Is Last Atlantis still operating?

Discussion in 'Prop Firms' started by arbs-r-us, Aug 25, 2008.

  1. Atti,

    You seem to have all the details :D

    Nothing better than the gory details to make a story complete.... Continue with the info....
    #11     Aug 26, 2008
  2. I heard it from a guy on ET who traded at LAC for a few months. Attrition was like 80%. He'd bring people in on the promise of arbitrage, when in fact the crossed markets were gone before they started. Now a pick-em market is arbitrage. I had no idea about the regulatory action until this thread.

    Participants were trading sub-accounts, so any profits would be apparent in that regulatory pdf. The pdf shows a 3MM loss.

    Everyone mentioned in this thread left LAC due to losses, save for rearden who was never involved in this moronic pick-em trade.
    #12     Aug 26, 2008
  3. Yeah, that's it.

    Rearden never traded in that operation. He was backed by LAC to do his own thing.
    #13     Aug 26, 2008

  4. How did they amass a $3MM loss while printing money?
    #14     Aug 26, 2008
  5. Win a dollar on nine trials, lose one hundred on the tenth?
    #15     Aug 26, 2008

  6. I know of three or four guys from ET who have told me that they left with less in their sub-account then when they began.
    #16     Aug 26, 2008
  7. Ugh. Meaning that each was assigned an account number on the global book, hence a "sub account"
    #17     Aug 26, 2008
  8. We really need Michael (metooxx) to chime in and lay out the truth. It sure feels like anyone that had traded the pick-em must be under a life-threatening gag order.
    #18     Aug 26, 2008
  9. Why all the renewed interest in this all of the sudden anyways?
    I traded the 'pick em' system briefly in 05 when I was entertaining the idea of setting up a group to do it exclusively.
    The software was pretty slick and there was without question opportunity and money to be made. I was really just a game of picking up nickels and dimes but it could be consistently profitable.
    All trading was 100% financed by LAC, and although modestly profitable it was boring and tedious enough to make you bleed from the eyeballs.
    For myself, I toyed with the system for about 2 months before finally deciding not to persue it any further.
    #19     Aug 27, 2008

  10. I had no idea Metoox was Michael!!!
    #20     Aug 27, 2008