Don, we have 5 people that have come over to our office in the last couple months from Bright, who went through your "training" program. I have a very good idea as to what you guys "teach" From what they have said, I think it is laughable that you are able to sell these guys on your program. What you just said is NO different than a lot of firms out there. Just look at the difference b/w the deal that Dustin quoted and your deal. The only difference is that you think you have superior training. Key emphasis on THINK. But, I have no intention to get into a circular debate with you on this. As long as you feel comfortable and you have traders that make money..that is all that matters. To each their own. I just had to express my laughter at this "deal" you are selling and how some feel it is good. Good trading.
You do understand that you cannot possibly enter opening orders, or play any significant strategies while using a retail broker (unless you have a couple of $million in your account)...if you do, fine...we just cater to those who want to trade that way (and don't have that kind of money.....yet)... All the best... Don
We have a zillion other deals for serious traders, and can beat anything (real) ...very simple... Don
I am a new to all this but I have been reading posts, studying everything I can find, and trading for about 3 months now. Will someone please step up to the plate and say where I should go instead of just where I shouldn't. I'm not sure if the consensus is to be trusted about "Bright", but alternatives have not been presented. I currently have about 25K in play and if you think .01c is bad try trading with Ameritrade. I know...LOL...I'm looking for a new brokerage/platform/charting/news etc... but at some point you just have to jump in and get your feet wet. I was leaning towards MB trading with esignal charts and news, but you guys make .01c sound like such a huge commish. From my limited point of view Don's training sounds relatively cheap...especially compared to some of my recent losses (shorted RIMM in Dec...LOL again). If there are better services/training out there would someone please enlighten me? There's a lot of information to sort through without some type of mentoring...even if you're like me and enjoy the process. Aloha!
Unfortunately, this is a question only you can answer. If you are looking into a pro firm, visit all the offices in your area. If you are going to go remote...I suggest you take some trips and visit different offices. You are going to have a lot of people bash Bright and some people defend them. Same goes with EchoTrade and Assent. One thing that is definitely true about Assent is that not all offices are the same. You might have one trader in NY who thinks Assent is the Devil and another on the WestCoast think they are the best firm out there. It really depends on who controls the office. It really just boils down to who you feel most comfortable with and what style of trading you feel most comfortable. I trade with a group of guys who are very active listed scalpers. Most are having 10k+ months. So I would suggest finding an office that trades like that if that is what you are interested in. At the same time, if you wanted to do opening orders or pair trade.....I would suggest go to Bright. You will know after you visit the firms which one best suits your need.
1 cent is huge commish these days....of course it is...and all shares over 1,000 are .4 anyway. And established traders obviously pay much, much less. BTW, for those who haven't seen this press release, it may be of interest to you guys. http://www.stocktrading.com/press2004dj.htm We encourage all serious traders, who want to have lifelong successful careers to come talk to us. We have stopped giving out any rates, other than "shelf rates" over the phone or via email. Come see us, examine our records and balance sheets, see what we offer, discuss trading arrangements and deals. Treat this business of yours with at least the same professionalism that you would show when going into any partnership. If your "partner" does not let you see their financial, speak to the "boss" - and treat you as a part of the team, then you might want to "rethink" if you're really getting into a true partnership. We've seen the consolidation over the last couple of years, and what "was" (arrangements, business partners, etc.) just plain "isn't" at most places. I can assure you that Goldman, Spear Leeds, and Bright are going to be here. Our standard plans get better and better as traders evolve. As in all business models, you (the trader) can 'tweak' your business arrangement based on your ability, what you "bring to the table" and how much capital you can put to use on a daily basis. We offer a lifetime of advanced training (heck, Bob had 64 of the best traders anywhere here last Monday and Tuesday sharing ideas and learning more). Safety, security, training and fair pricing...and a chance to know the people really in charge is of value in any business. My eyes were really opened on my visit to NYC last week. Don
hey don i don't think your able to bet every deal so i think that statement holds no water. i do think your a good guy from what i read on the board here. i spoke with you once on the phone even cause i was curious about your firm. i don't want to come off rude but you could not beat my commission plus the capital you want up is far more then i need to have up. to me the amount of money a firm wants you to put up is a big factor in a deal.
Like I said on page 1 of this thread, it all depends on the level of training. That is what this deal is all about, and Don should probably expand on it. I actually like Don (as a person) and the Bright outfit, but I think everyone should be aware of all the deals out there...there is nothing more important to traders than competition between firms imo. It can make or break a trader. People who tell you rates aren't that important have never made a living trading. I traded with Bright for nearly a year, and I may not even still be in the game had I not switched early last year. For those who always trade in >1000 lots Bright may work for you. But, when I exit my 1500-3000 share positions I never do 1000+ at a time because I don't trade liquid stocks. Some would like you to think that "real" traders don't bother with less than 1000+, but that's so untrue. Bright's rate structure could have knocked me out of the game in 2003. That is the bottom line for me, and the only reason I post my info here for others to learn from. Luckily I was able to just break even for a few months with Assent's rate structure, and now the past few months have been great...almost y2k quality. And not to dig deeper, but doesn't it make sense that a self clearing firm will always be a step ahead of one that isn't?
I have an announcement: I think all this discussion about Don's credibility is sheer, egotistical nonsense, not objectivity! I have read many of Don's posts and had a few exchanges with him, and from what I recall, he's one of the few people around who know what really counts in trading. How about his deals? Are they rotten/bad/yesterday? Are they unrealistic, selfish, horrendous? Well, fine! Move onto another, better prop firm, and ET thread for that matter - please! Personally, I've no idea what all the hubbub is about. Who cares what Don charges to make business, and mind you, secure himself in a rather very risky business? IMHO, any halfway decent trader can walk into *ANY* prop firm, and *if he is halfway decent* will get a better and better deal from that firm, just because they want you to stay there! If I went to Bright Trading and did seriously well trading there, I see no reason why Don (or anybody in his right mind) wouldn't consistently keep lowering my rates, just to keep me, rather than having me walk off to the competition??? I mean, do your maths. If you are good, then all doors are open to you! I never give a f*ck about rates and things. If I'm good enough, I know that they'll go 101% out of their way to beat every other rate just to keep my business! The world is my oyster! This applies to: - Prop firms - Brokers - Any other business in the world Yes, you can even negotiate your commission structure with IB if you want to. Or any other broker. Or do you think they don't want your business if you're good? It's cash that counts. Nothing else. If you can deliver it, they'll reciprocate. If you can't, they'll take what they can or/and wave you good-bye. The same applied in my Jewellery business. I probably had (still have) 30 people a day walk in, mention how "expensive" my designs are, at $5K for a forged just-gold bracelet, and I'd say "Fine. Thank you. Have a nice day!" Who cares about the crowds? F*ck the crowds, if you want real business, cater to the elite, those that truly appreciate, and kick the crowds and trolls out. I knew that every few days somebody would walk in and buy that $5K bracelet, only to underline my attitude. This attitude is what brought me success and magnificent friends in life, NOT appealing to the crowds by selling made-in-Bali silver rings for $10 each. I think the same should apply for trading. It's not about your broker, prop firm etc. It's about yourself. If you ARE good enough, you don't have to worry about anything, because the world will be your oyster. If you are NOT good enough, or just beginning, then please don't expect businesses not to deal with you in a cautious and self-securing manner. If you want to learn to trade, why not trade with with Bright? I mean, anybody who goes there and fails, and can honestly say it was BT's fault, is free to come here and post his "How BT made me fail" or "How BT is a ripoff business" story. I don't think it'll ever happen. So, go away trolls and give us all a break. Thank you. Myself, I've always dreamt of going to Vegas. I've done a bit of professional system gambling (mostly Baccarat) and see great "business opportunity" for a visit there. And who knows, I might drop into Don's offices someday and check it out. Could be fun. After all, I'm totally unbiased. The world is your oyster.