What's clear is that you're a piker you doesn't have a clue what he's talking about. If you want to continue to look like an ignorant jackass in front of everyone, be my guest. I've answered probably two dozen PMS this year with complete honestly regarding my experience, i'm sure everyone reading this thread can differentiate between sincere posts and those made by a jaded troll pissed off about something that may or may not be related to Bright Trading.
Have to agree with maverick74 on this one. Don Bright of BRIGHT TRADING does pump his firm quite a lot on this board. However, he answers questions and has open discussions about the entire PROP TRADING industry in general. No one else from any of the other firms mention here (ECHO, GENNESSI or ASSENT) has someone who appears on this board or else where and will debate traders about various issues in PROP world. Does this make BRIGHT TRADING a more solid/stable firm than others not always? What it does give BRIGHT is a spokesmanâs and a face others can associate with. With which experienced traders looking to possibly change firms and for newbieâs looking to join the industry a chance at least to have a discussion about issues concerning PROP trading they might have. With the higher rates BRIGHT charges guess they are able to maintain a marketing department and a spokesman where the lower rates firms cannot.
Interesting thread...pretty clear that people don't really have anything bad to say about Bright other than possibly the rate structure. So here's the question, if you are a prop trader or looking to go prop and have a series 7, which firms should one consider and do due diligence on other than Bright, especially if you want to be remote?
timcar, Excellent post. I agree with everything you have said, and think it's a very good, unbiased summary (and good place to end this thread, IMO). Well done. -Eric
Assent and Genesis can't come on here posting like Don because both are members of FINRA and have much stricter compliance than an exchange BD like Bright. That is one of the main reasons you don't see other firms on here hyping and spinning their firm like Don does, because they are more regulated than Bright.
Both IB and MB Trading have a presence here, answering questions, etc. and they're both members of FINRA. So that kind of blows your theory on why Assent and Genesis can't post here.
Maybe other firms are more corporate-like while Bright is more of a family thing and that makes it easier to have an active spokesperson. Also, the other firms might want to appear 'above the fray'. Being new to prop trading myself, it was hard for me to get a commission rate close to what I've read here on ET. After 8 trading days and 189k shares traded, I've run the numbers and see how disadvantaged my $6/1000 + passthrough deal is. From what I understand, $4.5/1000 would be more reasonable for monthly volume of more than 300k. Perhaps they want to make sure they recoup whatever their costs are in terms of time, test fees, etc. Also, they probably want to know that I'll be around awhile without blowing out. And this may be warranted -- after some significant drawdowns in the beginning, I cut my volume about in half and am focusing on long-term survival - to good effect the last few days. I got my series 7 and will get 63 and 55 soon. I don't seem to have much leverage when it comes to negotiating rates with my branch manager. I'd feel better if it were all more transparent. For example, these firms could publish rates for certain volumes in a month -- why the heck not unless they have made lots of deals which they don't want traders comparing notes on. Anyway, my advice to people starting out is to hold out for the best deal possible from the beginning.
Why do so many people give bright shit about clearing through GS? Do you know how many BD's clear through GS? Hold is a customer of GS. What a piece of shit company Hold is. One brother is cool, the other is a fucking joke. Don, you're not too bad for an old timer. LOL. Your honesty goes a long way in my book.