To all that are considering opening a prop trading account you all deserve to know the truth. I began trading prop remotely about a year and a half ago, since that time i have traded with three prop firms. I've been consistently profitable have been profitable every month. Been fairly successful as i've pocketed well over 6 figures in that time however... Beyond all the misleading information, overcharges, blatant lies ive gone through i am currently owed money from all three prop firms to the tune of over 40k between all the three. This is not just deposits, it is my cut of my net profit for certain months as well. After being screwed by one prop firm and expressing my hesitations, i was promised by the other two props that they were "legit and honest", that traders should be treated as employees blah blah blah.... im convinced that 90% of these prop places are all crooks most likely run by ex traders who couldnt make a dime trading so they've turned to alternatives to making money. The bottom line is if you're thinking about going prop stick to the few that are proven. Don't be lured by higher payouts and promises only to be broken. They'll roll out the red carpet for you in order to get your money... then bite you in the end. Learn from my lesson so you dont have to go throught the same. Best in trading. PS this is not an open invitation for leeches to pm me in hopes of recruiting
As always: Check the balance sheets, check the regulatory history, be sure they're not "sub-llc's" (except for really rare cases), be sure that they are governed by SEC, an exchange, or at least the NASD. I hate to see anything like this because it's bad for the industry. Good luck, Don
Wont name any names till i get paid... if i get paid. Nothing but bad blood from these places along with threats since i've said i want out, dont wanna make anything worse by naming names right now.
hi mr bonds ... I find it unusual that you became profitable so quickly did you have some special skill-set or prior knowledge about trading that made you trade so well so soon ? good luck to you in getting paid and have a healthy yr too whever you go
I also find it unusual that a consistently profitable trader, up every month, well over 6 figs...has been at 3 firms over the course of a year and a half. Of course it can be explained away, it's just that all the traders I've known to firm hop have not fit that bill. Also, I feel sorry for you, as you would surely have some bad luck to pick 3 of 3 firms that won't pay you.
when ure not getting paid why would u stick around? if i wasnt being screwed over i would gladly have stayed at any of the firms... btw i had traded in an office for over a year before i went remote but that is not the pt of the thread
Agreed. If you're not getting paid, don't stick around. Cut your losses. All I'm saying is that the picture looks fishy. Humor us. Name just one of them.
From this situation (not alone, just confirmed) i believe trading firms are a lot like trades, risk vs reward. The highest reward firms (best payout fees etc) can also be the most risky (getting paid). If you want it done right, you have to do it yourself or go with a professional thats been around the block a while.