A couple of questions: - Does doing 5k shares average per day get someone half the desk fee rebate? - If I trade baskets of about 10 names with, for example, 200 shares avg per name - do I still pay .01/sh? Thanks!
I've found that after a very short time with us, that the traders tend to get involved in more strategies, and rarely stay at that share level. And, if a strategy is working, why would you keep the shares size at that level? It's up to the trader of course. The $200 is sort of "all or none." FWIW, we have very few traders under the 200K, as I mentioned the openings should account for more than that much. A penny is the highest, and comes down with longevity and volume quite quickly. All the best, Don
I don't want to say either Bright or Echo is good/bad, in my opinion they both have a lot to offer and the main thing about both of them is they are not a Tuco-type situation waiting to happen. For me the main thing is making sure I don't have the nightmare situation of waking up to a non-existent firm, and both firms are the top of the list for stability. But having said that I have been around the block and know a lot of guys, and I will say this: I had a few guys tell me many many years ago that they had a great strategy that they know no one had figured out yet, and joined Bright from a smaller (now non-existent) firm, and within a few months it ws being taught in the Bright classes to other traders. They were very upset and left Bright because of it, but the damage was done. Having so many other guys compete with them their numbers dwindled and they were very upset they had gone there. This is what they told me, and they are good guys which I have no reason to doubt, but I would like to hear Don's take on whether they look at what all traders are doing and if someone figures out something very good if they feel they are allowed to teach it in the Bright classes to other guys? The "free flow of information" that Midas mentions seems to confirm it is still the policy. If that is the case I would agree with what I have seen said many times here, if I were a new trader needing to learn how to trade I would sign up in a heartbeat at Bright if they would show me what successful guys are doing. If I were a successful guy I would hide out at Echo where they do not teach classes and tell people what I am doing. But again, at least both Bright and Echo are solid firms run by solid guys.
What's the Denver office like? Moving there over the summer and I've been considering going the Bright route. But am curious about their new (newer?) Denver affiliate. Saw this thread so I'm wondering how it's going http://www.elitetrader.com/vb/showthread.php?s=&threadid=96906 Thanks
LOL, I'm sorry, but that is outright nonsense. We teach a lot of the basics. Openings (I started doing them in 1979). MOC imbalances (since day 1). Pairs trading (my brother has been doing various incarnations of Pairs for decades). Simple market making on one or two stocks, ditto). Mergers and acquisitions to a lesser degree. Inter-market mechanics and arbitrage, ditto. The market changes, and traders need to adapt to the markets. Any "system" that might work for a while and goes bad is a result of market changes, nothing sinister. I have people who make $millions, and I have no clue what they do, or how they're doing it...and quite honestly, don't really care. I'm extremely happy that they're doing well, and glad they don't show up on my risk screens. FWIW, Don
Basically there are two brothers who traded quite a while here in our Vegas headquarters. They moved to Denver, rented a location, and are willing to let others join them. Nothing formal or anything. Don
Is it just an open trading office of two guys who'll accept any style (e.g. an arcade/desk renting situation)? Or is it the Bright method (and software/brokers/clearing) of trading?
Anyone who trades there will be a Bright Trader, of course. You can discuss any details with the guys. Send me an email to donbright@brighttrading.net with your contact info if you like. Don
OK not moving until the end of summer. I'll email you closer to when I know I'll actually be out there. Thanks!
I keep hearing how bad Bright rates are .. I seen comm rates from 0.001/share (high feq trading) to 0.01/share .... Is the payout the bad thing ? 75%, 90%, 100% ?? Can someone give some real numbers ??