One comment. We do not "lockup" our traders deposits. We only ask for a 30 day notice. Other firms do 12 month lockups. Since I'm on ET on a Saturday morning. My Golden Retriever, we just found out, has a tumor on his leg. Making emergency plans for Monday morning. I pray it's benign. Anyway, one of our "edges" we pride ourselves on, is our "interaction." Every trader is or can be, online every second of the day with their manager, mentor, team, group, or even me (I have 250 on Yahoo messenger, answer a lot of questions daily). Just FYI, Thanks Don Don
Unfortunately, there is a big delay in these documents, and income is not always included. Knowing the capital structure of the firm you're becoming a limited b partner of with a capital contribution, is very important. Bob
Don, sorry to hear about your golden retriever. I hope he pulls through. As far as lock ups go, something needs to be clarified. Your capital is not locked up at any firm. Only the initial deposit. Any profits a trader has can be taken out anytime the first 12 months. In my humble opinion, no trader should be taking out his original deposit. If you don't have enough money to live on, do not go prop!!!!!!! I cannot emphasize this enough. If you have to keep taking money out every month from your deposit, you're done. This means you are losing money in your account and taking money out of your account because you don't have enough money to live on. A recipe for disaster in my opinion.
Good point, but we understand that "stuff happens" - and some may start and want to go back to their job or other needs, and we only ask for a 30 day notice, not a 12 month lock up. Don
It has its benefits, and right now I need to take advantage of them. But I understand what you are getting at. I am trying not to be hasty and I am seeking all options. Laser and Sterling are fine with me, plus some of the groups offer money off on Esignal. My capital is not locked up with the firms I mentioned. They only have fees in the short term (1-3 months). Thanks for your feedback
Exactly. As long as you are with the firm, then you DO NOT touch your initial deposit. They need collateral which is completely understandable. When people are joining firms, they should be willing to lose the 5k IF IT HAPPENS. If you need that money, then do not trade.