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How to find a Prop. Firm?
- Thread starter JML845
- Start date
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Quote from limitdown:
Assent was hit hard by the SEC stepping down on the bullets, and, well, know someone who can tell you the honest skinny before signing with them...
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Limitdown,
Did you lose alot of money with Assent/Andover? What is your reason for making up such stories?
Quote from limitdown:
Assent was hit hard by the SEC stepping down on the bullets, and, well, know someone who can tell you the honest skinny before signing with them...
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Limitdown,
Did you lose alot of money with Assent/Andover? What is your reason for making up such stories?
Quote from Mecro:
You know why would you say something like this. EVERY firm was hit hard by SEC's decision. Yet you mention the one firm that has a multi billion dollar company behind it.
Can you make it any more obvious that you have a personal agenda against them?
no, I have NO personal agenda against them.
I was notified by some defectors that the contracts that were shoved (in his words) down their throats on one trading day, under the threat of not being able to trade the next day included some significantly negative clauses.
Incidently that clause negates any incorrect notion that there is any company, let alone a multi-billion dollar firm behind them.
That clause states that all other offices and subsequently all other firm traders capital will be tapped should there be any loss exceeding the source, that sources' office or that aources' region. Those obviously are not thee exact words for obvious regions. However, the most important thing that changed during the dissolution from Andover and subsequent creation into Assent is that you are no longer backed by their funds.
That was sufficient to cause a number of traders to seek other firms.
Example: Podunk Office #9 has Trader #444 that blows his account out, some how. That blow out exceeds his account and that offices free float balance. That blow out exceeds the entire net positive capital of all accounts at office #9. That blow out exceeds all the offices in State #51 where Podunk is located. That blow out exceeds all the offices in Western Region (including all those states assigned to that region).
Under those conditions all those accounts will be used to satisfy that deficit even if it jeopardizes all the active accounts at Assent. Hence Sunguard does not step in to rescue Assent.
Personal grudge, no, not at all.
You are absolutely correct, all firms that pivoted heavily on Bullets were negatively affected by the SEC decision to prohibit their usage.
Quote from VOLUME:
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Quote from limitdown:
Assent was hit hard by the SEC stepping down on the bullets, and, well, know someone who can tell you the honest skinny before signing with them...
---------------------------------------------------------------------------------
Limitdown,
Did you lose alot of money with Assent/Andover? What is your reason for making up such stories?
hummm...making up such stories.....
don't know what you mean by that.
Hammering a stock while its falling and practicing shorting through hammering any offers stepping up to purchase falling stocks are what the bullets allowed that method of trading employed at Andover / Assent.
perhaps they made up their story on how they use / utilize these tools, which are no longer available as they were previously.
so what do you mean?
Quote from limitdown:
no, I have NO personal agenda against them.
I was notified by some defectors that the contracts that were shoved (in his words) down their throats on one trading day, under the threat of not being able to trade the next day included some significantly negative clauses.
Incidently that clause negates any incorrect notion that there is any company, let alone a multi-billion dollar firm behind them.
That clause states that all other offices and subsequently all other firm traders capital will be tapped should there be any loss exceeding the source, that sources' office or that aources' region. Those obviously are not thee exact words for obvious regions. However, the most important thing that changed during the dissolution from Andover and subsequent creation into Assent is that you are no longer backed by their funds.
That was sufficient to cause a number of traders to seek other firms.
Example: Podunk Office #9 has Trader #444 that blows his account out, some how. That blow out exceeds his account and that offices free float balance. That blow out exceeds the entire net positive capital of all accounts at office #9. That blow out exceeds all the offices in State #51 where Podunk is located. That blow out exceeds all the offices in Western Region (including all those states assigned to that region).
Under those conditions all those accounts will be used to satisfy that deficit even if it jeopardizes all the active accounts at Assent. Hence Sunguard does not step in to rescue Assent.
Personal grudge, no, not at all.
You are absolutely correct, all firms that pivoted heavily on Bullets were negatively affected by the SEC decision to prohibit their usage.
Hahahaha,
I'm pretty sure I know the exact people you are talking about and let me just tell you, what you were told is a bunch of crap. You do not even have the slightest idea of the amount of bullshit that really happened with that situation. It's quite a very long story, but a damn good one.
I don't want to go into anything specific in this thread. If you are curious send me a PM. Plus I wanna be 100% it's the same "defectors".
BTW, in the Assent structure there is always someone backing your loss before it ever even touches the main company. The major backers can absorb humongous hits. You are thinking about measly tiny LLC blowing out.
Quote from Mecro:
Hahahaha,
I'm pretty sure I know the exact people you are talking about and let me just tell you, what you were told is a bunch of crap. You do not even have the slightest idea of the amount of bullshit that really happened with that situation. It's quite a very long story, but a damn good one.
I don't want to go into anything specific in this thread. If you are curious send me a PM. Plus I wanna be 100% it's the same "defectors".
BTW, in the Assent structure there is always someone backing your loss before it ever even touches the main company. The major backers can absorb humongous hits. You are thinking about measly tiny LLC blowing out.
just to be public about it....
I'm glad what I was told, you now confirm as wrong... Sometimes we want to see the big boys really be real! If you know what I mean...
Quote from Dogen3:
Does anyone know what happened to the Forum with a similar title to the above? It had four good posts then just vanished. Was it moved?
Dogen,
Did you use the Elite Trader Search function with your similiar title?.....
....As one of the Search results, were you referring to the five-post thread "Career Advice Needed" in this same Pro Firms Forum on 07-07-03, started by NJ1000...?
Quote from JML845:
Thanks. I appreciate your advice. My question is: If the prop firm still wants 5K from me, then what is the advantage to using them over my retail broker? I assume its the leverage/margin trading and software. And I'm not really a daytrader, I'm more short term(2 days - 2 weeks) is that ok for a prop firm or do they only allow intraday trades? And what is SEC PDT and the $25,000 minimum?
If your trading style is 2 days to 2 weeks, you absolutely don't need a prop firm.