I have traded with Bright Trading since July 2007 and have no complaints whatsoever. The commission structure when you first start trading can cramp your style a little bit, however, after a good track record everything is negotiable. I went through a typical progression trading i guess and started with opening orders and moved through different strategies. If you are a pairs trader, there is no other firm in my opinion, i've talked with several and for someone who is undercapitalized, Bright is where you want to be. Even at a penny a share it's pretty insignifigant to the gains that you make on a pairs trade. 4 cents to make a buck, that's fine with me... It all depends on your style of trading and what you would like to accomplish... paying a few percent per year haircut for use of capital is the best deal that I've found. As for the Bright family, all great people, and the extended family as well, (Rob and the crew in BC, Cash, and even all the other traders that I've met), if you are trading remote from home it can get frustrating, but the connections you get from attending seminars or the company sponsored retreats are a golden oppurtunity to network with other traders and discuss trading... They'll take you away from the retail mentality that plagued me and it seems a lot of people on ET. In the short time I've traded with them I have nothing but good things to say and have made quite a few friends who i keep in touch with almost daily.
All expenses, including data feeds etc. can be taken directly out of trading account (double net), and then at year end, traders submit legitimate invoices for their "outside" business expenses. We lower the income number by that amount, thus "triple net." Don
British Columbia, no problem. Other Provinces don't allow U.S. firms at this point in time. I've met with regulators, and we're working on it, will let you all know. We have to be absolutely sure of proper registration of course. Don
Some very good pairs traders I know left Bright about two years ago to go to Echo because they offer lower commissions and a lower haircut. One of the guys used 20-30:1 leverage overnight and was paying a ton in interest at Bright. He says he compared his costs at Bright to his costs at Echo after he made the move. He said he was saving over $300k a year at Echo when compared to Bright! However Echo doesn't have the training. But don't you pay extra and separate fees for the training and for access to Pairco. So that isn't even worked into the higher costs at Bright. So you can get the training and tools from Pairco by paying their usual fees, but trade at Echo and pay less in commissions and interest.
(Smiling) I would like to see the numbers on that computation. With using a full $million every night (with only $30K), and trading 2 million shares per month...the total is about half that. I doubt my friends at Echo (good firm, good people) are paying people to trade. I'm not questioning that someone may have said something like that, just have to question the real numbers. All the best, Don