Getting started with a Prop Firm (My experience - ongoing!) Lake Street Trading

Hi SgtSlottter,

Could you give me your opinion on Dimension Trading. They are associated with World Trade Securities out of Canada. The are a registered firm right? I would really appreciate your opinion and insight.

Thanks,
Matt
 
From what I heard, Dimension is done or almost done and now a sub of WTS.

If you are talking asking about the international Dimension / WTS, I have no knowledge or opinion.

If you are asking about the US WTS BD, they are a registered CBSX broker dealer (which is good) with a ton of sub-groups (strange model IMO), including Dimension now as well supposedly.

If I were considering working with them, I would first want to know whose money is capitalizing the US WTS BD? Is it trader's money (class B members usually), or is it the Class A (firm owner's money). The CBOE and SEC don't currently ask about this, but the owner's money is the cushion to protect you from another trader or subgroup blowing up, or from the firm spending your capital (which is a capital contribution to the firm, not a customer deposit).

You can read other posts with questions I have, including why they operate with so many subgroups, and if you are looking for training from WTS I would not bother. From what I know, and this may be wrong, so you should ask yourself, you will learn nothing if they tell you that you will learn to rebate trade low priced stocks with their special routes (don't let them call that scalping, it is not scalping, so make sure you get that clarified). Rebate trading is a skill that will not make you enough money to live off in any city in the US, nor help get you a job at any other trading firm since you can not build rebate trading. It is a total 100% waste to learn that gimmick that doesn't work well to begin with.

Read my other posts if you want more opinions. Their balance sheet is also online at sec.gov is another good place to check.

There are a lot of people on this site that disagree with me, so read their posts too. I have yet to see anyone answer about the Class A versus Class B money, so that is the main open question.
 
wts bought dimension . they are all employees of wts

easy enough to pick up the phone & call to get the facts . dimension is history
 
(Since I'm on ET tonight, after a long and grueling few days at the office)....

I just want to thank SgtSlotter and HitnRun - even though I may have been the point of some scrutiny (which I don't mind, I respect due diligence immensely) - thank them, along with my friend Maverick, for offering new people some sane and sober answers to so many questions.

There are only a few firms that are still above most of the fray from dissolution, regulators, etc., and I thank you guys for pointing out those who are, perhaps , the type that need more scrutiny. I am not pointing any direct fingers here, just pointing out a good service by these gentlemen.

Thanks again,

Don
 
your welcome don

glad to hear your back in the office again. your always a good sport on et in sharing to help out traders which is a good thing all these years

most people know that bright trading is a solid & reputable firm & probably why most respect your opinion

Most know that at least with bright & maybe a few others your money is safe & you can sleep at night in doing business with honest people in this shady business

Now only if you would reduce your commissions then we would be all set lol.
 
Quote from hitnrun:

your welcome don

glad to hear your back in the office again. your always a good sport on et in sharing to help out traders which is a good thing all these years

most people know that bright trading is a solid & reputable firm & probably why most respect your opinions on here

Most know that at least with bright & maybe a few others your money is safe & you can sleep at night in doing business with honest people in this shady business

Now only if you would reduce your commissions then we would be all set lol.
More...

Check PM, please.

Don
 
Had my first hickup earlier in the week. The DAS platform that Lakestreet uses froze. I was still allowed to sell whatever I was in so it didn't really effect me since I also have ThinkorSwim running as I use TOS for swing trades. I'm not sure if it would let me buy anything, I didn't attempt any purchases while the system was down. There were some others that only use Lake Street that were having issues since they couldn't see the Stocks moving, I'm sure they have other software such as TOS in the background now incase it happens again. The downtime lasted around an hour. Like I said, not sure if purchases were allowed during this time but I was able to sell anything I had working at the time.

The next big test will be withdrawing money. I'll probably be making a withdraw next week. I'll post how that goes and how long it takes for funds to show up.
 
Made my first cashout. Contacted Lakestreet about the process and they informed me that they do cashouts via wire transfer on the 1st and 15th of each month by request only. So I submitted a request on the 14th (needs to be made the prior day) and it was wired into my bank on the 15th, after the market closed! Everything thus far is going great. I'll post if any positive or negative things happen in the future.
 
Thanks for the update on Lakestreet. I was wrong about the prop that I am joining which is WTS. They do not have a 100% payout. I'm getting a 99% payout every two weeks.
 
Quote from MoneyMatthew:

Thanks for the update on Lakestreet. I was wrong about the prop that I am joining which is WTS. They do not have a 100% payout. I'm getting a 99% payout every two weeks.
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Matthew, your joining WTS and having a 2 week payout? I was told they only do monthly?

Send me a PM with where you trade and what branch of WTS as well as ur rates/depo... i wanna compare with my branch...
 
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