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My take on the prop firm legislation
- Thread starter demoship
- Start date
Quote from demoship:
The issue is that there ARE bad companies out there ripping people off w/ churn and burn schemes, when they're telling inexperienced traders fresh out of college that there's easy money to be made.
Again, this is not an issue if you stick with the blue chips. I mean seriously, you are sounding like the guy that is borrowing money from the guys down at the docks instead of your local bank and screaming foul when you found out you were scammed. You know who the bad players are. You know who the good players are. Hell, it's written all over ET. Use the SEARCH function. Never in history has it been so easy to do some background checks on individuals and firms. Use that!!!!!!
Quote from Maverick74:
Again, this is not an issue if you stick with the blue chips. I mean seriously, you are sounding like the guy that is borrowing money from the guys down at the docks instead of your local bank and screaming foul when you found out you were scammed. You know who the bad players are. You know who the good players are. Hell, it's written all over ET. Use the SEARCH function. Never in history has it been so easy to do some background checks on individuals and firms. Use that!!!!!!
I agree maverick. You can't lie anymore. Everything can be researched if you know how. But if a kid straight out of college got taken he can still hold the person or persons accountable. He may not benefit financially but he can alert the rest of us to this persons scheme. They have investor alerts and so on for these things.
I can only speak for myself but in this game greed takes over people. I have had friends try and override me. Even after the jasper situation my phone was ringing off the hook from people who i never heard of. One situation i went to watch football(this was in 2002) and some guy had his brother show up and before the game started this guy who i never saw before throws a contract at me and pretty much tried and force me to sign it. Bottom line i said do that again and i will have your ass locked up.
You need to know what you are dealing with and look into these llc's or firms. But as maverick said deal with the blue chips and your fine. Also never be afraid if you feel something is wrong see what your options are and deal with the problem in hand.
It's no secret a con doesn't give you time to think. First sign, then he will repeat what you just told him in some cases. They try to become your buddy and their eye is always on your money.
Outside of leverage you do not need a middle guy. Why give them a piece of your commissions. Trading is tough enough these days.
Outside of leverage you do not need a middle guy. Why give them a piece of your commissions. Trading is tough enough these days.
Quote from squeeze22:
It's no secret a con doesn't give you time to think. First sign, then he will repeat what you just told him in some cases. They try to become your buddy and their eye is always on your money.
Outside of leverage you do not need a middle guy. Why give them a piece of your commissions. Trading is tough enough these days.
One thing i have to say with your repeat analisys. Imitation is the best form of flattery. Now iam done with this thread have to get ready for work tomorrow.
there is no new legislation that will be passed on prop firms..if any enforcement takes place,it will be on a case by case basis just like any other business in any other industry. the only thing i can see happening is a rule requiring prop firms/LLC's to disclose the risks of trading with leverage.some firms already do this. if some 22 year old kid fresh out of college wants to give a prop firm 5k in credit card checks then so be it. he can use those checks in atlantic city or even use it to open an account at Merril Lynch..so why come down on a prop firm for accepting it...