Quote from bulllives:
Ok now most Prop Firms want a 25k capital contribution because they are not getting fully funded and most of the traders lost them money and walked away with huge losses because of taking on huge bets leaving the prop firms holding the bag. And if you joined one its all a matter of the arrangements (very difficult to find a good deal). Before, many prop firms gave traders money without having to put up a dime. So now, it's somewhat easier to get into a prop firm because you have to put up capital. BUT, is it fair that you have to put up 25k? It is like you are really not a prop trader? And is it fair that the firm is required to hold your capital for a year? This is just not right!!! The firm can play with my money and tie it up and do whatever they want with it while the trader gets screwed? This is really like a personal account with leverage and much higher commission and fees. And it gives the firm the right to control your success and failure and play with your money without the trader even realizing it. And now the SEC wants prop traders to take a new license? seriously? And whats the deal with all these firms having sub accounts of sub accounts? To give those groups the right to charge a higher commission and have the trader churn and burn? And why are these prop firms registering with the CBOE and not FINRA? How are us traders protected? My point is our success is controlled and where is the structure in this industry? The government has had years to fix this. If Schapiro can't handle her job then leave!! Find someone to fix this nonsense.
In My Humble Opinion
