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MB Trading Futures - Introduction

  • #9,161
  • Mar 15, 2012 10:24am Mar 15, 2012 10:24am
Great webinar training on charting last night guys! Looking forward to tonight's webinar on the Desktop Pro recent updates, really love that platform!
  • #9,162
  • Edited 1:39pm Mar 15, 2012 10:37am | Edited 1:39pm
This gets posted and gets quoted and commented on more than once....


Quoting ilove
Horrible spike happened a few hours ago. over 150 pips I believe.

This is ......

[code] Dear XXXXX,
Erroneous quoting for EUR/USD pairs between 17:59:55 and 18:00:02 may have resulted in unwarranted executions. All executions at or above 1.30467 are in the process of being busted and any open trades returned to their proper state. Please manage your positions accordingly.
We apologize for the issue if you were affected. We are looking into the cause with our liquidity providers.
Best Regards,

MB Trading UK
3 Beeston Place
London...
then 9 hours later....

this gets posted

Quote
Hei man
Is that right......?
EURUSD Bid 1.3005 Ask 1.37 when you make your oll over and make a hint over 7000 Points.
I have only one word for this practice: Piss-Take!
http://www.sherv.net/cm/emo/laughing/roflmao.gif
  • #9,163
  • Mar 15, 2012 3:34pm Mar 15, 2012 3:34pm
Is there some sort of order size requirement for trading GBP/NZD or something?

If my short order had been accepted yesterday, I'd be in a great position right now.

How many other major currency pairs are "restricted" besides this one?
  • #9,164
  • Mar 15, 2012 3:38pm Mar 15, 2012 3:38pm
Quoting QuadrupleX
Thats what I'm saying here all the time and people bash me and FF delete my posts.

MB is a company spiting products that should be in beta test. If they have a solid platform why rely on metatrader and stick on their costumers that kind of surprises?

The other option is to say that they are counting on this kind of things to compensate for their small spread.
Use MBT Desktop not crappy MT4 this is your problem guys, I made over 1000 trades per month and in over a year I have not any relevant problem.

I tried sever broker Oanda, FXCM, Dukascopy and MBT is far best of any other broker.
  • #9,165
  • Mar 16, 2012 2:29am Mar 16, 2012 2:29am
Quoting FXEZ
Some information for you guys to consider, in case anyone missed it. Please be careful guys!

Bloomberg: MBF clearing is sued by cftc over claims customer funds weren't segregated
WTH does that have to do with this thread? There's an MB in the name? It isn't the same company!!!!!
  • #9,166
  • Mar 16, 2012 4:11am Mar 16, 2012 4:11am
Quoting IndyTrader
WTH does that have to do with this thread? There's an MB in the name? It isn't the same company!!!!!
Honest mistake - lol apologies - deleted the post. Though the thought still applies - be careful who you choose for your counterparty!
  • #9,167
  • Mar 16, 2012 8:09am Mar 16, 2012 8:09am
Anyone else having issues with MT4?

All live quotes are stuck,
"Everyone gets what they want out of the market." -- Ed Seykota
  • #9,168
  • Mar 16, 2012 8:11am Mar 16, 2012 8:11am
Quoting V4X
Anyone else having issues with MT4?

All live quotes are stuck,
I logged out and back into Desktop and my stuck quotes went away.
  • #9,169
  • Mar 16, 2012 8:12am Mar 16, 2012 8:12am
Quoting Crassius
I logged out and back into Desktop and my stuck quotes went away.
They just started working again. Did not have to log out.
"Everyone gets what they want out of the market." -- Ed Seykota
  • #9,170
  • Mar 16, 2012 2:12pm Mar 16, 2012 2:12pm
Quoting FXEZ
Honest mistake - lol apologies - deleted the post. Though the thought still applies - be careful who you choose for your counterparty!
So I went and read that link you had posted (it can still be accessed from post 9165). This to me seems more disturbing from the perspective of the CFTC's position. That firm moved funds into a MONEY MARKET account to protect their customers. That's about as safe as it can get, especially when banks are crashing around you. The issue they are raising is that a money market is technically not an approved security, essentially, for placing customer funds. Here you have some forex broker steering to keep their customer funds as safe as possible, and it seems as if they are in trouble due to a technicality. That's very disturbing.
  • #9,171
  • Mar 16, 2012 10:26pm Mar 16, 2012 10:26pm
Quoting wannatradefx
So I went and read that link you had posted (it can still be accessed from post 9165). This to me seems more disturbing from the perspective of the CFTC's position. That firm moved funds into a MONEY MARKET account to protect their customers. That's about as safe as it can get, especially when banks are crashing around you. The issue they are raising is that a money market is technically not an approved security, essentially, for placing customer funds. Here you have some forex broker steering to keep their customer funds as safe as possible, and...
Just happened to watch this yesterday...seems it's a damned if you do, damned if you don't scenario...couple bad apples, mf global, fook it up for us all. Sure wish for a wave of honesty would wash over the financial sector and the good-doers stand up.

http://video.cnbc.com/gallery/?video=3000078474
  • #9,172
  • Mar 17, 2012 8:22am Mar 17, 2012 8:22am
Quoting wannatradefx
So I went and read that link you had posted (it can still be accessed from post 9165). This to me seems more disturbing from the perspective of the CFTC's position. That firm moved funds into a MONEY MARKET account to protect their customers. That's about as safe as it can get, especially when banks are crashing around you. The issue they are raising is that a money market is technically not an approved security, essentially, for placing customer funds. Here you have some forex broker steering to keep their customer funds as safe as possible, and...
The type of vehicle used is not the reason for the lawsuit. There is a reason the CFTC is pursuing legal action against a firm that comingled its clients' funds. In case you missed it, there were some important lessons to be learned from Refco's demise. No matter how "safe" the investment used, bankruptcy is a serious risk. When your money is in the same account as your broker's money and your broker goes bankrupt, you stand in line with all the other creditors. In cases like this the customer money goes *poof* because the secured creditors get paid first.

http://www.forexfraud.com/forex-arti...ankruptcy.html

Watch Out for Comingled Accounts
Quote
The Refco situation illustrates well how a forex broker’s fraud related financial troubles can result in the loss of their clients’ money on deposit without their customers having any effective recourse just by having client accounts comingled with their own.

Refco’s thousands of forex trading account holders were basically shafted and their funds lost due to the broker failing to segregate their funds from their clients in individual accounts. This sent out a clear warning signal against using forex brokers that comingle funds in this way.
  • #9,173
  • Mar 17, 2012 10:29pm Mar 17, 2012 10:29pm
Is it possible to use desktop pro for the free EXN program? If not are there plans to include that platform? Tried looking through this thread but did not find anything.
  • #9,174
  • Edited 5:06pm Mar 18, 2012 4:16pm | Edited 5:06pm
Am I supposed to receive some sort of tax form (1099) from MB Trading?

Aren't brokers supposed to mail you something after the year ends, and provide that same information to the IRS?

This is the third year I've been with MB Trading, and I have never received anything.

The website says "most clients" are supposed to receive it ... has anyone else ever gotten such a form?

Or do traders even need to file taxes if their gains for that year were equal to or LESS than their losses?

Like if you make money in the first half of the year, but then suffer losses, and by the end of the year you have less in your account than you started out with.
  • #9,175
  • Mar 18, 2012 6:25pm Mar 18, 2012 6:25pm
Quoting reven8e
Am I supposed to receive some sort of tax form (1099) from MB Trading?

Aren't brokers supposed to mail you something after the year ends, and provide that same information to the IRS?

This is the third year I've been with MB Trading, and I have never received anything.

The website says "most clients" are supposed to receive it ... has anyone else ever gotten such a form?

Or do traders even need to file taxes if their gains for that year were equal to or LESS than their losses?

Like if you make money in the first half of the...
It's forex. You only need your net number. If you lost money, you have two options for writing it off (depending on how you file, you can do the whole loss against regular income, or part against capital gains). If you have a gain, it would be best to file as capital gain, but you have to be consistent year over year. You can just get an on-line net from MB from the website, then the bigger issue is talking to your accountant about the options.
  • #9,176
  • Mar 18, 2012 11:15pm Mar 18, 2012 11:15pm
Thanks, I was confused because all the brokers' websites seem to say that they provide their customers with 1099 forms, but now it seems that's only if you trade futures and not spot/cash Forex?

Seems like the safest/easiest way for spot forex traders would be to rely on a professional to take care of the tax stuff and to take the bullet if the IRS comes knocking.
  • #9,177
  • Mar 19, 2012 1:48am Mar 19, 2012 1:48am
Quoting reven8e
Thanks, I was confused because all the brokers' websites seem to say that they provide their customers with 1099 forms, but now it seems that's only if you trade futures and not spot/cash Forex?

Seems like the safest/easiest way for spot forex traders would be to rely on a professional to take care of the tax stuff and to take the bullet if the IRS comes knocking.
Like I said, it's easy. Get a net Profit or Loss number and hand it to your Accountant and say "Forex Loss" or "Forex Gain". Done.
  • #9,178
  • Mar 21, 2012 12:20pm Mar 21, 2012 12:20pm
Justin,

Any ETA on international CC deposit limits increase for both corporate and individual accounts?

I am burning here, man.
"Everyone gets what they want out of the market." -- Ed Seykota
  • #9,179
  • Mar 22, 2012 12:49am Mar 22, 2012 12:49am
Hello Justin,

What is the max order size?

Thanks!!!
  • #9,180
  • Mar 23, 2012 1:45am Mar 23, 2012 1:45am
Quoting PartyPips
Hello Justin,

What is the max order size?

Thanks!!!
It's like 10,000 lots.
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