Do you think this stuff going on with the SEC (TUCO) is gong to effect big firms like like Assent Bright or are they a diffent animal and the sec is not going to look into them..... I am not sure if i am going to get my money back from Tuco and i sure as heck dont want to put money into a new prop. firm if there is risk of the SEC closing them down also.... what do you guys think
PROPRIETARY I would think twice before i would put money in any PROPRIETARY trading firm. Who is to say that the SEC will not crack down on them next. Is the writing on the walls? Time will tell. I would love to hear from Don Bright on this subject. There seems to be a lot of traders looking for new firms to trade at, but with the trading industry in turmoil. Is the only option for traders to become retail customers? I hope not.
What tuco did was misrepresent partner capital. So committed fraud. I don't see where the other allegations can be sustainable. Violating NASD/NSYE rules regarding Day trading account minimums.. please... what a joke. Futures are the way to go..
All I can do is speak for us....we have gone through all the requirements from the SEC, made changes when asked, kept a clean record, don't have to use trader money for our capital requirements, and all the rest. Our traders can take money out twice a week, leave and take money out immediately.... but you have to do your part...take the darn test...not a big deal for the benefits and security you get, IMO. From what I hear, my friends at Assent have made changes to their sub group structure, which should help them overall. I've never been a fan of sub-llc's anyway (for many reasons), but that's simply a business decision. All the best, Don
Futures may have less regulation but from my experience with them they are a lot harder to make a consistent income from than stocks. I personally would tell all new traders to go with stocks instead of futures just because they are so much easier to find an edge. Futures kick your a-- if you are wrong.