Idiot alert, Idiot alert this guy here âScottSamâ This guy here (ScottSam) tells you guys all these firms are offering great rates but does not every name anyone ???????
Great advice. How about this -- you give me 5k as a training fee. I'll teach you what I do and let you use the leverage I provide. Then I boot you after a month to go find your own brokerage account. You fail to understand the issue at stake here is not the prop model itself, it's the way some sub-LLCs have changed in response to tacit regulatory pressure to stop prop firms from taking deposits. If the $ you put down is not defensible as an account contribution you can be disposed of at will. That, apparently, is Keystone's model. Kindly stop peddling your Mickey Mouse interpretations of the prop industry.
It's become abundantly clear to me that some people on this site just feel the need to contribute absolute garbage. This moron above is a perfect example of the retardation I'm speaking of. Every B/D I've ever heard of is SIPC insured.... That would be the government. They only put this agency into play about 40 years ago so obviously that wasn't enough time for your little brain to process the information. Before you correct someone who is alot more knowledgable than you, I would suggest doing some research. READ THE FOLLOWING In 1970, Congress created a new agency known as the Securities Investor Protection Corporation (SIPC). This agency's only function is to cover the losses of investors incurred by the bankruptcy of their broker/dealer. Read on to learn about the difference between the FDIC and the SIPC, as well its rules of eligibility. The SIPC either acts as a trustee or works with the client to recover assets in the event a broker/dealer becomes insolvent. The SIPC will also oversee the recovery process and ensure that all customer claims are paid in a timely and orderly fashion, and all recovered securities are distributed on an equitable, pro-rata basis.
BCPNABE, This is probably pertanent information for you since you are clearly a very successful trader. Almost all B/D's also offer private insurance that protects your money into the billions.... you should be relieved to know all your money is secured. Just to show you how stupid you are....... Goldman Sachs is a Broker Dealer, you say that b/d's don't insure your money.... So are you trying to tell me that when the NY State Pension Fund invests with Goldman that their money isn't insured?????
SIPC is insurance ONLY for retail trading accounts. SIPC insurance DOES NOT insure the deposits of prop traders whether or not the firm is registered/regulated. ALL (as in all) registered b/d's pay into the SIPC fund whether they take depisits from the retail public or not. This is not a guess but a fact. If you doubt it, check with your (or any that you know of) compliance officer concerning this little facet that you misunderstand. (A good source here on this board concerning SIPC insurance is Don Bright - shoot him an im or email to explain this to you.) As to your misused reference concerning the NY pension account that invest with Goldman well, that is just plain ignorant - the only "insurance" that GS offers for an account(s) the size of NY State Pension Fund is the segregation of funds which brokerages offer certain clients. SIPC, which you reference, only covers 100k cash and 500k total securites and cash. Some firms offer their retail accounts excess insurance (like Interactive Brokers) additional insurance coverage above the SIPC threshold limitation. But again, this insurance is for retail accounts only. http://www.elitetrader.com/vb/showthread.php?s=&postid=1489149&highlight=cstfx#post1489149
Given the number of traders who want to join a prop firm, there is no need for a good prop firm to place job ads constantly. Keystone place job ads were everywhere, including Craigslist. Keystone is more interested in getting your 5k training fees than to help you becoming a profitable trader making a living. You will be trading their capital. What a joke! Your money become their capital! That is how you will be trading their capital. You can be booted at any time after you paid them!
All right guys, stop f-ing around and arguing. So what is the best prop firm to go to and has succesful traders conducting the training (like the guy with the long post mentioned). Spit it out.