Glad I postred on this forum. I have so many good pointers for looking into next gig. Thanks a lot everyone.
Gusty most of us have been there and the prop model almost always sucks. I blew out my life savings at the time about $10,000 at shop that almost forced you to trade 1000 share lots of nasdaq stocks......somehow I hung on for 3 months but losing $800 on a small account like I did once,,in 15 seconds is really a sickening feeling. With futures and options I just dont see a reason to ever join a prop shop.....the odds of success there are probably under 1 percent with less than $50,000 or so. If i had it to do over I would learn by trading 10 share lots.....at least you could make 100s of trades while learning.
There are a lot of red flags on those guys, I can only confirm they are not serius nor professionals. Given the amount of warning signals on them, the conclusion is stay away and don't give them 1 $
Old thread but relavent point: could you please stop quoting TraderZones? We all put him on ignore for a reason.
The guy posting above me(Mike Kaiser, Eli's right hand man in this scam) is lying out of his ass, they never backed you with their own capital. Trader's Capital went BK last week, and with it my funds I had put up. Never do business with anyone by the name of Eli Mellul(also spelled Elie Mellul, trying to hide his con-artist past). He illegally pooled trader's funds into a commodity pool that Eli would get drunk and gamble with on a regular basis One day he leveraged the firm up to the max to try and make back all the losses he had been piling up in separate subaccounts and lost. Luckily it was a relatively inexpensive mistake/lesson for me, there were some people who had close to 50k into this company, and for them I truly feel sorry for.
Elie Mellul (CRD #2126020, Registered Principal, Great Neck, New York) submitted a Letter of Acceptance, Waiver, and Consent pursuant to which he was censured, fined $50,000, barred from association with any NASD member in any capacity, and ordered to pay $39,192 in restitution to public customers. Without admitting or denying the allegations, Mellul consented to the described sanctions and to the entry of findings that he effected transactions in the accounts of public customers without their knowledge, consent, or authorization. The findings also stated that Mellul refused to cooperate with the NASD's request for information and/or documentation. (NASD Case #C10990143) Source: nasd.complinet.com/nasd/display/display.html?rbid=1189&element_id=1159002030