Uh, gee....no to all the above,,,,I don't want to be challenged, I want to be a loser.... Perhaps a good firm, rather silly marketing.....(please don't get ruffled, I'm just smiling at the verbage)..... Don
how does FX Trader get all this info on firm that doesn't even have a website? I would say that FX Trader is a Very Strange Person with a Very Strange Need to disparage other trading firms.
I would tend to agree that the ad cited by FX-Trader isnât the most enticing. It seems obvious that Lionâs Group Trading does not have a professional marketing department, but personally, that is one of the appealing aspects of the firm, as it is very small, thus affording newbies the opportunity for exposure to traders with a proven track record. For those of you interested in my trading related experiences and progression as a newbie, I have decided to put my liberal arts related graduated degree to work and write a book. My book will not be about trading strategies or how to beat the market (I intend to suffer more of a beating than dish one out for at least the first several months to a year), but rather it will describe my general experiences and state of mind in this oft misunderstood and misrepresented subculture. Regardless of whether I fail miserably, or whether I become the next Wall Street Superstar, I think my book could prove entertaining, if nothing else. I expect to encounter a colorful cast of characters, which I hope, any person would be interested in reading about. I doubt my book will actually be published, but just writing about my experiences will prove valuable and enjoyable for me. Don, if you would like to hire a film crew to follow me around 24 hours a day for the next six months to a year, by all means, please do so. A documentary on day trading could potentially revolutionize the financial services industry and be a great vehicle by which to advertise your own organization. Best of Luck to Everyone!
Sure, why not...we'll just call my buddy, David Zucker (Zucker Bros.) and tell him that we have the next "Ghost" or "Airplane' in the making. In all seriousness, we have turned down offers from documentary people to do stories about trading at this level. I honestly think it would be boring to the masses. The "boiler room" and "wall street" movies show the silly side of public perception about our business. Make good note, they should help you with trading if nothing else. All the best!! Don
First of all, let me state that I am VERY new to Elite Trader and trading in general. Having said this, I may be stating (or restating) the obvious. For this, I apologize. I tried to get information on the Lion's Group from their web site, http://www.lionsgrouptrading.com only to get routed to http://www.lionsgrouptrading.com/secure/ccms/actions/SignInAction Since they included a contact Phone # (212-233-4400), I gave them a call to get additional information. What I found out is that they 'do not have a web site up yet' since they are so "new" The receptionist did say that they would mail out an information packet in the mail to me, which I will look over when it arrives. Call me particular but in this day and age, I never do business with a company/group that does not have web presence. Granted, I do not know all the rules/regulations on what information can be posted, etc., any information is better than nothing. Besides, the site has not been updated since 11-14-01. Just my 2 cents. BTW - I am currently in the information gathering mode and find all the posts on this site educational, especially those from Don Bright. Thanks again!
I know traders who have started sub-LLCs. They are usually traders who left their old prop firms in search of a better deal for themselves. Nothing wrong with that! Don and other prop firm owners are against them because they view them as "traitors" and "backstabbers". Sub-LLCs are good for the industry because they keep the prop firms honest by forcing them to offer competitive rates. Just be careful when choosing which sub-LLC to join. A bunch of them were started by losing traders in search of a fresh start and a blank trading slate (they probably incurred enormous losses at their previous firms). These groups are just looking to replicate the business model of full prop firms, meaning that commissions, desk charges and seminar fees are their sole sources of income. The success of the traders at these firms comes secondary. That's why they can be generous and offer 99 to 100% payouts. Some of them actually DO have superstar traders and these are the ones you want. If the firm is willing to back you financially (with no money down), provides FREE training, seeks an equitable share in your trading profits (to justify their risk in backing you), doesn't care if you write many tickets or not (it's net P&L that counts), and doesn't charge a monthly "desk charge", then that sounds like a legitimate firm that wants you to succeed as a trader, not be a churner. It's pretty difficult to see through the smoke and mirrors at these sub-LLCs though. Just my 2 cents... Trust your instincts, do your research and talk to other traders before you commit. A catered presentation doesn't quite cut it.
In the last 2 years, several "sub llc's" were formed and closed...leaving traders (and landlords) in a lurch. Think about it...why would any decent firm not simply open the new offices themselves? The other scenerio mentioned above, wanting to go out on their own has been done with Van Buren and Echo (ex Bright guys). Sub-LLc's are extremely questionable for too many reasons to go into here. When the "main" firms has little or no money, and they "need" to have a "separation" in case of bankruptcy, etc., it is pretty scary. This "sharing" of BD licenses is just a bad thing...even worse than the "introducing broker" nightmare that used to take place (most traders have already left those outfits). As far as good traders forming alliances, we welcome that, and have several groups who are even backing traders. Since this whole industry is based in Financial Responsiblity, it is very important to know all the details of who ever you partner with. (Just trying to help, really, we have so many people who are owed money from these renegade firms, it is just not a pretty picture...if it wasn't for the fact that there are court cases pending, I would bring them up...in fact.....I know a couple who frequent this board who may want to help you out with a warning, but I can't). Don