Looking for some insight from people who had experience with one or both. I have been trading for a few years as a hobby, most of my trades now involve options and have >10days time frame and am profitable (2-4k a month on a 90k account). I am about to quit my full time job in financial IT on wallst and try trading full time after getting my license, i understand it's different ball game entirely vs what the retails do to make money and using options isnt a big part of the methods in those shops, so i am definitly looking for a firm that offer guidance along the way as i will pretty much be starting from scratch. Having narrowed down to bright and kershner, am really conflicted about which is more approporiate FOR ME. Please dont turn this into a pissing match, as both firms are excellent at what they do. Kershner: Pro: - Trade firm's money - Excellent training as you get to have a mentor who are experienced and profitable sitting in the same room to learn from. Con: - Your cut is 35% of the p&l initially, with opportunity to move to 50% - No remote, I need to drop everything and move to austin Bright: Pro: - You keep what you make - remote trading, so i can fly there to take the training classes then trade from home without relocating - Training classes seem useful to a new trader per the reviews. - Good leverage Con: - Need to fund with your own money - training classes cost money - Commissions are higher - Doesnt have the level of training/mentoring kershner offers
I could be wrong but I think niether are going to let you trade overnight with anything, and you will never be able to trade options. Just so ya know. Sean
http://www.youtube.com/watch?v=H0tHpZR9HNI&feature=related Read the comments (it's about someone who took Bright's seminar)... It's pretty funny
I trade with Bright remotely. I got my start in the business in 2000 at a firm that required not capital contribution and paid a small monthy salary plus % of the profits. So I am familiar with both sides of the prop. model, however, I have no experience with the other firm you mentioned. Here is the Bright lowdown: Overnight capital: you can hold positions as long as you wish, anyone who tells you otherwise does not know what they are talking about. In fact most of the big 7 figure + traders at Bright trade pairs (statistical arb.) and carry large overnight hedged positions. I personally carry low to mid 7 figures over night on a regular basis. Many of my strategies would not work if I could not hold position over night. Training: you keep 100% so nothing is free. I personally think the cost is withing reason. There are some very good pair traders in Canada that have started a business training and mentoring new and experienced traders from 1 week intensive classes to individual mentoring. These guys are the real deal. I use some of their data mining services for my own stat. arb strategies. Software clearing: Redi and Goldman Sachs Black Box trading: Yes. With programing help available. Fees: call Don to discuss. The Brights: Bob Bright got his start in the the art of calculated risk taking as a black jack card counter, moving into the markets after the casinos started to refuse business to him. He is a master trader. Don is the ultimate marketing machine and entreprenuer and keeps the franchise moving forward. Feel free to pm me with any questions. I have nothing to gain with my positive feedback, I trade remotely from a small town in FL. Good luck with your career change.....
Our traders can carry up to 30 times their equity overnight (hedged, maybe 10-20 times "naked" although few go "naked" these days, LOL). Hard to make big money with simple day trading these days (although many do). And, just a comment about training. I feel that we have some of the best traders on the planet helping with our training, both initial and ongoing. And, I'm coming to Austin again next month...if someone from Kershner would like to pass a note along to Andy...I would like to either stop by and say hi, or invite him to lunch or drinks or whatever. FWIW, Don
Uh, no. They do seem to be the only firm that sells it to death, never figured out why, as far as strategies go there are a lot better ones. Guess it sells a lot of seminar seats, and is pretty easy for a beginner to grasp. I would expand the universe of firms beyond just these two, there are other choices out there. With Bright talk to some people who have been there before you join, and with Kershner I have never seen the contract so cannot confirm this but have been told it places a lot of restrictions on you if you leave the firm, would love to hear if you can confirm this after you see it. I would NEVER recommend anyone new to the business start out trading REMOTE at ANY FIRM. Even with all the classes and books, you have to have a mentor, which would make me lean towards Kershner if these are your only two options, I do believe they will try hard to teach you what to do. If you are serious about trading moving anywhere is part of the deal, once you know what you are doing (YEARS of experience in an office) then and only then should you think about trading remote.