I'm tired of everyone bashing LLC's. I run one and clear people for less than they can negotiate as a newbie with most firms... And there is no need to get a series 7...and you can have as little as 3K and trade.....and there is no deferred comp...and no seat fees......and no software fees.....and 100% payouts....and commissions under .005 for guys who do decent volume....and unlimited leverage...... plus free training and no ridiculous contracts you need a lawyer to decipher for you. And no not only for remote guys, prime midtown location. At a great firm with the best execution platform around. There are a handful of LLC's out there making a bad name for us all. Like those robbers D&D at Generic trying to charge dudes 2 cents a share and get rich quick. There are honest businesses out there offering a good service to guys with low capital. I wish all you good retail guys and big prop guys would do a bit of research about some good LLC's, who wouldn't even consider charging anyone even a penny per share. My apologies for the tirade GO HUGE!
All you guys better be carefull paying under .004, if you are you are likely trading on antiquated equipment, running BS platforms and are costing yourselfs more money not getting professional executions than you would pay at a better firm charinig a bit more.
There are firms that are still trying to charge traders 2 cents a share? I know Broadway was on that band wagon for a long time until they lost a lot of their smarter traders.
large block opening only orders also use up to $20mm during the opening 1/2 hour, provided your firm allows you .... (Bright, Echo, Schoenfeld, etc...) stepping on someone this hard produces resentment from more than just the victim
Congratulations....every regulator in the nation is probably asking how you can circumvent so blatantly the PTD rules....3k? 100% ? You see LLC's only work as a hedge fund and you have to buy your partnership into the fund/llc....3k is pretty low...thus, lot;s of people can put up the $$ and start trading, but if you go over 99 investors you now have to register with the SEC and the State,,,,let's be realistic, you are operating a semi legal fund/llc that is legal in some areas, grey in others.....before you go bashing generic, i think it's important for traders to know that : 1) You could have regulators walk in at any point in time and shut you down and possibly take action against you for trading somebody else $$ without registration 2) YOUR 3K is NOT sipc insured and more importantly, if the 'fund manager" disappears with your $$ or another trader takes a huge loss that closes the fund....you are shit out of luck. I believe it's hedge funds like yours that screw it up for everybody.
Guys, If you don't know the laws don't open your mouths and start spewing garbage.... First of all the firm I trade through all the money in my accounts are SIPC insured Second when I get 50 traders in an LLC I pay the department of state their $240 and organize another LLC..... It does not take much vision to figure that out. Wow Now I know why more people don't run shops. As far as the 3K goes these guys are trading My money, not firm capital. I can give power of attorney to a monkey if I choose to do so. Does a black box need a series 7? And if you think it's too good to be true send me a pm. I'll tell you the deal, come and meet my traders ask them what they think... Again with other LLC's giving us all a bad rep I'm Tired of it
Your money is SIPC insured???? show me the New account form you signed and the client agreement...was it in you name or is it a sub llc account in the name of the hedge fund? You 've got squat....In fact, if another trader blows up, you money is commingled and GONE!...Don't give me this Bulls Spit about SIPC and your Money ...You CANNOT day trade with 3k..You would violate the PDT rules...so to circumvent it you get a sub account of a larger pool of $$....If the company goes belly up, YOU cannot make a SIPC claim, the LLC can, but you cannot....and SIPC covers only 100k in cash, so if you have a LLC with say 500k in cash, you and and a crowd will be killing each other for your morsel.....You do give LLC's a bad name....you make it sound like a cure all..."Don't worry about 25k minimums, or licenses or anything esle"....then when you suck the poor sucker dry you form a new one and move on...I would never PM you or any other Andover person because this is your typical MO.....You ask these baited questions, post fictitious names and rave about how great your company and your LLC's are....and then the inevitable " PM me for more info comes"....let me guess, are you the same guys from the NJ /NY office over by the Tappen Zee bridge? Pathetic. Listen up ET members: This guy is pitching you on his company and his LLC and lying to you about SIPC coverage...IF THEY ARE TOO CHEAP TO JUST BUY ADVERTISING ON ET, HOW SAFE DO YOU THINK YOUR MONEY IS???????? If you can;t buy a banner on ET and try to get business the right way, how can you afford to operate a LLC or B/D? I know the people at Sungaurd and they are good people, Im surprised they would let these clowns soil them like this....so I took it upon myself to send this to them and see if this is the business they thought they were buying....maybe they will PM you too???
Listen, Im not advertising here! I Put an add in the Times every week so I pay about 1K a month in advertising just there. No doubt more than your net P&L shows.... Yes, you are correct each individual cant make a claim to the SIPC only the LLC. No argument here. Are LLC's the end all be all of the trading world NO. But good LLC's like mine offer a great service to New traders, and traders that trade less than 4mm a month. If you have the money to be a retail customer GO RETAIL don't even consider an LLC....... You sound like a disgruntled prop trader who has been getting bent over for years. Paying the firm you trade for 40% of your net for what? To get thrown out if you lose some of their money? If you are a retail guy why are you arguing with me? You are paying less than .005 doing some decent volume anyway. As for a trader blowing up all my capital, to you honestly think I would allow a trader to take a position that put my hard earned capital at major risk? That is why the IT gods developed Admin Programs and Locks.....give me a break with this lame CRAP No, I don't work out of the Rockland county office.
How did you know I was referring to the Rockland country office? I mention the bridge and you knew right away which office? Listen, Not only have you "pm'd' me, you have also spoken to me on several occasions....and you solicited me to trade for you...and two others as well.....It sounds like you've been behind the wood pile a few times...The way you are going, you are going to end up in jail.... good luck .....I heard there's some reg's looking into you guys as we speak.