Regulatory Action against Tradestation Securities

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michal.kreslik
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Regulatory Action against Tradestation Securities

Postby michal.kreslik » Mon Oct 23, 2006 9:08 pm

Hello,

did you know Tradestation Securities was "knowingly entering bids and offers into the e-cbot system other than in good faith" ?

In other words, Tradestation was stealing from their clients and NFA has taken a regulatory action against them:

http://www.nfa.futures.org/basicnet/Cas ... ntrib=CBOT

I'm not at all surprised.

Michal

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Postby TheRumpledOne » Tue Oct 24, 2006 5:12 am

Narrative for 0307871 - TRADESTATION SECURITIES INC
Without admitting or denying any violation, TradeStation Securities consented to the entry of a conclusion that the Floor Governors Committee had reason to believe the firm violated:

Regulation 9B.14, in that TradeStation knowingly entered bids and offers into the e-cbot system other than in good faith for the purpose of executing bona fide transactions.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby Robert2617 » Tue Feb 27, 2007 12:48 am

Nothing like dragging out old negative posts. AgeKay, look at the date of the post to which you are replying.

Not to mention, what their talking about was settled over a year and four months ago. I'm sure the creodont has been fired and is long gone by now.

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Postby michal.kreslik » Tue Feb 27, 2007 7:05 pm

Thanks for cool links, AgeKay.

Every time I explain to anyone that most retail forex brokers are actually trading against their clients, they are stunned.

Considering 99% of retail forex traders lose, it's an excellent business for those brokers.

That's also why my former forex broker started rejecting my orders when I started being consistently profitable.

Michal

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Postby Patch » Wed Feb 28, 2007 1:47 am

Michal

I read about "bucket shops" in Livermore's book. I am not surprised that many introducing brokers, big and small, are TODAY's modern day bucket shops a hundred years later.

I am wondering who your previous broker was? and who you use now?
EFXGroup? How do I find out what other few brokers don't trade against their clients?

Jeff in VA
With my Pirate Flag

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Postby michal.kreslik » Wed Feb 28, 2007 1:50 am

slableak wrote:Hi Michal,

How do you find out what brokers do this?

David


As far as I know, you can't officially find out which brokers are taking the opposite side of your positions and which brokers are relaying your positions to the market.

But make 20 consecutive winning trades at a broker and you'll find out quickly whether they were taking the opposite side of your trades. In such a case, you were pulling money out of their pockets and they will surely let you know in some way that you're not welcome :)

Michal

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Postby michal.kreslik » Wed Feb 28, 2007 1:52 am

flash9911 wrote:Michal

I read about "bucket shops" in Livermore's book. I am not surprised that many introducing brokers, big and small, are TODAY's modern day bucket shops a hundred years later.

I am wondering who your previous broker was? and who you use now?
EFXGroup? How do I find out what other few brokers don't trade against their clients?

Jeff in VA
With my Pirate Flag


My previous broker was CMS, my current one is EFX.

Michal

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Postby Patch » Wed Feb 28, 2007 7:33 pm

AgeKay & Michal

Thank you both for your informative replies. They are not "dealing desks" but double dealing desks. And the blog about dealing desks you list AK is a great help: http://nondealingdesk.blogspot.com/2006 ... chive.html

A few minutes ago I found out that EFX Group shares a border with Phoenix, so I will have to make time to ramsack them while I am plundering AZ for my Pirate Beach Chair this weekend. I love it when a trading plan comes together profitably.

I am so excited -- It feels like Christmas and my birthday.

Jeff in VA
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Postby michal.kreslik » Fri Mar 02, 2007 6:12 am

flash9911 wrote:AgeKay & Michal

Thank you both for your informative replies. They are not "dealing desks" but double dealing desks. And the blog about dealing desks you list AK is a great help: http://nondealingdesk.blogspot.com/2006 ... chive.html

A few minutes ago I found out that EFX Group shares a border with Phoenix, so I will have to make time to ramsack them while I am plundering AZ for my Pirate Beach Chair this weekend. I love it when a trading plan comes together profitably.

I am so excited -- It feels like Christmas and my birthday.

Jeff in VA


As far as I know, Avery has already arranged for a meeting with EFX executives in Scottsdale for kreslik.com pirates on Monday. So if you stay until Monday, you can see first hand their headquarters in Scottsdale.

Which reminds me, once in Scottsdale, I hope we'll have some spare time to visit the local Bentley dealership there :)



Michal

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Postby stuart18020 » Fri Mar 02, 2007 10:48 am

Friends, don't be fooled. This is not a Bentley but a Kreslik. Invert the license plate and see the transparently coded mark of the beast. The arch critic of deal desks is a poser, the master of double-think. Satan runs all deal desks! :twisted:

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