Quote from Maverick74:
Wow, Dude, relax man. This visceral hate you have for Cog has now spilled over to this thread. Is it really necessary for you to fly off the handle like that? Scary, man, really scary.
Anyway, how on God's green earth could you make so many assumptions about me without even knowing who the f*uck I am. Truly amazing. Look, I have no issues with full disclosure. I freaking talk almost everyone I meet out of this business. I steer every young college graduate away from trading. I do everything in my power to look at someone's skill set and actually point them towards a better and more stable profession. If they have the determination to make it past all these warnings and roadblocks and still want to trade, then I know we have something here.
Look, you can warn people all you want, I do. You can give all the disclosures you want, I do. At the end of the day, I can't make anybody do anything. I have been an independent trader for 14 years. I could trade anywhere, for anybody, anytime. I have earned that right. There are a lot of other people out there like me that want to earn that right as well. They are never going to trade for Goldman, they will never trade for Susquehanna or SAC. In the world you want to create, the banishment of all leveraged prop firms, the little guy would end up going into selling real estate or becoming a teacher.
You need to understand, 99.8% of the people on this site would not even get a return phone call from any of the above firms I suggested. So like Don said, why not give them an opportunity. The cash they put up is a small obstacle to their success and they have complete control over their lives. I get tired of hearing how wonderful it would be to trade other people's money or trade on a salary. Do you guys have the f*cking faintest idea of how tough that is? The constant pressure everyday to perform? Some of you act like running a 100 million dollar fund would be fun. Fun? You think it's fun telling your investors you f*cked up and lost half their money. You think it's fun getting fired from your salaried job after 4 weeks because you were underperforming and after you already bought that condo and that new car and now you are out of a job? Come on man, come back to the real world. This is a tough business where most people will not make it.
The best you can hope for is to find an honest, reliable firm, that will surround you with good traders to learn from, good rates, and all the back office support to make sure your trading goes smoothly. Yes, it's a given that all fees and all risk should be disclosed up front. What else do you want? No, I don't want more regulation. I have not seen regulation do anything for common trader. All it will do is create even more obstacles for you to be successful.
And also, I have not seen a firm yet that does not give traders about 100 pages of paperwork to sign before they join a firm. Usually there are 100 over paid lawyers who have every disclaimer and every risk disclosure in those documents. If you don't read them, that is your own issue, not the firm's. Do you want the firm to sit down and read them to you page by page over milk and cookies?
Please take a xanex or something before you respond to my future posts. Your hostility is off the charts. We can have polite, civil discussions here, but if you want to turn this thread into chit chat, I will have no part of it.
