Futures :: Forex Trading

Futures Broker - Depositing Money

I mailed in a check to my broker to save a couple dollars by not sending a wire.

Then I deposited the money in the wrong account, so the check bounced, my broker charged me $50 and my bank is charging me $25.

So that was a waste of seventy five bucks.

I also have a $10,000 T-Bill in this account, but it has been almost 3 weeks now and my broker still will not let me make any trades.

I have been thinking I may need to open another account anyway, it's always nice to have a backup broker waiting and ready in case there are problems and you need to make some trades.

There are several futures contracts I would like to buy but I am still waiting to see what happens with the check I sent in.

Lumber seems to be down so I am thinking of either starting a new scale at the current price, or doing some more of my favorite trade, where I just buy several contracts and then scale out of them as it goes up.

I need to figure out exactly how much it costs to send a wire if these guys are going to be so particular about me using checks. Usually once you have a position and they just want some extra margin money then you can send them a check and they are ok with it.

Tuesday, September 11, 2007