit helps them in the long run....
SO go ahead and keep "trading" your frozen accounts at Rfco..they are counting on you to blow up. Question is, in what ways are they going to start helping the process along being they are unregulated and answer to nobody.
Please be careful. I know many who are out 6 figures and much more in this mess and they are the ones who can afford to sue. Most RfcoFX retail traders cannot afford to sue.
All IMHO of course.