I think he brings up good points and I think the Class A to Class B capital is an important thing for a prop trader to know. However, his negative speculation about WTS and their capital levels are nothing more than fearmongering since he doesn't really know. I also love his comment that the compliance officer is probably an 18 year old kid (although he did admit it could be someone knowledgeable). I guess what bothered me the most is the clearly negative bias he holds while he tries to present his "evidence" as an unbiased party. If he has a specific complaint dealing with a specific event that he was personally involved in with WTS then I think that should be shared and discussed with the group. But his going on and on with what could be and the veiled undertones of fraud with no factual evidence is disingenuous at best and fraudulent at worst.
Why should WTS need to come out and defend their business model and business dealings against a clearly biased, disgruntled person on the internet. I will tell you who I believe first. Let's see. #1 A company that has been in business for years with offices, affiliates, partners and 100's of traders #2 A guy named Sgt. Slottter on the innerweb. Tough call. BTW. I know no one is going to believe it but I have no affiliation with WTS. I do trade prop for another firm (not canadian).
Are you sure WTS in NYC has been around for years? Unless I am mistaken, it's been around since January 2009.
At first I thought SgtSlotter was a failed trader. Now I think he is a competitor or failed competitor. It is obvious from his 45+ posts ripping on WTS/JC that he has been in the business a long time and knows a lot about how the industry used to operate and the "Tuco days". For example, he knows some of the accounts that traded with Tuco that were not in some of the court proceedings. He posts at all hours of the day and keeps a close eye on this thread as if he has nothing better to do...which leads me to believe he doesn't trade. SgtSlotter, the Elitetrader world thanks you for uncovering this fraud of a firm in your 45 posts...we get your point. (please not the sarcasm).
Wrong. It's called a contract. You sign it. They sign it. All contracts are governed by a jurisdisctional authority call civil court. If you lose money in a trading account, it's highly unlikely that contract assigns liability to the members/owners of any firm, Canadian or USA, in any jurisdiction. That loss is your responsibility and yours alone unless you have some damn indefensible evidence to support an allegation otherwise to establish a cause of action to bring said civil action to recover said funds from said owner/members of any broker/dealer/prop/company/person. Just because you lost doesn't mean everyone else is going to make the same mistakes. Some people read the fine print before the sign. Others just stick their money in the machine and pull the handle and wonder why they didn't get it back when they lose.
Well, obviously the contract is signed by both parties! I never stated to blindly send funds without reading the contract, or that funds are recoverable if you lose money in a trading account. The scandal at the UNREGISTERED firm was a breach of contract claim (quite simply, the contract stated explicitly that 100% of the remaining trader's deposit was returnable within 45 days notice). The contract was breached, we filed complaints with the SEC and NY AG, and many of us DID recover our funds, 100% of our remaining deposits. It was not an issue of trying to recover losses from trades. It's been stated repeatedly on many threads that ALL trader's funds in a REGISTERED prop are subject to risk, not only of the trader, but also of the firm as well. The new exam requirement is simply another barrier to entry, but still the most inexpensive way to trade with a firm's buying power.
who can beat this deal i got. payout: 90% commissiom: 0.0005 software: 180 sterling, will be waived if monthly PL > 15000 leverage: more than enough BP
That sound reasonable. But before I jump in I'll would add few thing below Here is part of my checklist: -Ask if you can trade with lot size smaller then 100 -Ask for Risk Parameter Setting from the Risk Officer -Ask for Sterling Routing Configuration & Work Space Set up -Most important, only wired the fund to Register CBSX firm period. -And Stay Away from Canadian firm offering if you live in the USA etc... Good Luck!