Signing the trading contract

Discussion in 'Prop Firms' started by johnklein, Jan 10, 2007.

  1. johnklein


    Im a professional gambler and, before, I trusted my cash to online gambling outfits. Well, thats how I made my money and everything seemed to be fine until recently with the new laws and such.

    I have been in contact with a lad at a prop trading firm and he wants me to sign this contract. He wants me to sign a complicated contract and Im not sure if I should trust this firm to keep my cash. In the contract, there are quite a few lines that Im concerned about and showed it to an attorney. Basically, the attorney told me that the firm could penalize me for making bad trades and take my cash.

    Well, this isnt what I thought it would be. I dont want some prop firm taking all my cash over a few mistakes. So I came on here looking for advice and want to hear all your answers.

  2. GGSAE


    So what is your question?
  3. If you like, I would be glad to check out the contract. Ours became "complicated" a few years back due to SEC and other regulators insistence, but the basics are all the same. I have reviewed some "gawdawful" contracts with all sorts of handcuffs and penalties, and these from firms that aren't even broker dealers. Be sure you're not in a "sub-llc" if at all possible, if the main firm won't protect you, who will? (And, for Maverick's sake, "check the balance sheets" LOL).