illegal shortsale/profit removal

On top of that bull shit policy. I know a few Prop Firms that charge you an additional 150 bucks for every short sale you incur.
WorldCo.....does this and I believe they take that pool at the end of the year and party like rock stars........That is just straight stealing.

Here is a plan.....trade the minis and forget about this bull shit policy. Long Live the MINI.
 
It's funny how $300 blown in a trading account is nothing, but you'd never pull it out of your wallet and give it away so easy. Just like the casino mentality with the chips.
 
Kean,

Seems like the firm may have pocketed your profits... please name the firm and I am sure several of us will follow this up with the firm and SEC...

Candle
 
This is not an "illegal" short sale. An attorney friend of mine says "illegal" means criminal.

Apart from that issue, your first sale was a long sale. You don't explain why you didn't cancel the order. That seems conveniently
left out.

As to fines, they DO NOT go to NASD, rather to the firm.
 
Quote from thetraderprofit:

This is not an "illegal" short sale. An attorney friend of mine says "illegal" means criminal.

Apart from that issue, your first sale was a long sale. You don't explain why you didn't cancel the order. That seems conveniently
left out.

As to fines, they DO NOT go to NASD, rather to the firm.
More...


illegal does not mean criminal. speeding is illegal but it is not criminal. its time for you to change lawyers.

:eek: :confused:
 
Quote from candletrader:

Kean,

Seems like the firm may have pocketed your profits... please name the firm and I am sure several of us will follow this up with the firm and SEC...

Candle
More...
I'm still trying to resolove this with them so naming them now might place my position in jeopardy. Also, I be leery since I find their software and their their rates especially good. Damn REPURCUSIONS!
 
Quote from thetraderprofit:

This is not an "illegal" short sale. An attorney friend of mine says "illegal" means criminal.

Apart from that issue, your first sale was a long sale. You don't explain why you didn't cancel the order. That seems conveniently
left out.

As to fines, they DO NOT go to NASD, rather to the firm.
More...
Whether I cancelled it or not should not matter, it was a lmit sell, BRUT left best bid after 3 seconds and reported a confirmation 1 1/2 minutes later. Besides I did cancel, although about 10 seconds later.
 
Surfer,

Speeding is indeed illegal, precisely because it is indeed criminal.
Do you think your speeding plea of "not guilty" is being heard in a civil court? Think again---you don't plead "not guilty" in civil cases,
only in criminal cases. Although in rare cases you can receive jail time for a civil offense (certain violations of FAA regs, for instance), you generally don't put your freedom at risk in a civil trial. You CAN receive jail time for traffic violations.
 
As I understand it you entered the second sell order prior to receiving an "out" on the first one. If this is the case--and it seems so--you need to accept the fact that your actions resulted in a violation. While I understand and sympathize with your position, if I understand the facts, I think you should recognize your actions caused the 2 sales. The lack of a timely "out" didn't cause you to hit the sell key.

Kean,
I think it's wrong for the firm to keep the disgorged profit. This is an effort by the firm to make themselves look good with regulators by being a tough self-regulator. If anything, the firm should donate the $ to charity. Perhaps you should start a charity for traders who lost $ by being fined!
 
Another Rookie Question
Do you need to specify the shortsell for equities only? Do you need to specify a shortsell on futures? Options you can sell?
How does this work at IB?

-Thanks
 
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