Having been at WorldCo when the ship went down, and also with On-Site when they closed after being taken over by AB Watley, and struggling in both cases to get my money out, I am wondering : is there any safe prop place to put your money in?? I have no problem putting cash down to get the best deals, but after being burned twice, I am very nervous about doing so. Does anyone honestly know the financial situations at any of these firms?? If anyone has an opinion about Generic specifically, I would be particularly interested. I know some great traders there and they don't seem to worry about their money being tied up there. Generic also, from what I understand, is able to give traders the most stuff i.e. instinet, bloomberg, redi and first call etc. though rates might be a little higher. If anyone has thoughts about any of this, and about where the place to be is, let me know...
IMHO...learn how to trade and get YOURSELF set up when you feel comfortable......I don't care who the prop firm is....you are always dealing at somebody elses mercy......trading is such an individualistic endeavor......amazing this whole "prop" thing got to be as big as it got!
Trading is not the problem. I have been trading for 5 years and have done quite well. I could set up a customer account at any time, but I would prefer the leverage and the bp that prop firms provide, as well as the services. Just don't want to lose that $15-20k if the firm blows up.
Same old tune...The strong firms and stronger traders will be around forever, or until they find a better "game to play." Same mantra: Check the Balance Sheets, check with their clearing firm, talk to the owners (not just the managers)...as you would in any business venture. Don (we're alive and well) LOL
Are all Prop Firms Doomed?? Nahhhh. Are all pyramid schemes doomed? Of course not. Too many fools still have their money!