Are these guys reliable in terms of getting your deposit back? I am going to have to go with prop until I raise some more funds to do my own retail acct. I am new to this and don't want to get burnt. What kind of due diligence should I follow and who would I talk to in the awful event that I did get scammed?
You had a whistle blower in the group. One trader can ruin it for everyone. People don't change, if you know one capable of this alert the llc so you can save it for the rest of the traders. As far as the retail llc / debate. Retail is the way to go unless you just don't have the money. If you have a huge month lets say anywhere from 250,000 to 1,000,000 and are a nobody they (can) just beat you. Nothing you can do and they only have to pay you X amount if it gets to court. If your numbers are small then that would not be an issue.
That situation you pointed out is why a risk manager is very important to the llc. Do you know the rule if you are up on the year and this happens? If you are down on the year is one outcome, but if up the situation may not be the same. Most llc's get knocked out of the game from this. For myself when i make some coin i have no worries about getting paid. I personally wouldn't trust anyone with X amount of money that is mine. You pointed out a loop hole and one that is a risk to llc's and to llc traders. :eek:
let me tell you something about loopholes. all successful companies take adv. of them. if you don't, then you're not maximizing profit which is the goal of all profitable companies. CPAs wouldn't exist if loopholes did not exist. information is key. the more you know, the better off your company will be.
Harry is an old moron. I hope you haven't test drove laser with him at the wheel. or with shapiro or jonathan. those guys are NOT traders and have no idea what the hell they are selling. your best bet is Kravets. If you get lucky get Serge or William. those were /are traders and know what is going on. Plus i suggest get modded laser -there is stuff out there that puts other platforms to bed. Lightspeed included. (FYI. sterling is crap. Lightspeed is not bad but overall, speed/reliability of laser beats lightspeed. getting modded laser sovles "cool" hotkeys that lightspeed has and other features that laser may lack that lightspeed has).