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Money Lock-Up

  1. I think its unfair that prop firms lock up your money for 1 year. Are there any GOOD firms that wont lock up your cash for 1 year. I know Assent and Genisis do.
     
  2. No lockup at Echotrade
     
  3. lescor are you at echo now? assent? or split off with the SD group?
     
  4. Does Echo hold registrations, eg: series 7, 55 etc, provide at least 15:1 leverage and have a good trading platform for NYSE and NASDAQ.
     
  5. The firms that are properly capitalized (meaning that they don't have to use the traders money for net capital requirements) don't have to worry about FASB 150 or locking up capital. Those that have the traders money at additional risk must keep the deposit money for a minimum of one year to avoid the appearance of "BORROWing" money from their traders.

    Don
     
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  7. as always, thanks for the professional input Don.
     
  8. Don, when are yah going to get into forex-trading? :cool:

    theskalper
     
  9. Don,

    How do I know that the numbers in the balance sheet Bright gives me aren't false? You and your accountant could make up numbers like Refco and many other firms? There is no penalty if Bright gives out a make believe balance sheet? So even if you show me a balance sheet I don't know if your brother's firm is any more financially sound than Worldco?
     
  10. don surely you're not implying that assent with 32 offices is under capitalized? there balance sheet looks strong and they're a very big firm. the anvil's the best software of any firm i've been with and i've been with a few and i trade retail sipc insured and have an unbeatable rate. what more could i want?
     
  11. We are required, by law, to have audited statements, of course. And, if you think about it, why would anyone risk a business of this size (and full ownership by the family) to fake such numbers?

    Refco had a bad "hired" employee, using "other people's money" to serve his own selfish needs....heck, we would have to "steal" our own money, which makes no sense....and we would have to pay taxes on "extra" money if it showed up on our financial statements.

    Big difference between a privately owned business, and a public company run by bureaucrats.

    And, it's too bad that we all have to be skeptical, thanks to a few of these bad corporate "seeds" - there are crooks in every business, unfortunately.

    As always, check our history, compare to any other Firm.

    All the best,

    Don