The Prop Trading Industry EXPOSED

[bonds]

Quote from eagle488:

"Beyond all the misleading information, overcharges, blatant lies ive gone through i am currently owed money from all three prop firms to the tune of over 40k between all the three. This is not just deposits, it is my cut of my net profit for certain months as well."

WELCOME, MY FRIEND, TO THE WORLD OF BUSINESS!!! I have been screwed over by seemingly legitimate employers who I had to take to the state labor board to recoup my unpaid salary&bonus.

Hand this over to a collection attorney. The attorney will probably want a cut out of the recovered cash. However, getting back something is better then nothing.

When it comes to cash and people/businesses oweing you money, you must act as quickly as possible. Lost cash is like a lost child. The longer its missing, the more probability that it stays missing...

thanks for the rare useful post... appreciate it

 

[Szeven]

Quote from Drew07:

Can someone tell me about this NYSEKILLER guy that keeps being referred to?

A guy who created an elaborate story about suddenly learning to make huge cash, while only faking it by using a Sterling Trader Pro demo to fake P&L. This guy should seriously write fantasy, it was truly an impressive tale.

 

[bigvolume]

Bonds trade very well. What he say is total true.we often exchange information from last year.
There are many small prop company out there,and most people know nothing about them.You should be careful if you want to join.

 

[RICKTHESTICK]

Quote from bigvolume:

Bonds trade very well. What he say is total true.we often exchange information from last year.
There are many small prop company out there,and most people know nothing about them.You should be careful if you want to join.

I am shopping around for a prop deal ... Could you be more specific ( name names....)

 

[bigvolume]

Because bonds still didn't get money back, so it's not suitable to name it publicly now.

 

[artis74]

this is thread is truly the gift that keeps on giving!!

 

[bonds]

received 13k the last 2 days... some progress being made

 

[Hydroblunt]

Quote from bonds:


A simple point... why do you even bring my trading into this?

Because only a moron would screw a trader of your supposed caliber, it's like throwing easy money away. One, maybe, two, unlikely, three, too hard to believe. Shady props are businesses, it makes more sense to screw small traders who aint worth retaining, not the wunderkid ones. They don't stay in business by screwing every profitable trader, it just does not work like that.

Because if you really made such great money, WHY THE F**K would you look for % split deals when you can easily get 100% payout with great commissions and good leverage. Might have to settle for 4:1 although I doubt 10:1 or even 100:1 would be hard to get. It's not like there is a shortage of competition & firms, even reputable and legit ones.

Finally, I'm sorry, but somehow it seems like the prop industry is singling you out. While at first it may seem like its everyone else fault, smth tells me that after 3 times with the same exact problem, it may be YOU. I'm guessing you are not telling the full story and maybe need to reread your contracts. Maybe you need to recheck your commissions.

Yeah, everyone promises you the sky and millions upon millions of dollars. Welcome to the world of capitalism. Hope you got your first lesson in advertising.

 

[bonds]

Quote from Hydroblunt:

Because only a moron would screw a trader of your supposed caliber.

The only reason I posted a figure was to dispell the misconception that profitable traders need not worry about getting screwed.

To answer your statement above, do you think a frim would be more spiteful of an inconsistent trader telling them to close their account or one of their top traders telling them to close their account?

 

[bonds]

Quote from Hydroblunt:


Because if you really made such great money, WHY THE F**K would you look for % split deals when you can easily get 100% payout with great commissions and good leverage. Might have to settle for 4:1 although I doubt 10:1 or even 100:1 would be hard to get. It's not like there is a shortage of

You make a valid point, I am in the process of setting up such an account, this is part of the reason I've had to close my other prop accounts and thus the problems.
When I started trading prop, not only was i not as consistent in my trading but i could barely scrape enough for a 3k deposit.
I've come a ways since then, now is the time im ready with my trading and built up enough capital...