RefcoFX Bidders?
- Thread starter globalfxtrainer
- Start date
Well, I started off the year with about 80% in my Fidelity Accounts and 20% at REFCOFX.
But it changed to 50% RefcoFX and 50% REFCOFX, due to gaines.
I had a smallish account at RefcoFX, but an account nonetheless. I have spoken with people that have much bigger accounts and if I were in their position, I'd be more angry than I am.
No point in getting angry. Done that. Results in nothing.
Now's the time to see what I can do to get my $$$$ back. Or get back into trading and make more $$$ to cover my loss.
Tax time should be interesting this year.
I've never been a creditor, and I really don't know how to right of the loss.
I take it, that I would still claim the gain which will get treated 60/40 on the capital gains.
And then, I would claim a capital loss.....
You're right, but it's hard not to be angry when you feel as though your money has been stolen.
Some anger is necessary and beneficial, in order to help motivate us to demand justice, and to learn from our mistakes.
I have a FX account with RefcoFx and I also have a BMO Investorline account for options and stocks. The BMO Investorline account is great, its like a regular bank account with check writing and bank machine withdraws.
I have $700.00 in my FX account and do not expect to get any of it back. $700.00 isn't enough to spread between FX brokers but anyone with more than $5000.00 should have more than one FX broker.
PS...I think this FXCM take over bid is just a smoke screen.
Odviously, you haven't really traded FOREX.
The whole key to FOREX trading, is leverage, and money management.
Those who trade with less that 10K in their account, can not weather the storms of FOREX. They blow their accounts, and walk away believing that no one can successfully trade the FOREX market.
Just because the dealer, your dealing with give you 2% margin, dosn't mean that you use it. I trade as though I have 70% margin, and I've weathered out the storms.
Yes, I like the 2% margin, but that just give me more weather protection.
I generally, won't take anymore possitions after my account is at 80%.....
So in a 10K account, $700 is nothing.
He didn't have an axe to grind which is why I found his statement useful. If the judge treats each unit independently from one another this could be useful as it would presumably increase the value of this unit, which might mean the account holders would be made whole (yes I realize this is a best case scenario).