Today was the first day of the class. Here is the summary. 98% of bright trding profit comes from NYSE. One trader who trades only GE, makes over $20,000 per week. How does he do it? Not a detail answer, but the general concept is; 1.S&P future is the market indicator 2.Never use market nor stop order...only limit 3.If it doesn't fill, kill the order in 3sec 4.Daily average putting order is #700 The acutual order execute is #100 Average succesful profit rate is about 70% 5.Of course low commision per share & can borrow upto $1 million from the firm Can you be the next succesful trader who makes over $1 millon profit less than a year? Don't ask me.... Ask your self...
Eugene. Please verify your info before spreading rumors. Bright has lost a few traders to Echo, but Echo hasn't lost any traders to Bright. Why would they go back to Bright when they have to pay for cancelation orders, have DSL shared with other traders compared to T-1's. Are stuck with the Redi system, compared to having own software on highly reliable point to point T-3 servers. Have to pay $600 per month in cost w/Echo (for an office) compared to over a grand. Have no golden handcuff where as Bright hold 25% of your capital for a year while collecting interest (that Bright keeps). I don't know about you but $300,000 at 7% isn't something I'd like to give away. I can go on and on, of some of the differences. My point is Echo has lost only 1 trader this year and it was due to him having too big of a drawdown, not competition. Rtharp
Robert, No ill will or negative rumor ment to be started. I apologize if it came across that way. The information came from a person in the training class I met. He came off the floor in Chicago and new people at both Echo and Bright offices. He liked both but chose Bright. He made the statement and I thought he was credible. Your other points I agree with 100%, but the problem still remains, Echo is only in a couple of cities. Bright's in 40. AS I stated above, I think Echo is a better option head to head. But most don't have that. Since your are associated with them. Pass on the word they need to be agressive and open more offices. Given you statement above, they should be able to compete no problem with Bright or anyone else head on. I'd love to have Echo open an office in Detroit. Regards
The claims people make in this business are often unverifiable. The only way you are going to know what a person makes is if you have access to their statements, but I have seen falsified statements as well. I once knew a trader who claimed he was making $1,000,000 per day (yes I said per day) trading the long bonds. He was trading 3000+ cards each trade. Maybe he did. No way for me to verify the information. Anytime anyone is trying to sell you something based on claims like these it should immediatedly raise the caution flag. Unless you can independently verify the claims, put the info in your fishing stories box and move on.
Good just wanted to set the record straight. Echo is working on offices. They can't grow too quickly because the majority of traders are profitable. The want to keep it that way which means training new traders. It takes time. Rtharp
I'd love Echo to open an office in Boston. Would you believe that there are only two firms in Boston area. One retail (Firefly) and one proprietary (Bright). There must be many experienced pajama traders looking for some daily social interaction.
jsmith, Bright has an offices in SF and Walnut Creek. If you could beat the morning traffic your morning commute should be about 45 mins.
i've noticed these threads usually end up comparing Bright and Echo. from what i've read they tend to be fairly accurate. one thing that hasn't been mentioned in reference to bright is that they use a satellite dish for their data feed.(hyperfeed w/first alert software) don't let anyone fool you, IT IS NOT T-1 QUALITY!!!!! personally, i don't like being at the mercy of cloud coverage or bad weather. i'm not sure what echo has in their offices but if i lived in an area of the country with frequent storms i would definitely want to know what my broker/dealer was using.....sorry for veering off the subject a tad.