You rest your case? So you agree you are a failure?
OK, as long as we agree on something.
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My Experience at a Prop Firm
- Thread starter pineman
- Start date
You rest your case? So you agree you are a failure?
OK, as long as we agree on something.
Quote from Clubber Lang:
You rest your case? So you agree you are a failure? OK, as long as we agree on something.
Seen guys like you for the last 10+ years. Lose money, blame the platform, lose money, blame the other traders, lose money, blame the techs, lose money, etc, etc, etc.
in terms of my experience with assent, ABSOLUTELY I WAS A FAILURE.
just like thousands upon thousands of others that you've seen go through your doors losing their shirts.
kinda sounds like a casino more than a trading firm.
kinda sounds like they don't mentor very well.
kinda sounds like most everyone loses money.
kinda sounds like assent sucks.
so, YES, WE ARE ABSOLUTELY IN AGREEMENT.
Quote from TRYKtrading:
in terms of my experience with assent, ABSOLUTELY I WAS A FAILURE.
just like thousands upon thousands of others that you've seen go through your doors losing their shirts.
kinda sounds like a casino more than a trading firm.
kinda sounds like they don't mentor very well.
kinda sounds like most everyone loses money.
kinda sounds like assent sucks.
so, YES, WE ARE ABSOLUTELY IN AGREEMENT.
Thank you for admitting your failure. Like I said, I've seen it over and over, and everyone has the same rhetoric.
Sorry that you didn't make money trading, but if you did a little DD before trying it you would realize there is a very slim success rate in the business.
The very fact that you blame a firm for not teaching you to make millions is laughable. It's just not that easy.
Best of luck trying to find someone to hand you the keys to success in this business.
Quote from Clubber Lang:
Thank you for admitting your failure. Like I said, I've seen it over and over, and everyone has the same rhetoric.
Sorry that you didn't make money trading, but if you did a little DD before trying it you would realize there is a very slim success rate in the business.
The very fact that you blame a firm for not teaching you to make millions is laughable. It's just not that easy.
Best of luck trying to find someone to hand you the keys to success in this business.
everyone has the same rhetoric because companies like assent run traders into the ground with their unfair and unethical business practices. otherwise, your argument would be to the positive, promoting assent rather than confirming what i already know.
we are, in fact, in total agreement.
if assent did not suck as a prop trading firm, more traders, not less, would be successful.
further, if the current prop trading system worked, there would be a lot more positive stories and profitable prop traders than there are.
the point should be to grow the success rate of the industry, not support an already corrupt top down pyramid scheme where only the owners (namely sungard financial), gets rich.
you missed my point completely.
and, you assume too little as to my abilities as a trader.
i probably have ten times the knowledge you have, ten times the experience, and do ten times the numbers you do.
and, i can back up my shit talk, in proper english, not hood rat gangsta slang, clubber.
i did my due diligence on assent across enough of its offices to see a pattern, and i made money during the time i was testing out the various branches, their platforms were primitive to say the least but i am technically capable of not only customising my setup to a near professional hedge fund trading standards (i had four computers, four 24s running, my systems rock, and i don't need some geek in tech support to explain how to set up stops, whatever.), to ascertain it was not the place for me to do what i wanted to accomplish.
so no, i was successful, but i was making more money on my retail accounts than off assent's setup, because i have been successful in the past doing so, and continue to be today, using only 4x leverage. i don't need any more than that.
my numbers speak for themselves. i have 15+ years under my belt. there isn't a subject (short of arguing options strategy with atticus the great; i am not an options trader).
my point is, i don't need assent and its ponzi scheme methods.
thus, why i'm starting my own firm.
end of discussion?
Quote from TRYKtrading:
everyone has the same rhetoric because companies like assent run traders into the ground with their unfair and unethical business practices. otherwise, your argument would be to the positive, promoting assent rather than confirming what i already know.
we are, in fact, in total agreement.
if assent did not suck as a prop trading firm, more traders, not less, would be successful.
further, if the current prop trading system worked, there would be a lot more positive stories and profitable prop traders than there are.
the point should be to grow the success rate of the industry, not support an already corrupt top down pyramid scheme where only the owners (namely sungard financial), gets rich.
you missed my point completely.
and, you assume too little as to my abilities as a trader.
i probably have ten times the knowledge you have, ten times the experience, and do ten times the numbers you do.
and, i can back up my shit talk, in proper english, not hood rat gangsta slang, clubber.
i did my due diligence on assent across enough of its offices to see a pattern, and i made money during the time i was testing out the various branches, their platforms were primitive to say the least but i am technically capable of not only customising my setup to a near professional hedge fund trading standards (i had four computers, four 24s running, my systems rock, and i don't need some geek in tech support to explain how to set up stops, whatever.), to ascertain it was not the place for me to do what i wanted to accomplish.
so no, i was successful, but i was making more money on my retail accounts than off assent's setup, because i have been successful in the past doing so, and continue to be today, using only 4x leverage. i don't need any more than that.
my numbers speak for themselves. i have 15+ years under my belt. there isn't a subject (short of arguing options strategy with atticus the great; i am not an options trader).
my point is, i don't need assent and its ponzi scheme methods.
thus, why i'm starting my own firm that will use an ABC method of organisation:
A. is for allocation. we reduce intraday risk by using options (i.e. we will employ a risk manager to oversee and execute options strategy across intraday and longer term risk positions) to spread risk across multiple trading accounts with varied position size and intermittent execution to reduce volatility and increase profitability.
B. is for blowout. no naked short trading.
C. is for capital. maintain current or increase leverage ratios.
D. is for distribution. we pool capital under a common fund and partnership ownership structure. (i.e. no individual sub-accounts)
E. is for equality. distribute profits by capital contribution and profitability on a monthly basis, with the option of a set monthly salary.
E. is also for education. traders will be required to attend weekly trading seminars and webinars by respectable firms, not these flybynight scam artists running around telling everyone how to get rich. who knows, we may even sponsor university and college scholarships in finance and economics.
F. is for free. reduce and/or eliminate commissions entirely.
G. is for no gambling. kickback rebates to the pool to increase risk capital.
H. is for help. one to one mentoring ratio for new traders to experienced.
I. stands for trading as a unit where every trader focuses on a preset daily, weekly, monthly strategy based on internal meetings, based on outside analyst reports, news, etc., and not on the random opinions of uneducated rogues who think they know economics better than jim rogers.
J. is for making sure jerkoffs like you aren't allowed in the building.
K. is for having a kontest every month where the winner gets a new car, the loser pays for his parking.
L. is for liquidity and leverage. the whole wil be greater than the sum of its parts, and we will be liquid moving our positions incrementally or in blocks.
M. is for medical plan. everyone is covered, 100%, across the board.
N. is for need i go on?
cheers.
rb.
end of discussion?
So you failed as a prop trader, rip the prop business, but want to start your own firm?
LMAO.
Can't continue to waste time with nuts like you.
Welcome to ignore.
LMAO.
Can't continue to waste time with nuts like you.
Welcome to ignore.
Quote from Clubber Lang:
So you failed as a prop trader, rip the prop business, but want to start your own firm?
LMAO.
Can't continue to waste time with nuts like you.
Welcome to ignore.
yeah, i'm the crazy one.
i'm up over 1000% ytd since january 1.
and i don't see too many assent prop traders running to your rescue here.
seems you're all by yourself.
Quote from TRYKtrading:
in terms of my experience with assent, ABSOLUTELY I WAS A FAILURE.
just like thousands upon thousands of others that you've seen go through your doors losing their shirts.
kinda sounds like a casino more than a trading firm.
kinda sounds like they don't mentor very well.
kinda sounds like most everyone loses money.
kinda sounds like assent sucks.
so, YES, WE ARE ABSOLUTELY IN AGREEMENT.
sure, all prop firms have their own best interest in mind(i.e profit) but there are prop firms out there that do actually teach some worthwhile stuff.
if you think about it, really think, it actually is in their best interest for the traders in their firm to be successful because, get this, the more money their traders make, the more likely the traders are to trade more volume which = more commish for the firm. also, if they can sell their traders on a technique that requires the trader to hold lots of positions overnight, then as the trader becomes more confident, again, from being SUCCESSFUL, they are more likely to pay more for the nightly vig as they increase these positions because they can handle the extra few % for the leverage. also, the more old timer, successful traders at a firm, the more likely their novice traders are able to hook up with a mentorship program where they can learn the rudiments of and get real time questions answered (via skype, IM, etc.) regarding whatever technique they are into, be it scalping for nickels, position trading, statistical arb, OPGs, MOCs, momentum or whatever. for that, if you are a beginner, it makes sense to go with the firms that are most likely to attract the seasoned veterans, that is, the firms that have been around the longest, are reliable and are well financed or insured (have never heard of insurance at a prop though i am happy to hear otherwise). these firms will tend to have a much higher % of profitable traders as opposed to the ones that may cater to what you had referred to as the "naive college kids with daddy's $10k." i imagine that Tuco was like that and their numbers kinda sucked. mind you, there were some great people there from their numbers but...well...overall, not impressive percentages.
i imagine that a lot of firms don't offer any help for beginners or they offer teaching that is worth about as much as the decorative pattern under the seat created by my viral laced fecal fulmination just prior to the open today. for sure, though, some firms' mentor/seminar programs are well worth it.
sorry you had such a hard time at Assent, a buddy of mine lost a bit of cash through one of the glassy sub groups that just cleared through them. he has moved on but still has a small chunk of his flow with Assent (the main one, i guess) and trades it remotely so i guess he believes in them despite previous problems.
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 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.
Quote from colonelangus:
sure, all prop firms have their own best interest in mind(i.e profit) but there are prop firms out there that do actually teach some worthwhile stuff.
if you think about it, really think, it actually is in their best interest for the traders in their firm to be successful because, get this, the more money their traders make, the more likely the traders are to trade more volume which = more commish for the firm. also, if they can sell their traders on a technique that requires the trader to hold lots of positions overnight, then as the trader becomes more confident, again, from being SUCCESSFUL, they are more likely to pay more for the nightly vig as they increase these positions because they can handle the extra few % for the leverage. also, the more old timer, successful traders at a firm, the more likely their novice traders are able to hook up with a mentorship program where they can learn the rudiments of and get real time questions answered (via skype, IM, etc.) regarding whatever technique they are into, be it scalping for nickels, position trading, statistical arb, OPGs, MOCs, momentum or whatever. for that, if you are a beginner, it makes sense to go with the firms that are most likely to attract the seasoned veterans, that is, the firms that have been around the longest, are reliable and are well financed or insured (have never heard of insurance at a prop though i am happy to hear otherwise). these firms will tend to have a much higher % of profitable traders as opposed to the ones that may cater to what you had referred to as the "naive college kids with daddy's $10k." i imagine that Tuco was like that and their numbers kinda sucked. mind you, there were some great people there from their numbers but...well...overall, not impressive percentages.
i imagine that a lot of firms don't offer any help for beginners or they offer teaching that is worth about as much as the decorative pattern under the seat created by my viral laced fecal fulmination just prior to the open today. for sure, though, some firms' mentor/seminar programs are well worth it.
sorry you had such a hard time at Assent, a buddy of mine lost a bit of cash through one of the glassy sub groups that just cleared through them. he has moved on but still has a small chunk of his flow with Assent (the main one, i guess) and trades it remotely so i guess he believes in them despite previous problems.