I would like your opinions on which prop firm is as close to 100% stable and reliable for returning your deposit when you ask for it. I am getting really pissed at this market with all these gaps. If I didn't have to watch my number of day trades, I wouldn't have to end the day plus 3% and give up 2% of it on a gap ending up making virtually squat. That kind of crap is really starting to piss me off. I'm right on nearly every trade by 1-5% and am getting squeezed out with weak profits. Whoever invented NASD rule 2520, I'm going to kill you, cook you, and eat you. In all seriousness, I'd probably have to borrow several K on cc to make Don's 10K deposit. I'd have that backed up with my cash so if I started losing, I'd need to pull my equity out and pay off the cc, then adjust strategy with the remaining cash. Who can I trust in this situation? Anyone truly reliable with a 5K deposit? I don't have a series 7, but will get it if necessary. Thank you very much
This has been discussed ad nauseam on here. Any of the big firms (Assent, Bright, etc.) are safe. Take the Series 7 and put your 10k in a prop account.
Cy Group Trading, Benchmarq Trading and Guardian Trading LLC all let unlicensed traders start with a $5k deposit. The first two let you start with 20 to 1 leverage. Guardian lets you start with $3k and 10 to 1. I have not worked with any of those firms, so you will need to investigate them. I just wanted to let you know they were out there.
The market makers (brokers) and ignorant SEC made all these min. 25k to daytrade the markets and requiring series 7. They want your 25K Prop firms just borrows money for you. and is just a loophole for the 25K min. rule..heck why dont they just raise the 25 K to 100K if they want..it doesn't make any difference if they don't want people to daytrade or want you to deposit more money into you trading account. As for daytrading, 20X leverage ...all you need is 5K to daytrade First a prospective daytraders only needs to pass a half hour multiple choice questionaiire free of charge and they can start trading at there own risk. The rules of daytrading are simple. It's the discpline that people don't have. so whether they daytrade or swing trade it's the same..
What bugs me is that in there pamplets they are protecting the customer so they raise it to 25K to daytrade Patter daytrading restriction ---oh protecting the customer NOT. instead of losing 5K the customer would clean out 25K...when a customer deposits that amount of money they don't just hold in cash,,they usually hold some stocks overnight or weeks...with 5K they usually just hold cash and have no overnight positions
i think these min. deposits just to daytrade is bullshit. this min. 25K was started in Sept 2002...and all the daytraders left the market causing a meltdown in 2002.. October 2002 was like meltdown total meltdown. those guys knew that if daytraders were force to leave the market with the new restrictions it would crush liquidity..daytraders provide liquidity. intra-day so prices don't gap down when somebody decides to sell a big load at once.