Prop firm won't send check to close my account

Yes, I'm dying to see if a "prop" firm can write a check, LOL.

(obvious fact: Btraders can withdraw money twice a week, automatically sent to your checking account, it's called "ACH" - used by everyone...and they can close account at any time and receive funds as soon as account "flattens out" - usually 3 day settlement).....

The problem is not in the business model, as in all things, it's with the people you're doing business with.

I haven't seen this much attention paid to a single check in my lifetime...I hope you get your $$$.

Don

 

I think I stated this in a previous post, but the prop trading industry is like anything else in life - most players are dishonest and those that aren't are either stupid or in it for the long-run.

I've never dealt with Bright Trading, but the fact that Don pitches it with such dogged determination, tells me that he's in the biz for the long-run.

I'm currently in the process of choosing a firm and I look for either that dogged determination to build a successful firm (btw, I don't see anything wrong with a prop firm owner who wants to get rick off of commish - as long as he treats his traders with respect and provides a good evironment/technology for them to trade successfully) or I look for a group that wants to improve itself by bringing in talented people who can share ideas with one another.

Believe it or not, there are plenty of prop firms in NYC where the owner trades right next to his traders. When I go into a place where this isn't the case, I base my assessment solely on the office space, the technology, and the platform.

 

Guys...all went well....and I got my money...but I can't name the players. Suffice it to say, going to the clearing firm and doing my research via the NASD were very effective (and cheap relative to getting a lawyer involved).

After getting one offer from another prop firm, I decided to go back to retail. I've found the sleeze factor (say one thing, do another thing) to be high, the rates to be high, and this market's volatility to be low.....all factors which simply screamed (to me anyway) to "trade small" until something changes.

Good luck to all.

 

Well at least tell us how long it took to get the check!

Has it cleared yet?


Jack

 

one of the lessons, in spite of the naysayers on this thread, is that pressure can be applied to the clearing firms. the rules changed a few years when bear stearns was fined for the actions of a firm that they cleared for.