Traders start with around $20K. Regarding the other question about payout. It's 100% of net, with very few "fixed" costs, especially for remote traders. Regarding firms getting involved with trader's strategies. I can only speak for Bright, of course, but we simply don't bother. We do offer our help and assistance with the bouncing off of ideas when asked, but we, as a Firm, do not get involved with details of any trader's strategy. All the best, Don
I used to trade with Bright years ago and I can assure you that they help out all they can. However, keep in mind that profitable traders have to make it on their own. There is no secret formula and certainly nothing you buy online will help you make the profits that you are seeking. I can vouch for the fact that Bright will NOT get involved or steal their trader's ideas.
Thanks for the support, appreciate it....and was wondering why we haven't seen a Bright Trading thread for so long, LOL. Don
I have friends at Bright and hear many good things about it. I actually met Don this past week and I have to say, he seems an OK guy. All the good things I heard about him are confirmed. Nice meeting you Don ....
Thanks, I appreciate it. Now, as to rates and all that....this last trip has put me face to face with traders from other firms. Only 1 person (who is likely coming over) had a rate that I found to be cheaper than the one I personally pay. But, no short stock interest, pays for locates, monthly withdrawals (vs. up to twice weekly), and very little overnight capital. I encourage due diligence, and it seems to be working well (gauging by the number of traders migrating from other places). We are not a "fit" for everyone, never planned to be. No hostility necessary, I admit we're not for everyone, and we're not the cheapest, based solely on commish. All the best, Don
i've never heard of a dea, backed or not backed, l that offers rates at cost or close to it, with any kind of significant overnight leverage, if an overnight is even allowed. i could have a different account/longer term one with the same people i go through now, but it would be a different rate/payout/and most importantly different bp. nobody gets rates at cost ,with 50-1 overnight on a 2k deposit, with free hookers and pizza.... so for what they provide, its not necessarily unique, or good, or bad, but obviously not the best choice for a total piker scraping for pennies, like me. i mean anyone who actually trades understands this, theres nothing to really discuss. and yet, i've read a retarded number of threads like this, where it should just be glaring obvious what the benefits to trading with bright vs. someone else is if you actually trade and have shopped for deals. (i mean who really thinks a shop giving you rates at cost will even give you 10-1 or 20-1 overnight anyway you want to slice it whether its a hedge or purely directional play? I mean what would be the point of that? theres really no point in even thinking and wasting time on something like this because the REALITY is that this just isn't the case, and so if you have been actively shopping around and are trading, there is just nothing to even think about because it just doesn't exist. these threads are like the never ending story. somebody asks a retarded question on bright, then bright gets on the thread, then someone attacks him about rates, he defends himself saying hes not the best fit for everyone, and then the same idiots, its like the info just glazed over the heads and they just keep on keeping on, attacking him again and again and again.....i mean i don't know maybe some of you had a terrible experience with him, but do you think the deal he offers is just "bad" for everyone? i certainly don't, even though they aren't the right fit for me.
Well, great...Mr. "orbust" seems to have a sane and sober look at the situation....that's all I'm trying to get across here. I hate to be "cliche"..."But we must be doing something right, we've been trading for 30 years"....as they say. And, again, no need for hostility...it is just not healthy. Don
Not to belabor the point, but I think your overall assessment is dead on. Two of ET's most successful traders posted their experiences when considering joining Bright in the past year or two, and both found the commissions to be unrealistically inflated. Dustin (one of the top traders from the ET blotter thread), had this to say: http://www.elitetrader.com/vb/showthread.php?s=&postid=1864939#post1864939 Shreddog (along with Lescor, the top traders on the Opening Orders thread), had an even more detailed assessment with these thoughts: http://www.elitetrader.com/vb/showthread.php?s=&postid=1865098#post1865098 Both, I should point out, are top notch, consistently successful traders, who are well respected and have a long posting history on ET. Probably the best summary of the situation with rates at Bright come from Shreddog at the above post, when he said: That exactly matches my take on the firm. Bright is an excellent and financially stable firm, and they charge premium pricing for their commissions because they can find traders willing to pay it. And, so long as they can, they would be silly to do anything else. That said, I'll continue to follow Dustin and Shreddog's path and continue to trade elsewhere. While Bright likes to mention how traders are constantly joining them from other firms, I only know one experienced and successful trader, who still trades at Bright (out of 5-6 that have either traded there in the past, or strongly considered trading there). I believe that commissions were the key factor for the rest trading elsewhere.
yeah i agree with you there. my only point is that basically anyone who trades, its just obvious what the benefit is to trading with or without bright. its people who don't trade, or are shills that constantly attack xyz firm, like bright, because it just isn't apparent to them what the current deals are. its not the tone of, "your deal sucks for me" or "your deal doesn't fit everyone" its "your comms/deal are jus too high for anyone and you're the devil". I'm not cynical enough to think that everyone trading at bright is just sheep and don't know if they're the right fit or not. my point is that for people actually trading, its just flat out obvious whether or not a deal is going to work for you, but that in itself doesn't make it bad/good. I only say this because I've said to myself, "hm, having rates at cost/close to cost are great, but i can't play earnings after hours or do much of anything overnight. I'm sure most traders do not try and pick up pennies in front of a bulldozer, so while my deal is almost necessary for my trading, it would probably be the worst deal for a longer term play. now don't get me wrong i get just as annoyed as anyone else when i hear that directional trading is dead and that capital intensive strategies that are "working" are the only way to go....but if you're profitable, i don't think hearing all that should really bother anyone enough to the point where they can't accept that birght, or anyone else with comms/deal that are not the right fit for you, might actually work for someone else.