Any active WTS Traders here?

Your post is confusing and questionable because Series 56 is only a few years old. WTS is one of the biggest prop firms out there. $25K is nothing to those guys, to say you have experience and cant make $25k in one month with a $1.2m account is questionable.
 
I never claimed to have $1.2m buying power buddy or 50 to 1 leverage. You can go check out one of my past posts titled "I passed" when I passed my series 56. The series 56 has been around a few years now.

How do you make a living? Are you with a prop firm yourself? Have you taken the 7 or 56 exam ever in your life? If you trade retail what are you paying per share?
 
I never stated you had 50:1 or 1.2 million in buying power. I trade retail with Etrade and pay approximately $20 round trip which is nothing. I am currently swing trading because I don't have $25K quite yet. However I should have that by Feb.2015.

When I do pass my Series 56, I'm opening my account with $25K. I will settle for 50:1 prefer to have 100:1. However with $1.2m I know I can easily make >$5K a week, how can you not. U should earn $5K in one day to earn that in a week is not worth mentioning. As a matter of fact it's down right embarrassing if you cant make $5K a week, with that kind of buying power. Again I'm speaking in general, If I cant earn $5K a week min. I deserve to lose all my money. I mean that whole heartedly.
 
MM- This is a bit off topic but if you don't mind, a question for you on the contract with the prop firm: Are you liable for losses in excess of your deposit? Does the contract expressly state how this situation is handled?
 
That is a good question. Most prop firms wont let you hold large positions overnight so the main risk is for a stock to be halted intraday and something drastic happening or maybe another flash crash. I had a risk dept at WTS watching over me all the time. Anytime I hit my max loss for the day my trading day would be over, they would literally ban you from trading the rest of the day.

One trader I spoke with on here told me he blew up his account and actually went $300 over into extended losses beyond his deposit. The firm told him they would just write it off on taxes.

I will see if I can dig up my prop paper work to see if it mentions anything covering that scenario.
 
Don't have a lot of prop experience however the firm I was with would automatically close your position, once you depleted your deposit down to 25%. This firm required a min deposit of $5K so, you either sent in the difference of $3750 or was subjected to a large reduction in leverage. You could only withdraw any capital beyond your initial deposit.
 
jb3398 said:
Don't have a lot of prop experience however the firm I was with would automatically close your position, once you depleted your deposit down to 25%. This firm required a min deposit of $5K so, you either sent in the difference of $3750 or was subjected to a large reduction in leverage. You could only withdraw any capital beyond your initial deposit.
More...

I'm more referring to a gap/halt type of event where there's no time to close the position or deposit funds. One tick everything is fine, the next tick the account has gone debit 100k. What happens?
 
You must log in or register to reply here.
Back
Top