I am wondering if it is illegal for a prop firm to take a capital contribution. I worked for T3 out of their nyc office and on day 1 they said they are not allowed to take a capital contribution for new traders that it was agains sec law. I know some firms say it is taken as a training fee to get around that. So today I spoke with dimension capital and they told me that they only take traders with capital contributions only and once your account gets blown out thats it you cannot trade untill more funds come in. So what is the truth behind a prop firm taking a capital contribution in New York State is it allowed or not?? And does anybody know of any info about dimension capital?? Are they a legit prop firm out of new york and long island?? They use blackwood pro is that a good front end? Thanx guys and good luck to all
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Capital Contribution
- Thread starter Get In Get Out
- Start date
Quote from Get In Get Out:
I am wondering if it is illegal for a prop firm to take a capital contribution. I worked for T3 out of their nyc office and on day 1 they said they are not allowed to take a capital contribution for new traders that it was agains sec law. I know some firms say it is taken as a training fee to get around that. So today I spoke with dimension capital and they told me that they only take traders with capital contributions only and once your account gets blown out thats it you cannot trade untill more funds come in. So what is the truth behind a prop firm taking a capital contribution in New York State is it allowed or not?? And does anybody know of any info about dimension capital?? Are they a legit prop firm out of new york and long island?? They use blackwood pro is that a good front end? Thanx guys and good luck to all
I believe if they are members of cbsx that can take capital contributions... Just guessing but all the CBSX firms seem to take contibutions without calling then "training Fees"
Blackwood is ok but no stops only trailing when I used it...
Where is there office on LI..?
Nick
Isn't their Long Island office based out of Flushing?
What happened with you and T3, BTW? Didn't work out?
What happened with you and T3, BTW? Didn't work out?
Some clarification, hope this helps:
http://www.traders.com/Documentation/FEEDbk_docs/2009/10/close.html
Don
http://www.traders.com/Documentation/FEEDbk_docs/2009/10/close.html
Don
Quote from Hockey Trader:
Isn't their Long Island office based out of Flushing?
What happened with you and T3, BTW? Didn't work out?
Hey Hockey,
Didnt even call them because of the "training fee".
I dont think there is a prop in flushing. The only one I am aware of was next level and they may have closed.
Maybe u mean forest hills, a place called locus capital. Not sure if they are who you mean but Flushing and Forest Hills are in Queens.
Nick
Quote from NKNY:
Hey Hockey,
Didnt even call them because of the "training fee".
I dont think there is a prop in flushing. The only one I am aware of was next level and they may have closed.
Maybe u mean forest hills, a place called locus capital. Not sure if they are who you mean but Flushing and Forest Hills are in Queens.
Nick
Hey Nick,
Yup, Next Level. I think I remember reading on their door "Dimension" so I figured it was a sub or they were affiliated perhaps?
Quote from Hockey Trader:
Hey Nick,
Yup, Next Level. I think I remember reading on their door "Dimension" so I figured it was a sub or they were affiliated perhaps?
You are saying Next Level was affiliated with Dimension and Next Level Closed??? So that would mean that if joining Dimension you risk $$ your capital contribution should they go under? I also think that they might hold your $$ for atleast 1 year......