PDT Rule & Prop Firms

Discussion in 'Prop Firms' started by tito, Mar 10, 2008.

  1. i really don't know that answer. but the SEC has made it very clear they will do everything in their power to wipe us out.
     
    #51     Mar 14, 2008
  2. I am only trading futures now.

    It pisses me off, I have almost a decade of experience and this shit is happening. Oh well.
     
    #52     Mar 14, 2008
  3. Joab

    Joab

    As far as I know there is only one prop shop in Canada that is thriving and they must still comply with all the SEC stuff like American companies.

    Swift Trade.
     
    #53     Mar 14, 2008
  4. if swift and title comply with all us laws why do neither firms have operations in the us yet all they trade is us stocks? they obviously can't get a license here
     
    #54     Mar 14, 2008
  5. Agassi

    Agassi

    Thanks NYXtrader for your input....

    So going forward, why don't we list all the 'alternative' options available for all of us:

    1) get licensed and join a registered firm like Bright or Echo and put down $30,000

    2) Trade Futures with more leverage like CL or YM etc..

    3) Trade spot currencies with Oanda or GFTforex etc....

    3) Forget the U.S. stock markets and trade overseas where I know they give 20 to 1 leverage in some countries...


    I still have the following questions:

    1) When I called on Assent, some of the branches said they can take me with either $5k or $10K down plus all my licenses...Is this legal? I mean, if I have the licenses then will 5K be sufficient or will PDT rules still apply?

    2) Also, I found out that every individual branch at Assent offers very different deals...some $25K some $5K etc...but all require licenses.

    I would like to hear from other folks regarding possible alternatives
     
    #55     Mar 14, 2008
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    #56     Mar 14, 2008
  7. Agassi

    Agassi

    I think I know whats going to happen next..

    go offshore!!:D

    Just like when you call your capital one credit card, amex, washington gas it all goes to India..

    In India the leverage for retail intra day traders is 20 to 1.

    So I think I will try to trade in India when the market is booming.

    If there are traders in China, India, Canada, trading the U.S. stock markets, why not the reverse happen? Why not U.S. traders trade the Indian stock market.

    Eventually SEC will realize that all the business is going oversees then they may try to do relax some rules to bring business back to the U.S.

    So one other option for all of us.

    GOING OFF SHORE TO INDIA!!:D
     
    #57     Mar 14, 2008
  8. Agassi

    Agassi

    Also, just to clarify...

    so minimum is 25K.. i understand this.

    are you telling me that even with 25K down and all the licenses they cannot give more than 4 to 1 buying power? then what is the point of being licensed? I thought the whole point of being licensed is to get uncapped buying power like 100 to 1 or some thing of that sort. Isn't this what Prop trading is all about?

    Please correct me if I am wrong..

    Thanks,
     
    #58     Mar 14, 2008
  9. This should not affect you in anyway right? You have at license and at least 25K with Assent don't you? Just curious how stringent everything is getting now with the Tuco garbage.
     
    #59     Mar 14, 2008
  10. You are correct. If you have a deposit up, that deposit will be looked at as a retail account no leverage can be extended beyond 4 to 1. This rule is set by the Federal Reserve and they must comply.
     
    #60     Mar 14, 2008