If that's what really happened, then I agree market orders should go to the market without review. I'd think someone that turned "$583.15 to $1,000,000" would have known to check the status before trying the order again assuming it was lost the first time.
Do Rich people have accounts with retail brokers like Ameritrade or E*trade ?
- Thread starter trader45hf
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If that's what really happened, then I agree market orders should go to the market without review. I'd think someone that turned "$583.15 to $1,000,000" would have known to check the status before trying the order again assuming it was lost the first time.
This was him testing out Etrade commission free trading for his followers. This was the first and only day he traded on there.
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You would be partially incorrect on where the wealthy keep their funds. Yes, money may go to a wealth manager but increasingly the advisors and managers of these family offices are using platforms like IBKR for a host of reasons -the advisors make their own decisions, do their own research and save a ton on fees. Global access is better and you don't get abused on FX rates. Diversification of course is more prevalent with greater wealth so many may go to an ibank for PE and use a few firms or advisors for management of funds, including individual accounts of their own. However, many of the wealthy do like to dabble, trade or invest a piece of their own portfolio - especially in Asia. You can do the numbers but at IBKR we have over $200 billion in AUM with an average accounts size over $200K. Schwab and Fidelity have booming advisor business with over $1 Trillion AUM.
In short, the individual, advisor and wealth management platforms at IBKR have always been attractive to the 1%,
Depending on the nature and origin of the wealth large investors will have multiple touchpoints.
Often the bank the brought the company public if the origin of their wealth is a public company. Banks for IPO participation. If they have the interest to be in the new issue debt market that will also drive the relationship.
VC/PE relationships are also very common.
Trading for a lot of size investors will almost always include some facilitation trading by the bank.
International access for some.
Managing large cash positions.
Stock loan if there are still concentrated stock positions.
You may end up clearing one bank, but trading multiple points.
Often the bank the brought the company public if the origin of their wealth is a public company. Banks for IPO participation. If they have the interest to be in the new issue debt market that will also drive the relationship.
VC/PE relationships are also very common.
Trading for a lot of size investors will almost always include some facilitation trading by the bank.
International access for some.
Managing large cash positions.
Stock loan if there are still concentrated stock positions.
You may end up clearing one bank, but trading multiple points.
Its not necessarily that man, it is more like your star witness reminds me of "the boy who cried wolf". Ive had people ask me to check out his videos (ideas), and even once clicked myself due to incredible click bait titles, only to feel cheated out of my 30 minutes and even be upset someone is peddling such nonsense to not only new traders but it almost feels like hes targeting the poor ( $500 accounts).
to be fair, I also see how it may be difficult to find a recorded session where someone is using your broker and has had a bad experience. So I am willing to believe you, saying whatever he claims in the video. (still not willing to give this character a second of my time however). I also know of several people who have had issues with their brokerages, they have no reason to lie to me about this. I THANK YOU for offering us at this forum with your experience, so that we may benefit from the knowledge. You are still helping people, by offering the truth of what happened. As the saying goes, you can only lead a horse to water.
Yeah that's the thing here. I'm by no means advocating this guys system. In fact, I have no idea what his system is beyond knowing he plays volatile penny stocks just from the trades he talked about. I play volatile stocks as well from penny to double digits, and do pretty well. All that aside, my only intention when presenting his video was to show I'm not the only one who has had problems with Etrade on order execution. The difference here is he at least had the option. I had to sit there and watch my funds melt and the option was nonexistent. Full disclosure, these are the only videos by this guy I have ever seen, and only stumbled on to them in my search for Etrade daytrading related videos before I had used them. Tradestation is far more reliable imo.
That was NOT an accident. See a class action attorney. Have him write a letter to the board and executives using these phrases:
recievorship
criminal insanity
sociopaths, psychopaths
psychiatric exams
permanently commited
send me five percent of what you get. Dont take less than 500k
I used to work in a very specialized brokerage focused on shipping. We had billionaire clients from all over the world. They tended to use us for anything related to shipping, another brokerage for energy related stuff and so forth.....
But that was mostly billionaires with focus on finance and investing. If you become a billionaire on plumbing supplies or trucking and couldn't care less about finance you might just as well use a private banking service that would fix anything for you, so you don't need to have direct connection to brokers at all.
But that was mostly billionaires with focus on finance and investing. If you become a billionaire on plumbing supplies or trucking and couldn't care less about finance you might just as well use a private banking service that would fix anything for you, so you don't need to have direct connection to brokers at all.