Funny how no one of the left was at all concerned by the Obama's repeated world tours with massive entourages. Trumps' children get SS protection, just like Obama's did. It illustrates the pettiness of the left that they object (now).
Is the USA becoming Trumpland ?????
- Thread starter Humpy
- Start date
Well, trump himself complained about obama wasting taxpayer money on trips.
So why is he spending your money?
99.99% of Daytrading firms are american, there used to be a couple in canada but they are gone now too i think.
Dodd-Frank put my firm as well as many other day trading firms out of business, i lost over 200k sticking it in an offshore broker because they were the only ones who would give me leveage at that point, and i needed it cause i was a systems trader, they walked away with mine and many other traders money, after about a year, i tried gathering some of the bigger traders there too push a class action lawsuit, but between us we only lost about 800k and were told by a pretty good lawyer that it would cost us atleast half of that just to attempt to sue them, so it wasnt worth it, just had to bite the bullet and eat the loss.
This was specifically caused by Obama and Dodd-Frank. I needed 100 million buying power to float orders on the open, cause we used to send multiple orders to almost a thousand stocks, even though i only ever got filled on about 500k-1million dollars worth of stock on a given day, then we also used to hedge off our exposure once we got the fills if we were too long or too short, so the odds of us causing a problem was slim to none.
I basically had to start from scratch again, and This was also at the height of my earnings, so not only did i lose the money i stuck in the offshore broker but i lost a strategy that was producing well over 200k per year cause there was no longer any place to get the leverage i needed just for floating orders.
It was an incredibly humbling experience, but atleast it made me grow alot, and it made me change my priorities a bit as well, i quit working 12 hour days and just started enjoying the freedom of being a trader.
Our firm wasnt causing any problems, lots of highly succesful traders there, and Dodd-Frank changed the rules on how much leverage they could give out and put them out of business. Meanwhile, GS, BAC, MS and JPM are bigger than ever, nice work with those regs keep them rolling they are really doing a great service.
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None of the listed "grievances" will amount to a hill of beans if he delivers the goods as promised on the campaign trail. It's highly unlikely he'll ever have the time to deliver as the left has already decided he must fail and fail big, even if it means literal death and destruction for the country. Shit is going off the rails this summer. Bank on it. By mid summer riots will be the norm and there will be bodies in the streets. Dead bodies. Trump will have his hands full with this as the democrats shrug their shoulders and say, don't look at us, this is your problem.
Nice, long financials has been sweet money since Trump got elected, i missed the initial trade, and tried shorting them a few times when they looked like they would break down, and got killed lol, not going there again.
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What are the leverage limits on prop firms now? Was your firm considered a broker-dealer?
I have no idea, but i was friends with the VP of the company and he specifically told me the reason they couldnt offer the leverage anymore was because of Dodd-Frank, so atleast a couple dozen traders who were doing the same thing as me left and they went out of business, Im getting 10-1 now at 1 of my brokers, and 3-1 at the other 2, but my strategy is completely different now.
What were you getting at the old firm?
If the firm couldn't take leverage, why couldn't they just shut down and return you your capital?
At the old firm i was getting like 500-1, like i said i had a couple hundred k there and was floating around 100 million dollars worth of orders but only getting filled on about 500k-1 million dollars worth on any given day.
They did shut down and return our capital, but then we were all left stuck trying to find a new firm that would offer us the same, thats why we went to the sketchy place that robbed our money afterwords.
I'm sorry the second prop firm lost your deposit. But Technically, it wasn't Dodd-Frank's fault you lost your deposit.
My position as a prop trader was eliminated after Dodd-Frank. But I am happier now than I ever was trading institutionally.