here's a good example of what happens when you pay those high dollar brokers:
http://online.wsj.com/article/SB118436345001166243.html
http://online.wsj.com/article/SB118436345001166243.html
Thinking about broker assisted
- Thread starter littletwig
- Start date
while $95 seems high, there are a number of other variables that need to be considered. First and foremast is how often you plan on trading. If you're only trading a few times a week you're gonna have to pay up if he's truly offering you an education in trading. If you're trading multilpe times per day (and you truly think this guy has a lot to offer) i'd try to negoitate lower. I did a similar deal myself... found a broker who traded on the floor for 15 years and was willing to share his knowledge, teach, etc. for $25 side... I know i could've traded for less (I actually did, traded through IB at the same time) but I felt the $25 was worth it.
its not a bad idea for the typical retail trader to start in futures with a full service broker. futures trading is not "just like the stock market" and many will find there are benefits to working with someone who can educate the on the futures markets. by and large I would not expect a broker to make a regular profit over time. however, suprisingly it will likely make little diffrence for you. either your broker will get your money, or the market will.
It is a scam.
This website is crawling with scammers looking for fresh meat - that is, people like you. They will be all too happy to advise you. Some may try to gain your confidence. Some may contact you through private messaging, in order to further develop the relationship. If and when one of these scammers feels the time is right, he will then proposition you with some sort of deal, where you will be sold training, trading signals, or other bogus services.
Don't give your money to scammers. You will learn far more about the market by actually doing trades, trading small to limit your risks as much as possible, and then learning from your losses.
This is a great forum, and the comments always help.
I checked the NFA record... littered with complaints and largge $$$$ judgements against the individual.
I checked the NFA record... littered with complaints and largge $$$$ judgements against the individual.
I disagree. A broker isn't really going to teach you more than an informative pamphlet or futures primer will. The pamphlet is cheaper, and if it's not free then you only pay for it once, rather than every time you venture into the market. Hand holding at $95 a round turn is far too expensive by any measure. It should at least be preceded by dinner and a movie along with some convincing flattery.
Quote from littletwig:
This is a great forum, and the comments always help.
I checked the NFA record... littered with complaints and largge $$$$ judgements against the individual.
Guess you solved your own question!
You may want to share the info you found so others can be aware of this 'program'.
It doesn't take long to find out whether a broker has your best interest at heart or not. I'm with Man Futures. Very happy. I don't trade every week so a broker-assisted trade works well. When I questioned about using an Express platform at home , he replied that he was available at home at night and early morning, and on Sunday night as well. He says a lot of people punch in the wrong numbers ( people learning that is ) and make costly mistakes. Something to think about. Once I go to trade full time, then things will have to change, it only makes sense.
erie
If this were really true, then why is there such an overwhelming epidemic of fraud by brokers, routinely robbing people blind? Why do so many people lose their entire account, before they figure out what is happening?
Jim
To answer those questions, I would only be speculating, my experience is one which doesn't create headlines or help to sell news. For those that can't trade there is managed futures accounts which don't disappear. I believe one is responsible for his/her own money , not the broker.
erie