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Old Jan 26th, 2012, 02:07 PM   #19
Dusky323
 
 
Join Date: Jan 2012
Location: United States
Posts: 32
My research was all internet based. Mostly googling various prop firms with the word "scam" and stuff like that I didnt make any phone calls or anything of that sort. What I did discover is there was little information available on the internet for Lake Street and the others I was looking at. So I decided to throw 5k at them and document it, even had intentions of doing the same with other companies. I'm getting all the information as I go and if I lose 5k doing it then I'm fine with that. Hopefully if I were to lose it, it would be from my own poor trading and not from someone packing up and closing the doors with my money but time will tell.

With my 5k deposit I received 35k in daily trading pwr and 10k for overnights. I made 24 trades my first day lol so at the very least im having fun.
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Old Jan 26th, 2012, 02:08 PM   #20
atticus
 
 
Join Date: Mar 2007
Location: USA
Posts: 12,867
Quote:
Quote from swag:

This guy is probably a shill for "bulls on wallstreet", fuck your 14-day trial.
+1
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Old Jan 26th, 2012, 02:25 PM   #21
astutej
 
 
Join Date: May 2002
Location: Tex
Posts: 12
Please share the following:

1. What are their commissions & software fees?
2. What is the profit split arrangement they are offering?
3. What has Lakeside said regarding SEC crackdowns on LLCs such as theirs?


Quote:
Quote from Dusky323:

My research was all internet based. Mostly googling various prop firms with the word "scam" and stuff like that I didnt make any phone calls or anything of that sort. What I did discover is there was little information available on the internet for Lake Street and the others I was looking at. So I decided to throw 5k at them and document it, even had intentions of doing the same with other companies. I'm getting all the information as I go and if I lose 5k doing it then I'm fine with that. Hopefully if I were to lose it, it would be from my own poor trading and not from someone packing up and closing the doors with my money but time will tell.

With my 5k deposit I received 35k in daily trading pwr and 10k for overnights. I made 24 trades my first day lol so at the very least im having fun.
    Quote
Old Jan 26th, 2012, 02:34 PM   #22
MoneyMatthew
 
 
Join Date: Jul 2007
Posts: 57
So you are getting 7 to 1. Well keep telling us how it goes at Lake Street.

You are going to get lit into for not doing any research and not even carring if you make money or not. Heck you did not even call them once on the phone before you opened an account?..wow... At least you are being honest about that.

If you dont care about the money then why not go to a place that can offer more leverage?

At least give yourself credit for playing the right game (which is trading stocks) instead of eminis and forex.
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Old Jan 26th, 2012, 02:38 PM   #23
Dusky323
 
 
Join Date: Jan 2012
Location: United States
Posts: 32
Quote:
Quote from astutej:

Please share the following:

1. What are their commissions & software fees?
2. What is the profit split arrangement they are offering?
3. What has Lakeside said regarding SEC crackdowns on LLCs such as theirs?
1. commission: $6.50/trade (or .0065/share)
software fee: $125/month. refunded if 80 roundtrips/mo are made

2. No profit split

3. Haven't asked
    Quote
Old Jan 26th, 2012, 02:45 PM   #24
Dusky323
 
 
Join Date: Jan 2012
Location: United States
Posts: 32
Quote:
Quote from MoneyMatthew:

So you are getting 7 to 1. Well keep telling us how it goes at Lake Street.

You are going to get lit into for not doing any research and not even carring if you make money or not. Heck you did not even call them once on the phone before you opened an account?..wow... At least you are being honest about that.

If you dont care about the money then why not go to a place that can offer more leverage?

At least give yourself credit for playing the right game (which is trading stocks) instead of eminis and forex.
I didn't make any phone calls while researching. I on-line chat'd with my contact from Lake Street before I filled out the paperwork. I called this same guy before I wired the money.

Don't get me wrong, it's not that I dont care about the money, if I really felt I was just throwing it away than I clearly wouldn't have wired it. However, if something does happen then at least its just 5k. I'm not anticipating anything happening so its easy to say, if and when it does I'll be more like "holy shit! I just lost 5k"

There is a penalty for closing the account within the first 3 months. When 3 Months get closer, I may look into other options. I know so much more now than I did before I started this thread.
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