Are there any firms that DON'T charge their traders $1,000 per training session?

Discussion in 'Prop Firms' started by TruthSeeker247, Sep 18, 2003.

  1. Just what I expected from you Don, pure hostility and arrogance when confronted with someone who wants to challenge Bright Trading's practices.

    The line about refunding traders desk fees is a lie. A friend who worked at bright for a while told me that he tried to receive his desk fee rebate when he left in september (he was there from Jan 1) and was told that he was not entitled to any refund as he was not there a full year- he was told he would have to remain at bright until april of 2004 to see a refund. Further, he was told that this was a "golden handcuffs clause" to keep him trading at bright.

    Well, he thought that bright trading would honor its promise to refund his desk fee, especially since YTD he had traded 20 million shares. Instead when he tried to get it, he was told "tough luck" Now that is not very ethical and was the main reason I was upset with your business practices. I know that he still expects to see some money from his desk fees and is pretty pissed about it. Why would your firm not do the right thing and give him the rebate that he is entitled to?? I know for a fact that bright makes TONS of money off of training and commissions, so why is he getting the run-around and having to haggle for a measly few thousand dollars when he generated substantial commission and haircut revenue for your firm during his tenure AND was told as long as he traded over a million shares a month he would receive a desk fee rebate?? He is a man of good faith and it seems he was burned by someone whose only motive is money and not doing the right- and PROMISED- thing.

    I think if he was to get his rebate, he would be happy and it would definitely raise my level of respect for how you conduct business.
    i don't want to get in an online grudge match, I just want justice for my friend and if it is not served, to warn others of what they are in for. I don't trade with Bright, I am with IB currently. However, I have considered going to bright because the desk fee issue notwithstanding, yeah, you do run a pretty tight ship. But, if I am going to be treated the same way, I don't want to do business with you. I hope you do the right thing by him and if you do, we will talk about getting my account set up.
    #41     Oct 10, 2003
  2. will be speaking at the 3 day seminar in nyc during lunch on one of the days ... maybe that is why they are now charging

    $750 for the 3 days ... when it was free 6 months ago ?

    I really did not think of him as such a hot ticket :p

    will be interesting to see if they sell out this time
    #42     Oct 10, 2003
  3. if "training" could really do the job....any amount would be well worth it....I've spend hundreds of thousands on my trading education.....but, or law, or fllight school isn't cheap too......I guess the issue here is whether training at Bright which you pay as good as training at a firm that covers Shonfeld.....

    Not knowing anything about Bright trading, I wonder how would you compare the two?
    #43     Oct 11, 2003
  4. Few questions for you so to clear up confusion about your firm. Do you charge for training session or not? Is there a desk fee, if so what is it? How many shares/month to trade to rebate the fee? Not many traders do a million a month btw. Also, how much do new traders put up? $20,000? What sort of leverage do you provide if traders need to put up that much. What is the advantage of trading with you guys over retail..?

    Thanks in advance

    #44     Oct 11, 2003
  5. (Smiling here:) I agree, and if you would like to give me half your earnings and sign a multi year contract, I'll waive the initial fee. We look for independent traders, not employees. As I've said before, just a different business model.

    (Serious here:) The fee is for the "outsiders" to get a glimpse into the real world of trading (vs. those "buy when green, sell when red, or "look at level II" type nonsense).

    All training for Bright Traders, advanced training for Life, is absolutely free, and strongly encouraged.

    BTW, if you live near us, we fill up the Communtiy College for a 5 week course (40 or more students), three times a year. This may not result in many traders, but it allows us to "give something back" to the Community, and teach investors how to stop from using brokers, and how to manage their own finances. And, as you all know, Bright Trading is not a retail brokerage, and cannot take investments form anyone, so we have no "hidden agenda" there.....just makes for a long day for my brother and I. (I know, "poor Bright Brothers")....but really, coming in at 5:30, trading and helping run the firm until 1PM, then training classes until 6 PM, and then a couple of hours of College classes. But, we actually enjoy it, and try to do what we can. (Believe it or not! ala Ripley's...believe it!)....

    Geez, kinda early on Saturday, darn "biological clock"... :p


    Listen to the radio show, Saturdays at Noon Pacific...go to our website to listen, and call in via 888.966.0616 with questions etc. You get a free subscription to Stocks and Commodities for a year. You can also add: donbright@aol to your Instant Messenger to get to us if you don't want go on the air....same deal applies.
    #45     Oct 11, 2003
  6. ======================================
    Even though Rich Dennis PROTECTED thier training by NOT allowing thier traders to share info;
    actually Rich was pretty generous with pattern fragments himself , in Jack Schwager interview.

    Of course his FREE turtle training proved you could be trained:cool: ;
    super selective however , only 23 made it,3 dropped out leaving interestingly 20 turtle traders.

    Seems I read an experienced Bright trader mentioned he didnt have to pay the $1000 fee;
    pays to shop around, but no way most will learn to trade with 1k.
    #46     Oct 11, 2003
  7. why don't you address the post that I made and resolve the problem of desk fee rebates instead of hiding and ignoring it???
    #47     Oct 11, 2003
  8. 1. We offer a $1,000 (lifetime fee) 5 day training program open to anyone. We use this as a "dual screening mechanism" (how many other firms give traders access to their "inner sanctum" and allow "people off the street" to actually see the owners trading? The small $$ fee keeps out the "looky-loos" ....and, seriously, don't you think $1,000 is a pretty good price to let my brother and I show you what is really working, now, real time, as opposed to all the stupid seminars and workshops given by "non-trading firms and book writers? All Bright Traders are given free continuing education forever.

    2. We charge a $400 / mo. desk fee which is refunded with interest to seasoned traders. Remotes pay $200, and get it all back at 200K shares per month (just like tradng for free, who doesn't do 200K shares per month?) We don't want to fall into the traps of other firms who don't charge rent, and then have people (not serious traders) hold valuable space, thus causing problems for other traders...pretty simple . 1 Mil per month for "in house traders" they get it all back. .5 mil shares per month for half back, etc.

    3. Any serious trader should have enough capital to "ride the swings" of trading. By adopting simply the "pattern day trader" amount (or less), we feel that our people will be comfortable enough to ride out the learning curve.

    4. We have no "hard limit" on capital usage. Many traders "use" (not "abuse") $1Mil-$2Mil on a daily of charge.

    5. As far as the advantage over retail. Can retail place 20+ orders of 2-3 thousand shares each for the opening strategy with only $20K in their account? Are retail orders sent directly to the NYSE? (no to both, obviously).

    Our business model caters to serious, professional traders. And as far as "no one doing a million shares anymore"...we have modified our agreements to reflect the market conditions. But, think about it...we all did well over a million when stocks were $80-$100 or more, and now we should be doing at least that when the stocks are $20 or so. If you traded 2,000 shares an order in 2001, you might consider trading more than that now. That is why we give the big break for shares per trade over 1,000.

    Thanks for giving me the opportunity to answer good questions here on the board. As far as listing reasons to trade with us vs. other firms, I prefer to do that in private. There are several firms who simply "need" to have traders of any kind just to cover their "monthly overhead." We are fortunate to not be in that situation.

    The more you know, the better.

    Good Luck!!

    #48     Oct 12, 2003
  9. See above, and how funny that you talk about "hiding"....Beech. LOL...(just messin' with ya). I have always answered serious questions, and did so above. Interesting that a new member with 2 posts chose to get involved to help me prove my points (I appreciate it, thanks Lights!!).

    Don :cool:

    Not that I need to explain, but we have only had 1 or 2 people who don't understand the policy. Unfortunately, if they made a deal that they are trying to un-do...but as far as the hundreds of others, they all seem fine....and are being rewarded for it.

    #49     Oct 12, 2003
  10. so, I can tell me friend who traded 20 million shares and was at bright from Jan 1 until september that all he has to do is call you and he can get his desk fees rebated to him? and he gets interest on top of it??
    If so, hey, thats great. If not, problems........
    #50     Oct 12, 2003