Lake Street Trading

Discussion in 'Prop Firms' started by billsafari, Aug 16, 2011.

  1. Well, I tried to start a new thread and I dont see it. So if it is somewhere else I am sorry!!

    Anyway, I read every thread and post on prop firms on this site and did not see anything on Lake Street. Anyone have a comments or experiences with them???

    I called them and they said 5k deposit. No 1 yr lockup period. They allow simple option strategies(which I need for my strat). They do cater to swing traders as well as the daytrader. They give 6 time leverage out of the gate and 10 down the road. They seemed very nice on the phone. I did forget to ask them about payouts and how often. They have remote trading. Due to lack of trades(in my case) i would pay 150.00 for the Das pro per month.
    I called JC and the guy who answered the phone was rude and could not be bothered so I quickly scratched them off my list. Hold bros sounded ok, no options though. CTG sounded ok as well, no options also. Any thoughts???? Thanks
  2. Bill,

    No one has posted about them because they are new LLC that just popped up. This is the type of LLC that the SEC is shutting down because they are unregistered. The are acting like a broker dealer and need to register as one.

    Be very careful when dealing with firms like this. Please do a search for Tuco and you will see what I mean...this firm has the same structure as Tuco.

    I have dealt with the guys at JC Trading for years and am very surprised that they were rude on the phone. They are the most stand-up guys in the industry. Maybe you caught them on a crazy day considering the market the last couple weeks.

  3. Thanks for your input. I was suspect myself. I am finding it difficult to find a good shop. Each shop mentioned on here seems to have 100 good and 100 bad reviews.

    I'm looking for registered shop that will allow me to hedge my trades via buying calls and puts. The only one I have seen so far is Echo and they require 25k. I am only willing to go up to 5k for deposit and not a training/course fee. In additon I would like to get a 7 or the very least a 56 out if it as well. I have a 3, 6 and 63 and studying for the 65. Still trying to get that elusive 7.

    Thanks again
  4. cubecode


    I know some serious traders using Lake Street but you are right it is very new and hard to find any info on it.

    Stay away from JC and they are very rude. Try asking them to send you all the disclosures with fees and charges via email and see if they send you. They are very unprofessional and sound like scammers.

    when you inquire to any companies, ask them if the deposits can be withdrawn anytime or there are clause attached to it ( more like the company meal from you)
  5. cubecode


    Bill, were you in financial services? You don't need 7. Once you join, they would help you out with 56. I have series 7 and i will be exempt from 56.

    If you decide to go for 7, don't use Kier's pass perfect. Pass the 7 will save you a lot of time and you will very same questions from the practice exams that will pop up on real exam. I had hard time with 7 because of kier's crap that my b/d assigned me to.
  6. Too much uncertainty with these firms so I opted to trade futures (YM and ES). I was looking for leverage and with futures you cant get any better leverage than that plus I dont have to worry about lock up periods etc.. If I were to join a prop firm I would definitely go with a firm requiring a 7. As you know, the 7 opens many windows.

    I was in the financial industry. I have a kaplan book for the 7 and it is good. I used kaplan for the 6, 63 and 3 and never had a problem. The best books out there IMO.
  7. soco


    Hey billsafari

    do you still have the kaplan series 3 book? would like to get it off your hands as I would like to sit for the exam. I passed series 7 two weeks ago using a used baron's book that i purchased for $12 bucks. But being an option trader made the difference for me.
  8. vingo168


    Want to open an account with them, but don't feel comfortable. Plus i checked out 3 of the locations listed on the web and found out two were condos. Does anyone have an account with them? Or Anyone knows a firm that doesn't require license to trade?