I JOINED VCM (TEAM TRADING) INCORRECTLY ASSUMING THAT THIS OPERATION WAS SET UP WITH THE LEGAL AUTHORITIES PROPERLY. I AM THINKING OF JOINING PRISTINES PROP PROGRAM BECAUSE THEY ARE AFFILIATED WITH A SEC REGISTERED AND CBSX FIRM. THEY WANT TO CHARGE AN EDUCATION FEE AS WELL AS A 2000.00 DEPOSIT TO BE PLACED IN THE REGISTERED FIRM(WTS I THINK) I JUST WANT TO MAKE SURE THAT I DO NOT MAKE THE SAME MISTAKE TWICE. IS IT REALLY LEGAL AND ABOVE BOARD TO BE ABLE TO DAY TRADE WITH ONLY 2000.00 JUST BECAUSE YOU PASSED A SERIES 56 EXAM AS WELL AS GOT FINGERPRINTED? HOW DOES THIS 2000.00 DEPOSIT EVEN COME CLOSE TO THE 25000.00 REQUIREMENT THAT RETAIL TRADERS NEED TO SHOW? HOW IS IT THAT IF I PROGRESS THROUGH PRISTINE'S HIERARCHY OF TRADING LEVELS AND AM ABLE TO GET UP TO SAY 500,000.00 IN BUYING POWER, 2000.00 WILL BE ENOUGH FOR THIS LEVEL OF BUYING? I FIGURE THAT THE MONEY HAS TO COME FROM SOMEWHERE, PROBABLY OTHER TRADERS DEPOSITS. IS THIS LEGAL? HOW DO OTHER REPUTABLE PROP FIRMS OPERATE LIKE BRIGHT OR ECHO(WHICH I HEAR HAVE EXCELLENT REPUTATIONS) DO YOU PUT UP A DEPOSIT WITH THESE PEOPLE? I REALLY DO NOT UNDERSTAND THE LEGAL ASPECT OF THIS BUSINESS BUT DO UNDERSTAND TRADING AND AM PROFITABLE AT IT. BECAUSE I DO NOT HAVE 25000.00 , I AM FORCED TO DAY TRADE ONLY 3 TIMES PER WEEK. IF PRISTINE IS ABOVE BOARD, I CERTAINLY DO NOT MIND BEING PART OF THE TRADER ADVANCEMENT PLAN WHICH CAN ULTIMATELY GIVE ME MUCH MORE CAPITAL TO TRADE WITH THAN ANYTHING THAT I COULD DO ON MY OWN!! ANY THOUGHTS? ANY IMPUT WOULD BE MUCH APPRECIATED!!
When you join a prop firm you become a "member" and not a "customer" such as with retail accounts. Your capital contribution of 2k becomes "firm capital" and is used to offset your losses/drawdowns and platform fees. The buying power is through the prop firm's clearing broker and the firm lets you daytrade within their risk parameters. You can read up on many threads regarding prop firms, and conduct your own due diligence. Also review the legal/regulatory circulars on the CBOE.org site which you may find helpful.
As long as I remember you can join many prop firms with 20k (less than 25k) so there is no difference between 2k and 20k. No one at Goldman or any other prop trader in a decent setup is puting capital so there as to be a way.
1) You seem to have problems with proper utilization of the CAPS LOCK key 2) You got screwed in one scam operation and are considering joining another shady operation, which, of all things, has an association with Velez, the wonderful man who was in charge of screwing you in the first operation.
what control does velez have of pristine? you still did not answer the question,i am just asking you, if pristine is so bad, please tell me why!!
Velez has not had anything to do with Pristine for years. Where have you been? As far as I know, no one has ever filed a complaint against Pristine either. They teach what they say they will teach. Many traders can do it, others can't. They provide a sound basis for learning how to trade profitably. I have read just about every board on this site, no-one has ever shown anything to convince me that Pristine is anything other than a legit trading education firm. I have read posts from long time respected ET'ers that say they have taken the courses and have provided first hand critiques. Those are the guys you want to listen to... not the "oh... I heard blah, blah, blah" guys. All the bashers are just that.... bashers or people with an ax to grind. Nothing to it, just speculation.
Can you answer a few more questions. What is the $ amount of the education fee? Is it a monthly fee? Can you verify that you are actually depositing just $ 2,000 so I assume that your losses are taken off of the $ 2,000 so if you blow that you will need to deposit more money? Are they also charging you a monthly fee for example for data or to use their computers, and do you trade in an office with other traders? If so, are you able to ask other traders there any questions for example if they are profitable?