Quote from oldtime:
If my little itty bitty forex trading account at ib ever hits the big time, then the best call to make is to Lloyds of London, and get a quote on what they would charge you to protect you. They deal in million dollar units. If you don't have a million dollar trading account, then you are just a little worry wort starting threads on ET. [/B]
Quote from oldtime:
ok, but you already know going in, anything over 250k is gone, and the only way to get protection over sipc is to pay for it privately, or to reposiition yourself so it's not a total loss to your lifestyle.
my point was just the busllshit detector
I often think what my tax implications will be if I win 100 million on a lottery ticket, and may even start a thread asking the question
If you are trading more than 250k at ib, you already know what the deal is
If all my borkerage accounts go broke at the same time, then I am SOL. But I knew that going in.
The government only protects you up to 250k, and most people living in Florida who just worked at the factory and maxed out their 401k and contributed to ther IRA have substantially more than that.
It's up to you to protect it, and you won't find that protection in the fine print, or on an internet trading site.
but yes, ok, sorry for the interruption, carry on and discuss how to protect your ib trading account. If you don't already know that, I doubt you will have to worry about it much longer.
like I said, somewhere there is thread on ET about ib and sipc. and somewhere in the 1000 page thread Lloyds is mentioned, and if I recall someone called and got a quoteQuote from zorroverde:
Hello Oldtimer,did you ever try to contact Lloyd's?Could you share any first hand knowledge or is this just hearsay?
IMHO Lloyd's does all business through approved insurance brokers who normally specialise in a few fields only.Not so easy to identify the ones willing and capable to broke account protection for individual investors,even if the account size is in the order you mentioned.
my fault, I didn't realize worry wort would be such an offensive word. at anyrate, I should have done a better job of reading the first post, didn't realize it was such an old thread, sometimes on the weekend, I get stir crazy and just like to hear myself talk, carry onQuote from Swan Noir:
If you look back I was never speaking of how to mitigate the risk in an IB trading account. The OP obviously thought there might be a way to use a "combines account" so he asked a question.
What I thought was rediculous was your belief that anyone that started such a thread with less than a million dollar account was "a little worry wart." To be clear and specific my only opinion on this thread is that that is an absurd characterization of a man seeing if he is missing a way to cut his counter party risk.
Do you stand by your opinion that he is a "little worry wart" or would you prefer to talk about every other subject under the sun? Don't be the master of the straw man argument -- answer directly.
Quote from oldtime:
my fault, I didn't realize worry wort would be such an offensive word. at anyrate, I should have done a better job of reading the first post, didn't realize it was such an old thread, sometimes on the weekend, I get stir crazy and just like to hear myself talk, carry on