What's so hard to understand? They do it when you leave, hence the commissions stream is severed anyway. There is a prop firm that is well known for doing this, once you tell them you are leaving, you can forget all the money you have in your account. Their name is a synonym to the word "embrace". Why do they do it? Because NYC equity prop world is one of the shadiest business environments out there. Because daytraders have no lobbying power & no rights; they are viewed as numbers only. Because the turnover is so high that the reputations of the firms and people stay memorable in a fraction of the population of the industry at any given moment. Because there is always some college kid and/or ex corporate guy ready to jump into a sucker agreement without doing research. Because these firms are run by sleazebags who can only do one thing when times get tougher â steal & rip-off. And finally, because it is Wall Street mentality after all. RM and eagle, some great posts.
Trading is a business, and all traders should treat it as such. Our traders may take money twice a week if they choose to, Tues and Thurs. The money is deposited directly into their checking account. Why would anyone deal with something different? If you just an "employee" then that's a different story, you get a paycheck weekly or monthly. All the best, Don
Rearden, Buddy, Ole Pal of mine .... Don't you think this is a bit of a massive generalization? OP, The main reason prop shops keep peoples deposits is because 90% of it's traders leave and are not replaced fast enough.
Actually, I've been repeatedly stunned by the incredible effectiveness of this simple little profiling trick. Time and time again, I've been seriously amazed at how seemingly decent guys who <i>just happen</i> to address others as 'buddy' or 'friend', always turn out to be lying sleazebags. You'd think I'm over-simplifying the matter... but have <b>you</b> ever met a truly trustworthy guy who habitually uses the 'bullshitter key word'? I know I haven't.