Charged anew 11,000% of comm. fees for 1900 trades, and 570% of money used to trade

[TorontoTrader2]

Quote from TraderManiac:

nbates trust me this is real. Can you imagine the way it would affect X's business if I reveal X. I don't want to be held liable for that.

And yes, the conduct, I stated, of the company is true.

No, I can't imagine how it would affect X's business. The rest of X's customers are undoubtedly trading with a properly funded account and have read, and abide by, the posted commission schedule, and agree to the terms of the signed account contracts. Ergo, they have a happy trading experiece.

BTW I have deduced who X is, but as you mentioned these boards often do not afford us the freedom of complete expression...

 

[TraderManiac]

plugger they are already charging me compound interest on the $4K. In a couple of years, that amount will grow large enough where it makes sense for them to take legal action. This dispute has to be settled ASAP.

BTW if anyone is out of control, it is them charging people whatever they want whenever they want.

 

[TraderManiac]

jem I wish that is what they claim I owe them.

 

[JSL_Capital]

Some comments:

- WTH, with that little amount of money in your account, IB would have frozen your account as soon as you were deemed a pattern day trader until you replenished it over the legal minimum. IB wouldn`t have let your account active the way broker X allowed you to, period.
- Churning and burning your account like that is asking for trouble, no matter what the commission, or the size of trades. Heck, people at Swift Trade are hard pressed to make money everyday with a quarter of the said commission.
- I suspect given the per trade rate, the broker X could be Disnat, Ameritrade, or Etrade but that doesn`t really matter.
- This case smacks of negligence and incompetence on the part of the broker as well as yourself, so I think sharing the commissions liability is the best way to resolve this mess.

Regards,

 

[TraderManiac]

TorontoTrader obviously you don't know how limiting it is being usually charged $15 and above on every trade

 

[Bitstream]

Quote from TraderManiac:

plugger they are already charging me compound interest on the $4K. In a couple of years, that amount will grow large enough where it makes sense for them to take legal action. This dispute has to be settled ASAP.

listen, i agree with u they're exploitin' da situation'n'prolly have been wrong sayin' what i said in me previous post...so, if u think they tryin' to defraud u, contact da proper authorities that regulates broker innit[?] dunno if da sec or da cftc can do somethin' 'bout it in this particular case but u can give it a try...visit da website, there's a section where u can file complains 'bout financial transactions u deem unfair.

best of luck

 

[TraderManiac]

JSL_Capital $1,100 was the amount I traded with in those 44 days. The paper value of my account was $6,500.

 

[TraderManiac]

Thanks Bitstream

 

[Bitstream]

Quote from TraderManiac:

Thanks Bitstream

yw

here's da questionnaire form:

www.cftc.gov/enf/enfform.htm


^not clear if action will be taken followin' u complaint in that section; here's a better link to sort out a dispute [reparation claims]:

www.cftc.gov/cftc/cftccomplaints.htm

 

[plugger]

Quote from TraderManiac:

TorontoTrader obviously you don't know how limiting it is being usually charged $15 and above on every trade

Actually, I found my time with the more expensive online brokers to be very rewarding. It taught me how to be more patient and wait for the best trading set ups. Now that I'm using a lower commission broker, nothing has changed except i keep more of my profits.

It doesn't matter how much the commission charge is. If you don't have a viable strategy and the patience and discipline to execute on that strategy, you could have commission free trading and still lose money.

BTW, I used to pay $29 or more for each trade.