Men = Two and Woman = Many
On a serious note: Here a repetition for those which not went through the whole thread.
It is a bad experience when you want to open your trading terminal and it say: No connection available, please contact your broker. You then call the broker and you are told that you and they have no access to any account, as all accounts are frozen because of chapter 11 (US law when a company gets bankruptcy). You then try to find out what happen through the news and you sit there and can't do absolute nothing. All your money with that broker is out of reach and at that moment you even do not know if you ever see any part of that money again.
I can tell you: That feeling is absolute worse and you do not want that. But wait, as I will add some more to that bad feeling: No access to the account means also no access to any ongioing trade, what ever market does. If you have an other broker, you quicly can take an other position to protect your trade in case market is going against you, but if you not have that second broker, your bad feeling will get even worse when that situations add to the other situation. Now you know you do not have any access to your money and you know you not can do anything about your trades in which you start to lose money now. But not enough, as we will go along all the way we have been pushed in without having done any mistake by our own.
The next punch in your already sick stomach comes, when finally some of your money from the bankrupted broker is transferred, through the trustee from that case with the help of the Exchange, to an other broker. As you have ongoing trades in the worst case and only 20% or 30% percent of your money was transferred (US laws to protect the investors into the company and the lenders to that company, as they will get first there money before customers do), the first thing the new broker does is asking for enough margin to protect your ongoing trades.
Now all the above explained should be enough for you to realize how important it is to have at least two brokers. I went through that, luckily with no ongoing trades, but that was already very hard to face. Until today, 72% of the money from that time has been transferred to the new broker and the rest I may never see again. The people who did the crime by using customers money for there bets are still not in prison. Thousand of traders all over the world, as this was at that time the biggest broker house in the world, still wait for there justice.
And as a final, absolute horror for some affected traders of this bad event with MFG: Some of the above customers from MFG, which had asked for Chapter 11 on the 01. November 2011, where transferred to PFGBest which has asked for Chapter 11 in July 2012. Those pore and unlucky traders faced now the second time in between one year the above mentioned case.
Take care / DanPickUp