Quote from TRYKtrading:
finally, an educated opinion.
i absolutely agree.
my point is merely that if the success ratio is so low, then obviously the current system needs to improve.
so i'm working towards that goal.
i'm not interested in bashing assent for its business model. i just disagree with their methods, do not want to be associated with them, and i chose not to pursue trading an account with them as a registered S7+55 prop trader last year because it conflicted with my existing methods, strategies, and goals.
i also hated the software, the support was terrible, the environment caustic and novice, and the payout was inferior to what i make on my own in a normal retail account.
under better circumstances, with more control over my capital and decisions, i would absolutely make a killing trading on 100:1 leverage. but i choose not to, the risk is just too great and if you've ever seen an assent agreement, it's 60 pages thick of reasons why you'll go bankrupt before they do.
i actually traded a subaccount with one of the assent branches, totally under the radar of the sec and finra, the branch managers had me trading their capital on a subaccount in their names, and i made a fucking killing just ripping in and out of AAPL, RIMM, FSLR, ETFs, mostly the high volume stocks.
i can sit and surf the green and red waves all day without wiping out. it's so ridiculously easy to make money with 100:1 leverage. i think i was down 28K at one point and up 9K on the end of the day rebound. it's a blast, but it's fucking crazy thinking that's sustainable or legal. if the SEC or FINRA wants to ask me about, no problem. i'm not a rat, so i'm only stating this was my experience. i'm sure it happens all the time.
i'm probably way off on a lot of my ideas, but i'll get to where i want to be in a few months and i'll be a factor in this marketplace.
trust me, anyone who knows me, my history, my experience in the dot com world, who my friends are, the money that's behind me, and just how i am, i'll blow the doors off this industry the same as i have in every other venture i undertake.
i actually welcome the criticism from idiots. it just promotes my ideas and attracts the competent ones out there who want to be part of something greater than what exists today.
i think they call that progress.
"He Who Dares Wins."
Winston Churchill.
i tell you, bro, from your initial rant a few posts back, i was thinking you had been partying with Jeff Macke last week and were still up and waaaaay sleep deprived/delusional
if you passed that bee-itch 7, then you at least have some discipline(or you were a finance major). not that it was all that difficult but so much shit, like 98% that i knew i would NEVER use trading my own account made it tough for me to study.
if you did not have much in your account or were just trading the branches' flow and you were having crazy $37k swings, that does seem crazy and another reason why i think a lot of prop firms end up blowing up.
the prop firms i have been acquainted with require some of your money and have fairly tight capital management in place where some Big Brother entity is always watching and if you are getting killed and adding to your position, the IM will beep, "dude, what the fuck are you doing?! from here, you can only close positions and if it continues out and you do nothing, we will shut you down." or some such statement. luckily, i have never gotten the message/call. seriously, some people have $10k in their account and intraday over a million $ no problem. but from the perspective of a prop firm that wants to stay in biz for a while longer, if a trader is of the poker ilk screaming "ALL IN!!" when you have a 10 jack offsuit or more, long 70,000 shares of BAC just before the FOMC meeting's announcement, if they decide to raise rates a half a point, not only is the trader completely wiped out in .13 seconds but the firm's capital is in serious jeopardy, you know what i mean?
i think most firms will give you leeway on such if you have proven yourself, which would mean that you never do stuff like that. then again, from your story, obviously you can at some places but then, you never said how much you opened your account with.
oh, and yeah, from my earlier post, i have no idea if one can trade half a million AAPL per day as i rarely trade NASDAQ but know people that trade slightly more than half a million of NYSE stocks that are only slightly more liquid (30 million per day) and with BAC, 5 million would be an easy enough feat.
either way, stick with it and good luck with whatever system you are using or decide to use. it is good when i am enthusiastic but to me, waaaay dangerous when i am feeling like there is no way that i could lose money (like just last year when i was riding a 6 month winning streak, when any down day was followed by a killer up day and i was...yeah...invincible.
well, June took back half of the year's profits.
