Company to avoid!

Its your right to not disclose personal information, but if you do want to help people, the story should make some logical sense.

Most people don't enter multi-million dollar deals with only screen captures of a few emails that don't even break down the nature of the agreed upon terms. If this is too personal, then I'm not sure how strong your case against Direct Capital Assets is. Don't get me wrong, I know nothing about these guys so its not like I'm trying to protect them, but there are far too many holes in what you say for a logical person to believe that you, at your suggested skill level, would want to deal with a firm you don't know enough about.

There is more to it, obviously, but I'm not going to write a book. This is the basics and what they'll probably say in their advertisement. I'm just trying to help people protect themselves from the same trap I was subjected to.

I don't mean to rub salt in the wound, but someone with your experience level and years of expert trading should not find themselves in this situation, and if you have, then there are major holes in your story. Who cares about how many traders you know that have failed, and who cares if I know that successful traders lose money sometimes. If your point is that you're a successful trader and yet have lost your money and hence need a prop firm, then this really changes the line about how you've been a trader for a long time and doubled the account in 2 months.

There are times I have been successful, and times I have not. In 2009 the market stagnated and I got hammered. When it's moving, like it is now, I can do quite well.

Actually... I now see where you are going with this. You have been trading for a long time, and you have worked with many firms, but as you suggest, even many good traders lose money. So perhaps you've lost lots of money over the years, needed a prop firm to continue trading, couldn't get in with someone legit so you had to go with a shady operation, and now you're mad that they aren't splitting any money with you.

Bingo-ish, and understandably upset. I stopped trading a few years ago and went back to school. Used my money on living and education. As I said I was very tired of working from home and needed a change before I went all The Shining on someone.

If this was a legit firm, there would be lots of paper work, but because you know your track record isn't that good, you know you couldn't get in with a top firm, and hence had to go with someone who was a bit shady, since your record is a bit shady, so both parties in this case are taking a risk on each other.

If it were legit...yes, I was a little desperate and bought into the illusions of grandeur. I was very leery of anything they brought before me.

Its all circumstantial of course, but hey, you left the door wide open. Don't worry, I shall stop here.

If you would like more information, feel free to PM me. Like I said, I'm just trying to help anyone who may fall into the same trap and would be curious if anyone else has.
 
There is more to it, obviously, but I'm not going to write a book. This is the basics and what they'll probably say in their advertisement. I'm just trying to help people protect themselves from the same trap I was subjected to.



There are times I have been successful, and times I have not. In 2009 the market stagnated and I got hammered. When it's moving, like it is now, I can do quite well.



Bingo-ish, and understandably upset. I stopped trading a few years ago and went back to school. Used my money on living and education. As I said I was very tired of working from home and needed a change before I went all The Shining on someone.



If it were legit...yes, I was a little desperate and bought into the illusions of grandeur. I was very leery of anything they brought before me.



If you would like more information, feel free to PM me. Like I said, I'm just trying to help anyone who may fall into the same trap and would be curious if anyone else has.
Very kind of you to reply to all this and add more details. It certainly all makes sense now.

I think that focusing on what is important here is key. You haven't lost any money yourself, and you've shown you can trade. I don't know enough about the prop world, but it seems like trading profitably is the biggest hurdle. Money should be easy to find.

There are some traders here who are well connected am I am sure would be more than willing to help if what you need is an "in" at a good firm. One who I would suggest is @rmorse Every time he replies to a post he does so with the utmost professionalism. I'm not sure if he can help you directly with connections, but he might be able to set you on the right path.

Edit: Of course you might not be looking for help and just passing info along about your experience, and I think with a more complete back story now, the info will be that much more relevant.
 
I'll take all the help I can get. One thing I've realized is that who you know is sometimes more important than what, and, unfortunately, I don't know anyone. Networking has never been my strong suit, but I'm working on it. Thank you for the advice! I appreciate it.
 
I'll take all the help I can get. One thing I've realized is that who you know is sometimes more important than what, and, unfortunately, I don't know anyone. Networking has never been my strong suit, but I'm working on it. Thank you for the advice! I appreciate it.
I find that networking and trading is a double edge sword. Because trading is so personal, most people aren't in the position to actually help any one individual trader other than generalities, and these you can just pick up from the net. Once a trader becomes successful, there is simply no need for anyone else. Its not like the real world where even though you might land a great job, its still important to maintain a group of connections because you might find yourself looking for work again and need to use your contacts.

The trading world is full of people seeking help who know nothing, and people offering to help, who don't know much as well, and perhaps even have sinister motives. Once traders figure things out, disappearing is the best course of action.

There are of course some specific areas where this doesn't apply, such as cases like this where a trader needs to get matched up with a firm, but these are issues outside of trading strategy and such. So not having built up a network is I think absolutely fine.

I think if you have an edge and know how you trade, you're the guy in the position of power.

Have you ever heard or something like https://www.topsteptrader.com/ ? I can't vouch for them, and I don't even believe that this is the best option for a trader who knows how to trade, but I think they are legitimate enough that you can at least demonstrate if you can trade or not. Passing some thing like this would I imagine be a good thing, but at the same time, this might just be something for the daydreaming regular folk who think they can make it big trading from home during their lunch break. The prop world, where a trader might actually have access to several million dollars of buying power is more than likely a whole different ballgame.

Since you did say though that regular prop firms wouldn't look at you and hence you had to go with a shady operation, then perhaps you're not consistent enough yet, so that might be a problem, but this is certainly out of my domain of interest and expertise.
 
I've been a trader for a long, long time. Recently I got on with a new firm based out of Seattle (but really Canada) called Direct Capital Assets ltd. Worked with them for 2 months. They promised me a $250m trading account, promised 10% share in the "sub company" I'd be co-trading, 1.5% of my earnings, .5% of the global pool ($2.5b traded by 10 people)...a great deal...a deal too good to be true! It was. They gave me a small account to see what I could do. After two months they closed the account, kept the money and won't answer calls (I more than doubled the account too). The guy who's running the show is an guy by the name of Frango DiMambro from Victoria. Hopefully someone else doesn't waste their time with these guys. Beware and avoid.

FINRA is the organization that records the names of all the brokers and firms that are licensed to do business in the U.S. I checked the guy's name and Capital Assets limited and neither one of them came up.

It makes you go hmmmm....


They keep records for a minimum two years even after someone loses their license.

If you can't find them, especially after you search the names of all the people you are aware of in the Seattle office, I would file a complaint with the SEC. You might even get a financial reward for doing it....

Do you have a Series 7 license ? It seems like you would need one to trade for someone else. Or another license related to hedge funds or mutual funds...

Good luck.

http://brokercheck.finra.org/Search/GenericSearch

Bernie Madoff is still there.....http://brokercheck.finra.org/Report/Download/42779424
 
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I find that networking and trading is a double edge sword. Because trading is so personal, most people aren't in the position to actually help any one individual trader other than generalities, and these you can just pick up from the net. Once a trader becomes successful, there is simply no need for anyone else. Its not like the real world where even though you might land a great job, its still important to maintain a group of connections because you might find yourself looking for work again and need to use your contacts.

The trading world is full of people seeking help who know nothing, and people offering to help, who don't know much as well, and perhaps even have sinister motives. Once traders figure things out, disappearing is the best course of action.

There are of course some specific areas where this doesn't apply, such as cases like this where a trader needs to get matched up with a firm, but these are issues outside of trading strategy and such. So not having built up a network is I think absolutely fine.

I think if you have an edge and know how you trade, you're the guy in the position of power.

Have you ever heard or something like https://www.topsteptrader.com/ ? I can't vouch for them, and I don't even believe that this is the best option for a trader who knows how to trade, but I think they are legitimate enough that you can at least demonstrate if you can trade or not. Passing some thing like this would I imagine be a good thing, but at the same time, this might just be something for the daydreaming regular folk who think they can make it big trading from home during their lunch break. The prop world, where a trader might actually have access to several million dollars of buying power is more than likely a whole different ballgame.

Since you did say though that regular prop firms wouldn't look at you and hence you had to go with a shady operation, then perhaps you're not consistent enough yet, so that might be a problem, but this is certainly out of my domain of interest and expertise.
There is another that you can look at also. They don't seem to have personal without capital requirements https://manovermarket.com probably for those that want to trade but are afraid to use their own capital, so its probably not easy.
 
I've been a trader for a long, long time. Recently I got on with a new firm based out of Seattle (but really Canada) called Direct Capital Assets ltd. Worked with them for 2 months. They promised me a $250m trading account, promised 10% share in the "sub company" I'd be co-trading, 1.5% of my earnings, .5% of the global pool ($2.5b traded by 10 people)...a great deal...a deal too good to be true! It was. They gave me a small account to see what I could do. After two months they closed the account, kept the money and won't answer calls (I more than doubled the account too).
The guy who's running the show is an guy by the name of Frango DiMambro from Victoria.
 
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Yes, all I have are a couple of emails that doesn't really say anything. I should have recorded our conversations. I know they are based out of Victoria with an address for their company saying they are in Seattle...maybe the company is routed out from Nigeria? Not sure.

So you were trading equities with a mortgage broker? The Google search term you cited comes up with a loan company in Seattle.
 
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