yea, thought about that. Not only am I new to Prop Firms but Im also new to Trading forums lol This just happened to be the one that kept coming up when I was researching Lake Street.
I find it odd that you're casual when hearing that Lake Street is an unregistered scam shop. Truth be told you have virtually no recourse should they get busted or simply close shop with your stake. 1) Trade futures until you exceed $30k ($5k cushion) 2) Trade overnights exclusively 3) Trade options (overnight) 4) Don't trade Trade your own account and build your capital organically.
Did you have to take the Series 56 or Series 7 to trade with Lake Street? Are these guys members of an exchange like CBSX? I'm going to trade with Dimension/WTS after I pass the 56. Lake Street gives less leverage right? Like 5 to 1? I know when you trade with a prop firm you wont get SIPC coverage so people have to come up with other ways of finding trust and credibility within a prop firm. What made you pick Lake Street? There are many reasons why I selected Dimension/WTS. One of the reasons was such a low capital contribution a.k.a. deposit a.k.a your own money at risk. Its easy to get labeled as an under funded newbie when searching for which prop firm has the lowest minimum "buy-in". The truth is that some of us want the least amount of money held by a prop firm at all times. You can always deposit more if needed or if you blow your account. You have more than one poster on this forum saying "unregistered LLCs" are going to be or are already being shut down. I'd pay close attention to what they are saying if any of it is founded. In my opinion the best firm out there is Echo Trade. However, you will need to pass the Series 7,Higher Capital Contribution and much much higher platform fees than any CBOE/CBSX firm. I cant justify that because I'm a guy with a day job who just needs extra leverage and to bypass the PDT rule with less than $25K.
Stole my words!!!!!!!! I find it VERY odd as well! There are quite a few pairs of "clown shoes" (to "borrow" words from Atticus), floating around this board.
I chose them just because I some how stumbled across the BullsonWallstreet page and liked all the guys in the chat room. They use, or supposedly use Lake Street so that is why I decided to try them out. Since I had a hard time finding a lot of info on them and other like companies I decided to post my experience, nothing more. I dont even know what a shill is. If it gets shut down then I guess I'll be out 5k and I'll post it on here as a lesson learned. The reason I'm posting this thread in the first place is for the very reason that not very much information was available. If this thread was available a few weeks ago I may have looked into other options. None the less, here I am and I'll continue to trade and document the results. Out of curiosity, how are these companies even allowed to start up if they are illegal and have the potential to be shut down? I realize the companies starting them are doing it to make money as fast as they can before they are shut down but how are they even allowed to start up? I would think rules would be in place to keep companies from starting up an illegal form of Prop Trading? Approximately how many exist and how many have been shut down?
Countless. And Countless more. Dusky I don't mean to intentionally bash you, but did you do any research at all before joining a firm? There are TONS of shady prop firms out there just to churn and burn people and/or disappear with their money. Unless you're fairly experienced finding a firm that is legit and trustworthy can be a tough task. I feel as though you didn't do your homework on this one..
Well the good news is that if they are unregistered then they cant claim a 1-Year Lock up on your deposit right? Try to withdraw your funds as a test then write about it on here lol... With $5K you should take the Series 56 and get with a more widely used prop firm. I hear you on the lack of info. All you can do in the end is your own research/DD. Can anyone really know what is going on under the hood at any firm? Look at what happened to MF Global. Being a widely known firm in anything is not a guarantee of safety for your money anymore. The best you can do is go with a firm that appears to be one of the best and then put up the least amount of money possible that your strategy will allow and trade that way. How much intraday leverage do you get with your $5K at Lake Street? If you cant answer that then I'm starting to believe this is nothing more than some online marketing campaign.
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.