I'm an idiot? LOL You ask "what does a customer gets (sic) as added value that would justify the middleman role?" Well, in the prop world you get access to the firm's capital for one thing. And as far as I know ALL traders pay commissions, whether to Bright, other prop firms, IB, E*Trade, Fidelity or any other retail or direct access firm. It's part of doing business, both for the trader and the firm you trade through. If you're so concerned about commissions and associated costs then you probably shouldn't trade. I've traded full time 13+ years and know that all traders incur costs. Why should I begrudge the firm I trade through making a few $$$$ via the commissions I generate. I'm happy to be able to make $$$$ and if a very small part goes to them so be it. All businesses have expenses. Which part of this do you apparently fail to comprehend?
It would be one thing if Don were going around making claims (i.e. guarantees & secrets) like yourself, but he isn't. riskfreetrading Registered: Jan 2008 Posts: 3461 01-24-08 07:00 PM I have a method to trade stocks/efts in which I am guaranteed to always to never do worst than my cost basis (not including commissions and bid-ask spreads). I cannot tell what it is as it may have monetary value beyond what can be shared in a forum. Does others have similar secrets? A little humility goes a long way in this business.
Mr. Weiss is planning on being there...I'll double check and post it up. I'll talk to Jake and John about Houston...we had fun there last time..and it was nice meeing you. edit; I'm choosing to skip the flaming posts, just let it be said in front of the Regulators and everyone else that I "practice what I preach" as far as trading...having a "fair year" this year. Please realize that my brother is the "master trader" and has handled a good portion of my trading money in our family accounts. I don't have the benefit of trading all day due to the fact that handle much of the day to day running of the business, and take about 40 phone calls and 100 emails daily, and have over 400 on my Messenger list. I'm fortunate enough to not "have" to trade to make a living, but will likely never stop...I enjoy it. And, yes, my "voice" learned a lot in those dozen year in the trading pit, LOL. All the best to everyone...come join us if you can. Don
Well if it weren't for the opportunity these firms provide, I wouldn't be trading like I am. I think you need to have a bit more respect for what they're doing. Putting up leverage for prop traders isn't riskless...... Your attitude really sucks.
You have to give Don his props on running a biz. No question about that....Secondly its the safest prop firm to place your capital...But and this is where it become a bit offensive and arogant on his part , is his ranting about open orders and pair trading and how its the only strategy that traders can make money..I firmly agree that pairs trading is a viable and profitable strategy..But that open order nonsense went out the window about the time grasso was taken out in a body bag...Give it up Don, it dont work. too many quants know the griff and they play the other side.. again i give you full propers on the biz side and pairs trading...and hell when you put on these trader get togethers you get to drink and hook all over the country, tax deductable...more props.
Why would you pick these two ? They both are just a snake oil salesmen in my book. How many disciplinary actions were filed against them ? I am quite surprised by your association with these two.
You yourself have a website, and at least at one point in the past you hoped to make money from it off traders. How have you done trading?
Well for one thing it's impossible to access the market without one. Now I suppose that for most traders that's actually not a value added, and in fact they would be better off without it. That not withstanding, it's not possible for you to (hopefully) make any profit without the middle man is it?
I'd be interested in the dinner on June 24th. Could you please post the information here once you have a restaurant? Thanks.