Jack, I think you will know the answer to this. I have been told there are some firms that will let traders, and even office managers, trade with large negative account balances. I feel this puts traders at the firm in a position where they are in greater capital risk, don't you? Would you please tell us if you know anyone at your firm, or in your La Jolla office, that has a negative account balance? Thank you, Knowledgeable San Diego Trader.
Seeing that you registered tonight just to make this post under an anonymous name, and you are so knowledgeable, why don't you tell us who you are and what firm you're with, you know who I am, if you have nothing to hide, then come forward. I am not aware of any traders with negative account balances, what are the traders' balances at your firm?
BTW I have 20 traders in my office and will be adding 6 more within the next 3 weeks, how many traders do you have in your San Diego office, what amount did you let them start with and what do you do when they go below there deposit.
It is true, I registered tonight to ask YOU in particular this question. If you were not here, I would not be either. Knowing my identity so soon can only be important to you to assess how much I know. The answers to the questions should not change, and that is what is important. Let me rephrase my question to you to keep firms aside, because that is not the issue: Would you be willing to state that you Jack Cunningham have never, at any firm, ever seen or heard of a trader's or manager's account go negative at any time? -Very knowledgeable San Diego Trader
In my San Diego office??? You are way off Jack. What makes you think I am trading for a competitor, so I know? My question has nothing to do with firms or how many traders are in your office now. Now, the question?
Enough of this other firm versus Bright crap. Who cares if Jack our anyone at Bright has every had a negative balance. If the Brights can afford it is the same thing as backing a trader. Now if you are offering a bigger better deal than Bright great. But please avoid all this juvenile innuendo spewing and baiting. It is making the industry look like bunch winey assed spoiled cry babies. By the way I am not trying to take a side here with Bright as I would consider myself friends with rtharp(if perhaps echo was involved in any Bright Echo rivalry) and I think Jack is a good guy. If you are professional and catering to intelligent people the traders can figure out why and where they want to trade. And some traders will like your software and some will like redi and some will like real tick. And some will want something you have and some want to be near McDonalds. Yes, I once traded at Bright, And I own part of a firm in SD and "I am not soliciting retail customers" and it is my belief that your offices will be full if you can train traders to make money, And, they will be empty if you (we) can't. Therefore there is no reason rip into each other's organizations. (As long as they are providing a professional place to trade.) So the point of this is let other traders know they need to move to SD to enjoy the weather. Frankly, I do not understand why anyone who can make money off the floor would not move here, even if you have to move your whole family.
Wow, this is some pretty cool stuff. Looks like somebody's on the inside Jack. Better get Palmer to... errr... sorry, I thought we were in an episode of "24" for a second. Jack seems to be in a pickle. Use the garrote.
Jack you asked, "Does anyone know what firms in the industry hold your deposit if you want to leave, say 1-2 months after you have joined an L.L.C.?" I think most firms have this in their contracts/agreements. so, therefore i guess any could selectively enforce it if they feel inclined to do so. I can tell you i had trouble getting my money from Bright on several different occasions. Part of the problem was when they changed over to an llc Don told me one thing while Bob and the book keeper said another. it was very frustrating because i had already made plans for the money. also when i tried to get my deposit back it took longer than i was told due to "office problems". I know this post will illicit a response from don but i felt that if one of his traders asked the question, especially on an echo thread he should anticipate a response. I'm not making a statement about any of Bright's policies but i am sharing my experience (100% honest).
Let's cool off everyone. It seems to be getting personal again, and we are all better than that. There are subtle differences between the firms, deal with that and leave all the nonsense out.
Just to clarify...things do change, and even though Bob and I are 6 feet from each other, it may be that at some point during a change in policy that a different opinion may have been expressed. So, as I said above, let's get back to trading. To Jack: You're doing a good job in La Jolla, keep it up. To "Bryan" & Echo : Good luck with the new offices.