Massive withdraw?

Hi, in the hypothetical case of somebody turning £200 into £150,000, would there be a problem if the used broker was “dealing desk”? I suppose they would find a way to not allow me to withdraw it all?

My worry is that, after some time, with some compounding, if I held a large amount (at least 50K), would I have a problem withdrawing it??? Because in the end that money would come from the broker right???

And, with a ECN broker I would not have any problem in theory right?

Are you for real? Why worry about something that in all probability is never ever going to happen. Keep dreaming!!

You’re assuming incorrectly that 50k is a large amount.

The first account I opened, I opened with $40,000.

If you use a reputable broker, you’ll have no problems.

My bad trying to do to many things at once. Yep your right when the alert came to my email it just said the first sentence so i thought the original poster was responding. I can assure you i can read ok…well just about anyways.

Yeah obviously it’s extremely unlikely, but I want to know anyway, wether there would be obstacles in withdrawing a large amount from a dealing desk broker, because I don’t think most of these guys are very trustable, they trade against you, make re-quotes, etc…

By the way, if someone gives me a good answer I would like to explain privately my idea to turn $200 into £200K. Seems impossible, but just wait to hear. I just want some feedback about it, from somebody who has been in this world for longer than me.

As with any entity that you are going to be entrusting with your money, its boads well to find out what license(s) they have or must maintain to operate as they do. When you are licensed you are controlled, and as such should you operate disingenuously, then a complaint can be filed with the licensing agency and punitive action can be taken up to and including the revocation of ones license…“out of business”.

In essence, use their licensing authority as your hedge against surreptitious behavior on the brokers part. While I have not researched it, I would suspect some sort of a fiduciary responsibility on the brokers part bu I may be wrong on that.

PS,
Don’t listen to the naysayers attacking your goals. Notice how they have all the reasons in the world why something wont work, but no idea how something WILL work.

Great answer, so what I will do is to choose a reputable broker, and check what licenses do they hold.
If you are interested in hearing about my strategy please let me know, I could use some feedback and you might take something from it!

I always love to hear new ideas. PM me what your thinking and I give you my honest “Simon Cowell” assessment (except I wont call you an idiot or a plonker!)

Ok then I’ll be sending you a PM in the next few minutes, hope I can simplify my strategy into a few lines.

Message sent!

I took out 55K from my broker once and it required a 5 day hold, but I did get the funds.

I think that withdrawing such a big amount could create some problems.

Go with a reputable broker. £150 000 is nothing, so I wouldn’t worry about it at all. :slight_smile:

why would anyone have that much money in their account? if they had 150K to trade with and had a maximum draw down of 5% per month, then they would only need to fund the account with $7500 to have the same risk. And given that PFG just went belly up I think you would be crazy to put anything more then the amount you plan to risk each month as a maximum.

Agree 100%. I also trade on a similar plan (extremely aggressive) and am almost 20% on my way to the target. It’s a dream still, yes - but it’s possible. I’ve already made over 500% on my initial deposit with a max. DD of 32% so far. I think my chances to actually reach the goal are less than 10% even with extremely good trading, and now after 5 weeks of trading the plan I know why. I’m more than willing to share with you a few observations if you are serious about your plan, and would be very interested to know yours. Regarding a possible problem withdrawing: yes, you can have such problems if your profits are many times exponential, you can be accused of cheating & be returned only the initial deposit - something that won’t probably happen if you deposit a large amount & then progress slowly (regardless of how much $ you actually make, exponential profits that seem “unreal” attract attention & may put you under scrutiny). Even if it’s unlikely a broker will actually try to rob you like that, you won’t want to take that risk :slight_smile: Solutions: 1) keep withdrawing as you advance to your goal, and redeposit the amount with other broker or the same broker (so that the “exponential” profit link would be broken). 2) make sure you deposit with a safe & highly regulated broker to begin with. If you are in the US & forced to use one of their brokers, make sure you read the CFTC.gov reports on US brokers properly (you can subscribe for free monthly reports, I think). I tried posting the link, but was rejected (apparently I’m too young here to post links LOL). It’s the capitalization info on US brokers - there you will see who has plenty of money in excess & who is only “ok” :wink: The report will show you clearly what’s the “safest” US broker financially speaking & the good news is you can use the same broker with the advantages of a non-US broker (if you are not US citizen or resident, of course) because they have a Europe division. So you can hedge & not be subject to FIFO rule.
PM me with your stuff, I will respond with my own, maybe we learn something :wink: Cheers & good luck!

Ok thanks for the answers!

[B]PipsAndTips[/B], I’m gonna send you a message via skype trying to debscribe my strategy!

By the way, a good ECN broker like LMAX.com, which works as a exchange (so there is no conflict of interest whatsoever), whould be ok with this right? They would have no problems in a massive withdrawal (compared to the initial deposit), right?

If you are with a solid broker you should never have any problems to withdraw your funds. The money does not come from your broker. I mean people, trading is not gambling. When you make a profit you don’t take from the house. This is not a casino.

So you start by talking about turning £200 into £150 000 & whether you can withdraw
this amount, then you ask about a broker who requires $10 000 deposit to open an
account?

So what are you selling besides the system you are trying to PM (which by the way
you cannot do because you do not have authority)

Don’t listen to the naysayers attacking your goals. Notice how they have all the reasons in the world why something wont work, but no idea how something WILL work

Read more: http://forums.babypips.com/newreply.php?do=postreply&t=46057#ixzz21uuzQStT

Did you read the answer from mastertang? Doesn’t fit any of your criteria.

The website may read Babypips but do not attempt to treat us that way.

I think you are wrong, with most of retail brokers the buy/sell is against the house, not other people. Real exchange brokers are ECN’s.