A year ago, you said that you "personally pay much more than that (i.e. much more than 0.002 per share) for execution and clearing." http://www.elitetrader.com/vb/showthread.php?s=&postid=1964813#post1964813 I hope your brother was able to 'slash' your rate, as well.
Can Canadians living in Canada trade with Bright? Don't have the 7, but would do it (need to be sponsored by a US firm I believe).
point is just stop bitching and take the test and get licensed. Problem solved. Other than the study material and time involved, it is no more expensive than submitting a U4 for CBSX firms that DON'T require a 7.
I'm not sure what you mean by that. Several US firms that I know of can have Ontario clients (didn't ask about other provinces), retail (futures only) and prop (equities included).
I think most of you are clueless. Maybe Bright WAS more expensive and maybe even now they are not "cheap", but look at what you are getting: 1) A prop group with a sterling reputation. 2) Don and his brother are constantly on the top traders lists and they provide onsite personalized training. 3) According to reports he makes like $30mm a year and he still takes the time to answer questions from dumbasses on ET and train newbies in house. If you were making that much money would you bother? I do not have an S7, and I am overseas, but if I could I would certainly trade with them. And no I am not affiliated or a shill, etc., etc.
. .004 for 1-2 mil shares is still very high. its up to people to do there own shopping of rates but if you insist there are some good rates out there
I've never seen nor heard Don say he wanted to be the Wal-Mart of trading. Yea, you can get lower rates, so go ahead and do it. High volume trading is a very costly game. I used to trade with Bright and they were always upfront, honest, and I never had a doubt that they were a stable operation. Now I trade exclusively futures, primarily ES and now a lot of GC. I can trade a 10 lot of GC for $50.00 (not the lowest price in the world) and control over $1,000,000 worth of Gold. That's about 20,000 shares of a $50.00 stock. Can you get in and out of 20,000 shares of a $50.00 stock for $50.00? Of course each person has their preferences. Good for you if your rates are lower than Bright. There's lots of ways to make money and cutting costs is one of them, but the biggest factor will always be your own trading performance. There's a lot of traders who are profitable trading 200k shares a month with 5-10 cent per share profit. Bright is a great spot for those types. If you trade a million shares/month and have a profit of 1 cent then costs are going to be a bigger per cent of your p/l. To each his own.