Legal Action against a prop arcade?

[syswizard]

I am starting to doubt whether it is even possible to obtain consistency while intra-day trading. This is by far the most challenging venture that I've ever tried. I will not give up, but I've certainly lost some steam...

Without a system or proven technique/strategy, you should just quit right now.
The market moves with such randomness at times, you'll just get chopped to pieces.

 

[volpunter]

I disagree with you. You are here to play it safe for yourself without even adding value by naming the firm so others can avoid in the future. On a very basic level why are you expecting or hoping others to help and make a leap of faith by outing themselves saying they have been in the same situation if you are not even willing to name the firm? Makes zero sense other than you being scared for the wrong reasons.

As Maverick said, what they think of you makes zero impact on the legal situation and arbitration outcome.

I agree with you. However, as explained things are already tense and I don't want to stir the pot unless absolutely necessary. If I throw this firm under the bus in a public forum, thus tarnishing their reputation, I will be spiting myself in the long run as I attempt to affiliate with the firm, or get my capital back.

At this point, I'm looking to interact with like-minded individuals, and see if anyone has similar experiences. I'm not shy and I will disclose what I need to, when the time is right.

 

[volpunter]

Lol, guys like OP will be eaten alive in Downtown Manhattan. One day the firm was about to take him out, the other day "these guys went above and beyond for me." Looks like former "Engineering Directors" can be influenced at will.

Thank you all for the insight. You guys brought up some very valid points. ScalperJoe, you were right on the money when you mentioned "license parking". This is the reason why my trading manager reprimanded me. I feel like a jerkoff for catching an attitude with him over it. I obviously have a lot to learn.

My account is online and I am actively trading. As far as I'm concerned, these guys went above and beyond for me.

And no, the thread is NOT bullsh!t. Why would I (or anyone for that matter), waste precious time by posting a fake story on the forum? There's nothing to be gained.

 

[volpunter]

I give you 2 more months before you blow out. Enjoy the ride while it lasts and then back to "Engineering Director" and your cozy corporate environment where bullshit really does work.

You've touched on what I believe is the root cause of my challenges. I don't have a dedicated system. I wait for certain well-known patterns/setups, etc, and I trade them accordingly. I use simple indicators like trend lines, support, resistance - identify consolidation ranges and trade as the mark-up occurs (chop range is broken) , try to spot areas of consolidation, distribution, etc... I need a systematic approach so all thoughts and emotions are taken out of the equation. I intra-day trade, so I may be in a trade from 2 seconds (quick scalp) to two or more hours. I do not hold overnight, but I will in trade pre-market and AH if the opportunity is there.

I've read so many books and I've spoken to so many people on this forum and elsewhere. I am starting to doubt whether it is even possible to obtain consistency while intra-day trading. This is by far the most challenging venture that I've ever tried. I will not give up, but I've certainly lost some steam...

I also have my own challenges (fear, greed, hope) which I am continuing to work through...

 

[ScalperJoe]

I need a systematic approach so all thoughts and emotions are taken out of the equation. I intra-day trade, so I may be in a trade from 2 seconds (quick scalp) to two or more hours. I do not hold overnight, but I will in trade pre-market and AH if the opportunity is there.

I've read so many books and I've spoken to so many people on this forum and elsewhere. I am starting to doubt whether it is even possible to obtain consistency while intra-day trading. This is by far the most challenging venture that I've ever tried. I will not give up, but I've certainly lost some steam...

I also have my own challenges (fear, greed, hope) which I am continuing to work through...

You cannot take "all thoughts and emotions out of the equation" when you daytrade equities, unless you can write code and use an algo program, such as what some of the hedge funds use to buy and sell stocks. However, the algo is only as good as the programmer, so the program has to adapt to a dynamic market, and even hedge funds close shop, so there are no guarantees even with an automatic strategy that attempts to take "thoughts and emotions" out of the equation.

If you are trading stocks and jumping around to find the next "runner" of the day, then you run a high probability of blowing up the account in commissions alone.

Look into trading futures once your lock up expires, and limit yourself to watching just a few products to increase the odds of success, especially if you're going to daytrade.