Dustin has been posting here since 1999, has a lot of respect from the 'respected' and long time members of ET and is believed to be quite a profitable trader. (Who would keep up an act for 5 years, anyway?) Don, on the other hand, from the first day he posted, has NEVER enjoyed that level of respect. And there used to be a LOT of knowledgeable traders that posted on ET in years gone by, not the crap heap that posts these days. They all called Don on his bullshit. Yep, all of them. Don is LEGENDARY for EVADING ALL THE TOUGH QUESTIONS. He is a MASTER at it. You don't know what you're up against. His only goal, ever, since coming here, was to pump his firm at every opportunity. You don't hear much from him anymore, but if you were here in the early days, Don accumulated more posts than anyone quicker than anyone had ever done it; all of them replete with his slick, slimey worldplays. Who woul you rather listen to? To vhehn, who seems to think you are going to get Bob Bright sitting next to you, holding your hand, wake up sir! And even if you did, people need to realize that just as a great salesman doesn't always -- and if you read the academic literature, hardly ever -- make a great sales manager, neither does a great trader make a great trainer. And I've met Bob, and I challenge anyone else that has met to him to deny that he can in NO WAY be considered a great or even a decent trainer. By HIS OWN ADMISSION he doesn't have the patience to answer questions and explain concepts. It is quite unreal the way he bellowed frustrated responses to innocent questions from PAYING TRAINEES. The whole $5k down, which quickly becomes $3k is a MARKETING CONCEPT designed to ENSARE would-be traders who don't have ENOUGH CAPITAL TO BE TRADING. The Brights are CERTAINLY aware that $3k is PITIFULLY INSUFFICIENT. If anybody thinks they are going to turn profitable -- to the tune of "only" $500/day; [GROAN] -- on $3k they are COMPLETELY DELUDING THEMSELVES. The Brights KNOW you are going to LOSE this capital. Of course, they will NOT let you go into firm money. NO CHANCE. However, people have a tendency to avoid being wasteful, to avoid loss, to avoid feeling they made a stupid decision. It's the same tendency that keeps traders married to a losing trade. People feel if they have already spent so much money on something that wasn't what you wanted, or that isn't yet working out, that to just stop would be "quitting" it would be admitting that the money is "wasted". So they plow on and rationalize their actions. Therefore, the Brights can safely assume that most of these traders will be able to scrounge around for another few thousands, maybe even more; money that would NOT have put forward had they not already put up the intial $5k. The REAL 'beta test' is to see to what extent this will take place. Anybody considering taking this deal should repeat to themselves a thousand times: $3,000 IS NOT ENOUGH CAPITAL, $3000 IS NOT ENOUGH CAPITAL, $3000 IS NOT ENOUGH CAPITAL.
Except of course for buying lottery tickets, a $10-$20 poker game filled with fish, or for a fun night at a Nevada bordello. Peace, RS
For some people, this might be the right package for them. It's not for the masses that's for sure. However, if you are one to consider this arrangement, please ask the Brights about hidden costs not given in his original post. Inquire about: 1) Haircut fees (interest on holding overnight positions) Could be around $15-$30 per nite per $100,000 held overnight or 3x that for the weekend. 2) Desk fees for using the REDI platform ($200/mo I think.) 3) Data fees for First Alert ($200/mo I think.) 4) Conversions cost or quasi-bullets. They bought a whole bunch of stock in inventory for traders to "sell long" in sub accounts to get around the short selling on a downtick rule. There may be a charge to access this inventory. If you add it all up, your commission may be as high as 1.5 cents per share. Happy trading and good luck to all.
their seems to be an argument on this board as to weather or not Bright can successfully train traders based on the bot camp method at these rates. This sort of reminds me of the Richard Dennis and the turtles which gives me an idea for simple solution. Bright is about to start a boot camp with a group of new traders he seems very high on. Why doesn't Don report on his newbies progress in terms of p/l every month. A simple disclaimer of past results do not reflect future outcomes will take care of any compliance problems he has. In this way we can quantify the success rate of Bright"s boot camp method.
Let's get one thing straight. 99% of this board would not be able to learn a thing off of Bob Bright. You could sit beside him every day for a year , video tape every minute of his trading, study rigorously every move he made, and still not be able to duplicate his success or apply the knowledge to your trading. Why? Because Bob Bright is rich. Very rich. And he trades huge fucking size. He moves big cap NYSE stocks himself! And he doesn't charge himself a haircut on huge overnight positions. And he probably only pays $.00001 before factoring in Bright trading profits. I've seen him take home 80,000 shares of a volatile AOL @ $120 on a triple-witching play and make $300,000 on the open the next day. I've heard some other crazy stories too. You can't duplicate his style with you're little 500, 1000, or even 5000 share positions. As for this $5000 deal, come on Don, you can do better than that!
Hi Axe...thanks for pointing out the obvious to everyone (many may not get it)...no one will ever duplicate Bob's style, and that's why we don't teach oir expect anyone to do so. Bob didn't start with Millions, he made it trading. And one reason that I keep my shares small (2,000), and demonstrate opening plays, is so that new traders can see what they can expect, not Bob or I. The deal presented is better than most that include any real world training...and the trader should be 100% with low rates after making a lousy $12K, and if they can't do that in a few short months with our help, then we're both at fault. As I said, we have many plans, from low cash beginner, to highly capitalized expert. All the best....(I'm sure that by now, you don't need a "deal" anyway...you've been around a while...and are probably backing your own traders... which is something we offer as well...a way for better traders to grow a business within ours.)... Don BTW, you're way off regarding what we have to pay for trading.. I only wish it were true....LOL