To Goldenarm. I really don't think you have any idea about what we do regarding retention and training of our traders. We have the best retention rate of any firm I have seen, and some of our traders have been with us for years. We constantly preach against "revolving doors" and the "nickel and diming" of traders that is done by so many firms. Our business model works extremely well because it is oriented towards the trader who takes this on as a serious business. And I'm not even sure what $5k you're talking about. As far as our radio show and college courses, etc., we enjoy helping people find out the truth among all the BS that is out there. 99% of the people we help will never be Bright Traders, and if I can steer them away from all the nonsense in the media, I actually feel good about it. The magazine is again, something I like to do to help people You're welcome to your opinion, but I prefer you discuss things rather than make these types of comments. I really thought we were all past this kind of thing on the board. I put myself straight out in front of everyone here, and no one else does, from any firm. We are confident in our business and our business model, and sleep very well at night knowing that we have run a good, honest, and successful operation, and don't have to resort to less than professional tactics to continue our growth. It's easy to throw stones, but let's keep it civil. And references to Cash Coyne, who does an excellent job with our remote traders, providing them service above and beyond any remote firm out there....you are again, wrong. Cash is compensated for managing and retaining traders, as are all our managers, not on "recruiting" as you call it. If more other firms would help grow the industry, then we would all be better off...it's too bad that they are forced into unacceptable recruiting practices because it is easier to "poach" than to train....especially when there are few good trainers out there. Come on, we're all better than this.... Don
To Chet, Bryan, whatever....I sent you a private message in yet another attempt to keep things on this board civil and professional. Please read it, and then if you want to make false statements about us, we'll go on from there. I know that you did not have an especially good ride with us, but it happens to the best of us. You know the facts about "holding money" back, and all the rest....and you know that I have settled all this with Jeff Dewitt and the people at Echo, and we have put all this past us.... We have maintained the highest level of integrity in the industry, and overall, Echo has done well in this regard also. There are firms out there who don't give a damn about rules and regulations, much less their traders (all they care about is getting the firm sold for big bucks, and the hell with the traders), and or merging and all the rest. You know our desk fees, and you know that we rebate the entire amount to average traders, plus give a monthly rebate. The annual "bonus" is new since you were here....we try to stay ahead of the pack. Let's try to keep ourselves as the "good guys" and not lower to the depths of the liars and scumbags out there. (To everyone else: I'm sorry if this sounds a bit rude, but this gets a little bit tiring at times). Let's keep it civil.... Don
When you hear a politician, a salesman, a preacher, a recruiter say that they are pure as the driven snow and almost everyone else is not up to their level of purity.....what is your first thought? Do you think, "well, he must be telling the truth, why would he lie?" Or do you think "he is just practicing the tricks of his trade, and trying to convince me of something?" I constantly hear Don respond to criticism by trying to elevate himself and his firm to some mythical level in the industry. His digs at the competition are less than subtle. Listen, do you really trust what someone says who is selling a product or service when they are telling you that their product or service is the best? If Bright really is the best, don't you think that any reasonable person is going to find that out on their own if they do sufficient research? Don's continual need to defend himself and his firm from criticism, indicates to me that he and his firm are in need of defense. Innocent men need not protest their innocence, nor point the finger at their competition and call the competition guilty and less than. Don reminds me of a politician who claims to be above mud slinging, but that is the very first approach he takes when someone sends some criticism in his direction. This is a technique of defense, by going on the attack and trying to discredit the person who is issuing the criticism, rather than dealing with the issues with objectivity and fact that can be proven without hyperbole. Let's take a look at the marketing arm of Bright Trading at work in some comments on this thread, I will put his comments in italics: "We have the best retention rate of any firm I have seen...." If Don had not seen any other firm or the firm's statistical evidence of retention, he could easily make this statement even if his firm had a low retention rate.......making the above statement true from his limited perspective and factual information, but not accurate in the context of all available firms and their respective employment data. No doubt statistics are available, and if there was proof, evidence, then Don could, and would say "we are the best retention rate in the prop firm business." Marketing and sales is often simply a matter of telling a half truth, or misleading someone by not telling the entire truth. One key to spotting a sales and marketer at work is the lack of specific data or evidence which can later refuted, attacked or found incorrect. The term scientific term for using vague and misleading statements to portray oneself or one's firm in a positive light is "bullshitter." "We constantly preach against "revolving doors" and the "nickel and diming" of traders that is done by so many firms." If Don has proof, why not give it to us? Tell us the names of those firms that practice nickel and diming, here in the Forum, in print. Show us evidence to support the claims you are making about other firms! Calling the competition names, saying that "other" firms that are "revolving doors" and "nickel and dimers" without providing evidence is just a mudslinging effort. Very base and lacking in class and professionalism. This mudslinging is simply an attempt to paint a picture of Bright being superior to the competition, without proof or evidence. "Our business model works extremely well because it is oriented towards the trader who takes this on as a serious business." This is a very misleading statement. Is a business model that fails over 80 to 90% of the people who start work there a success? If you have statistical data that proves your business model is superior to another firm or firms, provide that information. Give proof, not just your opinion. Just a typical sales and marketing statement from Don. "If more other firms would help grow the industry, then we would all be better off...it's too bad that they are forced into unacceptable recruiting practices because it is easier to "poach" than to train....especially when there are few good trainers out there." More mudslinging. Calling competitors "poachers." Be specific Don. What firms are poachers? What evidence do you have to support these claims? If there is proof and evidence, I am sure we would all like to see you support your comments here in the forum. Don reminds me of a car salesman who talks down the competition, and says how honest they are. "We have maintained the highest level of integrity in the industry... Highest level? What, did J.D. Power rank you number one? More self serving spin. No evidence, no proof, just hype. "There are firms out there who don't give a damn about rules and regulations, much less their traders (all they care about is getting the firm sold for big bucks, and the hell with the traders), and or merging and all the rest." Ok, you are going to buy a used car. You hear the salesman say that other firms don't give a damn about you or the car you are buying, all they care about is selling you a car....but "he" cares about the people he sells used cars to. Are you really stupid enough to believe a car salesman who would say something like that, yet Don expects intelligent people to believe him on face value without proof? "Let's try to keep ourselves as the "good guys" and not lower to the depths of the liars and scumbags out there." Don is the good guy, and all the rest are bad guys? He is Mr. Clean and the rest are liars and scumbags? Doesn't that sound like a politician? Don and company are above it all? Anyone who believes a salesman on face value deserves what happens to them. Don, More fact, less hype would go a long way. Why don't you cease calling others "scumbags", "poachers", "liars" and "bad guys" unless you provide evidence to support your claims. Just a question, are you paid on a salary only basis, or do you get a commission and/or bonus based on performance of recruiting, training, commissions generated by traders, etc.? Looking for the truth in a business situation? FOLLOW THE MONEY!!!! The money trail never lies and will tell you the truth of someone's intentions in almost every single situation.
Don, All i did was ask a question....last time i looked that was still OK on this board. I just think that you guys should practice what you preach. From you're response i am guessing that what i brought up was true. Also, please don't threaten me via private message. if you would like my phone number i will be more than happy to give it to you. Or the next time you are in Atlanta i would relish an opportunity to speak in person. I think i have been VERY civil towards Bright in the past considering how i was treated there. so can i tell the guys they will be getting their money back?
Don, in a separate thread that I asked you to confirm that if that $1K required training fee goes to your own pocket (instead of Bright). I'm sure that you are going to read this, so I want to ask you again. Does the required training (if you want to trade with Bright) fee of $1K go to your pocket? Don, please share some info.
I have been w/ Bright since 1998, so I'd like to add my .02: The desk fee is $400. So what, if you do any kind of volume you get it back at the end of the year. If this is an issue, then you probably don't make much money or trade that much. Nuff said. I have seen people leave Bright for other firm's "to get a better deal"; flat screen monitor's and nice leather chairs, and "cheaper" commissions..only to come back when they got jerked around trying make withdrawls or questioned the solvency of the firm they went to. Fancy equipment does not make you money. This year has sucked for me, is that Bright's fault? No. I closed my account with Bright on June 1st, 2002..I had my money back in a week and a half. After taking some time off, I just re-opened it in October. Bottom line is that when you make money, you don't even think about this nonsense. It's a business, plain and simple..that's the overhead if you want the leverage. Live with it or move on. OPTIONAL777...you need to either get a life or join a "daytraders" advocacy group since this seems to be your "life-mission".. we are all adults here.
Good luck TheCaracal I am not paying $400 a month and it is feeling not bad at all. I used to pay $600 a month. I do like not paying desk fee and having flat monitors and even good leather chair, so what ? All these things not necessarily associated with bad company, quite the opposite. I do not even mention new PC's and ability not to share your trading station with your neighbor.
I think you miss the point. As long as there's success for anyone, it can be considered viable. It has been written everywhere that 90% of the newbies will fail. What about people who want to be President of the US or other professions that have even a worse success rate? Are you telling people not to try?
I was referring to the initial minimum deposit required to get access to the firm's trading capital. I'm not sure if Bright even does this, but many prop firms do.