The Prop Trading Industry EXPOSED

Quote from NYSEscalpa:

every thread that even hints of a trader having issues turns into the same 'ol tired "check the balance sheets" advertisement for Bright..well, you've got the balance sheets, so what? I'd rather go with an LLC where I don't put up much capital and get rates that are much better than BTs. For a high volume trader, the amount of money saved on rates of let's say .003 vs. Brights of .006 (is that where the break is these days? I know they start at .01, ouch!) are substantial. Think about if you trade 3 million shares a month. You are paying a premium of 108,000/yr for your precious balance sheets. Hell, you're better off with a true daytrading firm that is a little less well capitalized (I can name several) that doesn't charge an arm and a leg to trade there.....let's say worst case scenario, you lose your $25K deposit, well, that's a calculated risk I'd be willing to take to add an extra 6 figures to my yearly income. of course, I'm not saying just deposit your money in some random LLC, do your own due diligence...
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I believe this is your post: 10-02-06 07:32 PM

ummm, anyone ever thought about contacting the SEC?? this seems like a case of outright fraud...a ponzi scheme- where redemption requests are funded by new trader deposits....

It appears that we agree more than we disagree.

When our top traders have come over from other "low cost" firms, it's because they need to use capital to make a living. And, BTW, high volume traders are not paying any more here than anywhere else where they can use significant capital.

I don't mind having "apples and apples" comparisons, and I understand that we may not be the best "fit" for everyone. The main firms all get along pretty well, no "Sunni/Shiite" tribal war going on....I prefer to keep everything friendly and up front, that's all.

Have a good day,

Don
 
Quote from NYSEscalpa:

every thread that even hints of a trader having issues turns into the same 'ol tired "check the balance sheets" advertisement for Bright..well, you've got the balance sheets, so what? I'd rather go with an LLC where I don't put up much capital and get rates that are much better than BTs. For a high volume trader, the amount of money saved on rates of let's say .003 vs. Brights of .006 (is that where the break is these days? I know they start at .01, ouch!) are substantial. Think about if you trade 3 million shares a month. You are paying a premium of 108,000/yr for your precious balance sheets. Hell, you're better off with a true daytrading firm that is a little less well capitalized (I can name several) that doesn't charge an arm and a leg to trade there.....let's say worst case scenario, you lose your $25K deposit, well, that's a calculated risk I'd be willing to take to add an extra 6 figures to my yearly income. of course, I'm not saying just deposit your money in some random LLC, do your own due diligence...
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i suppose your timing would have to be lousy to lose it the next day.
 
Quote from Don Bright:

Hi Newbie...

1. There are regulated firms that may not require licensing (for the time being anyway). There are many traders in foreigh countries who have taken and passed the S7.

you are talking about countries where there is an exam center, but most of the countries doesn't, so simply if a trader lives in such country he need to travel to just take the exam which is simply not practical, if I am missing something here I'd really like to know this would work out

2. There are regulated firms who will take small deposits, but I still maintain that there is a harder road with little capital (but this is still America, and choices are to made by the "decider", LOL).
I think it would be good if bright has this offer too, may be not for the starters as this is what worries you, but for experienced traders it would work just great


3. Most of the firms that I have on my "list" charge much more than you might think.
come on, I don't think that there are many prop firms out there that charge more than you do

And, as I said, these firms are not my competition. BT has enough competition from Regulated firms, LOL.

I appreciate and understand your comments, thank you.

As I said earlier, I do respect you and your firm so no hard feelings whatsoever ;)
I'd really like to work with your firm but the mentioned barriers specially the license shuts me out

All the best,

Don
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well, to be fair to doniz, heck if traders are happy and he&bobz can recruit with no problemo why would he want to lower rates, i mean, would u in his place...it's not that he's strugglin' to find newbs to join pair&co and arbthespec. inc, ror.
 
bonds why would you waste your time at prop firms when you could just do it yourself...

If you dont need their capital then why stay. Doesnt make any sense as well that you switched 3 times in a year and half if your so good at it...
 
Quote from CutsThrough:

Ah contrare. Sounds like a bitter trader to me. Don't worry, I lost too. Everything in life is either an opportunity or it's not. Posting on an anonymous board in this manner does not make your failure any less easy to see.
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excuse me what did i fail at? the only reason i had even mentioned how much ive pocketed is to show that even the traders that are generating income for the prop firms dont exclude them from getting screwed...

bitter trader? actually prop trading is one of the best things that did happen to me, even with the money being witheld i've cleared and learned enough that its been worth my while... the bitter ones are the ones obsessed with me spewing out the names of the firms in question....

before you go calling someone a failure ,cutsthrough, especially someone you know nothing about, maybe you should take a look at yourself. Sorry to burst your bubble but i've only had one unprofitable month in two years of trading. And if you dont believe that or if it will make you feel better feel free to flame away...
 
Quote from S2007S:

bonds why would you waste your time at prop firms when you could just do it yourself...

If you dont need their capital then why stay. Doesnt make any sense as well that you switched 3 times in a year and half if your so good at it...
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Good pt and im not going to be dealing with these prop operations any more...

Just to clarify things i had multiple accounts opened stmultaneously to take advantage of certain platforms and in case one system went down to trade the other. It wasnt like i was at one, got screwed, jumped to the other, got screwed, jumped to the other. Most of the money being owed to me is profit not deposit, not to say i wont receive it but it is severly late.
 
Quote from bonds:

Good pt and im not going to be dealing with these prop operations any more...

Just to clarify things i had multiple accounts opened stmultaneously to take advantage of certain platforms and in case one system went down to trade the other. It wasnt like i was at one, got screwed, jumped to the other, got screwed, jumped to the other. Most of the money being owed to me is profit not deposit, not to say i wont receive it but it is severly late.
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You still have not been able to clarify which product you trade.

And I still fail to comprehend why you would be getting screwed for any of your profit when you are such a super trader. Even the chop shops tend to treat their good traders well so that they can retain them and use them as examples to bait in the suckers.
 
You must be some supertrader to require not one, not two, but three prop shops to make sure you have adequate backup and to take advantage of "certain [supersecretspecial-no2-bi-turbo] platforms" .

At the same time you were at 3 firms, and while you were a profitable trader, all 3 screwed you.

You had (have) your 7 (6, 55) hung at 3 firms at the same time. Nice guys at these firms, except in the payment area, of course.



Quote from bonds:

Good pt and im not going to be dealing with these prop operations any more...

Just to clarify things i had multiple accounts opened stmultaneously to take advantage of certain platforms and in case one system went down to trade the other. It wasnt like i was at one, got screwed, jumped to the other, got screwed, jumped to the other. Most of the money being owed to me is profit not deposit, not to say i wont receive it but it is severly late.
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