Velocity Futures Question

Sure they did something wrong. Just because an action isn't a violation doesn't make it right. If Sentinel's holdings had been worthless then Velocity would've been out of biz. Ever hear of diversification? And why was the money at Sentinel to begin with? So that Velocity could use customer money to catch a high yield, kick a little back to account holders and skim the rest for themselves. Totally akin to what a bank does with deposits. Except you're insured at the bank.

Quote from Jachyra:

In all fairness, I think its worth noting that technically, Velocity didn't do anything wrong. According to NFA regulations, they are allowed to keep customer segregated funds on deposit with other FCM's, which Sentinel was, and I don't believe they were sanctioned in any way for the events that transpired (note how its referred to as the Sentinel debacle and not the Velocity debacle). Also, they went to court immediately and recovered 100% of customer funds. Other than being inconvenienced for about a week, where wire transfers were temporarily put on hold and customers were unable to withdraw their funds, I don't think any customers were affected and nobody lost any of their money.

If you do an ET search you'll find several threads regarding this issue as it unfolded in realtime.
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Quote from syswizard:

Does anyone know this regarding the free XTrader (Standard edition):
Does it support the XTrader API or must the TT-Pro release license be purchased for that option ?
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You will not have access to Autotrader functionality without a Pro license. You may be able to RTD data into excel if thats your objective with a standard license.

TT requires a registry change for Pro features (Autotrader, Autospreader, XTAPI etc.) Once you enable these registry changes your installation will appear as a Pro license in Velocity's TT Console and they will ask you to subscriber or disable pro.
 
Quote from PocketChange:

You will not have access to Autotrader functionality without a Pro license. You may be able to RTD data into excel if thats your objective with a standard license.

TT requires a registry change for Pro features (Autotrader, Autospreader, XTAPI etc.) Once you enable these registry changes your installation will appear as a Pro license in Velocity's TT Console and they will ask you to subscriber or disable pro.
More...
Thanks much. Looking at the data in Excel is kinda worthless if I can't send orders from it.
 
Quote from Jachyra:

In all fairness, I think its worth noting that technically, Velocity didn't do anything wrong. According to NFA regulations, they are allowed to keep customer segregated funds on deposit with other FCM's, which Sentinel was, and I don't believe they were sanctioned in any way for the events that transpired (note how its referred to as the Sentinel debacle and not the Velocity debacle). Also, they went to court immediately and recovered 100% of customer funds. Other than being inconvenienced for about a week, where wire transfers were temporarily put on hold and customers were unable to withdraw their funds, I don't think any customers were affected and nobody lost any of their money.

If you do an ET search you'll find several threads regarding this issue as it unfolded in realtime.
More...


Interesting information................I'm getting a bit worried about the safety of my money with Velocity now after reading some of the posts......

I was really looking at Velocity for their super-low intraday trading margin of $500 for the ES - not that I would trade more than 5 contracts as a beginner but it is very tempting to join them as a trader if you eventually develop a good technical analysis system for the ES.....

Maybe I should just deposit my $5K with TradeStation and limit myself to 2 intraday ES contracts?

Any thoughts? Many thanks for the all the useful insights!
 
Quote from T-Bone Trader:

Interesting information................I'm getting a bit worried about the safety of my money with Velocity now after reading some of the posts......

I was really looking at Velocity for their super-low intraday trading margin of $500 for the ES - not that I would trade more than 5 contracts as a beginner but it is very tempting to join them as a trader if you eventually develop a good technical analysis system for the ES.....

Maybe I should just deposit my $5K with TradeStation and limit myself to 2 intraday ES contracts?

Any thoughts? Many thanks for the all the useful insights!
More...

Nothing personal T-Bone, but by the tone of your post you should not be concerned with the number of contracts that you would be allowed to trade. In fact, I would suggest you don't use intraday margin at all, which means $4500 (at least) per ES contract. That said, I remind you, regardless of brokerage, offering of intraday margin does not mean you are obliged to use it. $4500 per contract T-Bone, trust me.

As for safety of your funds. Whatever makes you comfortable. Nothing has been presented about Velocity that suggests it is any less or more safe than any of it's peers, size-wise. JMHO.

Good, consistent, trading to you
Osorico
 
Is anyone trading CME products through Velocity having issues logging in to their account? I called the desk and they said they were having issues with CME. Haven't seen any threads as of yet and just wondering if anyone else is having issues or is up and running.
 
Me too :(

To many, to fast. I think they expanded to rapidly from the special. :D

I also notice that about once a week x-trader quotes lag for about a 10 minute period. When this happened NihabaAshi in Canada using Velocity experienced the same thing. :mad:
 
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