Bright Trading

Discussion in 'Prop Firms' started by thecycle, Oct 11, 2005.

  1. hi don

    2 short questions

    A: will Bright trading ever offer traders the option of trading futures ( i.e. stock index futures )

    B: what percent of trades done by Bright traders
    are Listed vs Nasdaq ?

    C: what are the present trading hours permitted for remote traders ? ( i.e. is after hours allowed ) ?

    have a happy thanksgiving

    seth

    :)
     
    #41     Nov 22, 2005
  2. jem

    jem

    don you always were a master at super spin. I could never say something like this with a straight face.


    I would say something like this. We closed a bunch of our offices because there was not enough profit to justify the costs of the t-1s, computers, equipment, manager and office space.
     
    #42     Nov 22, 2005
  3. EPrado

    EPrado



    I never understood why most prop groups (outside of chicago) didnt offer futures. Personally, I feel there is a ton more opportunity in futures trading. I know these equity trading shops clean up with equity commissions....maybe they dont see the same profit potential they can make off their traders with futures commissions.
     
    #43     Nov 22, 2005
  4. Sorry, but I seemed to have missed a couple of posts.

    Opening only orders are still the most profitable trades. So even intraday capital useage can be pretty high.

    Example:

    30 stocks entered with only 2,000 to buy, 2,000 to sell.

    120,000 shares x (average price) of $40. = $4.8 Million.

    $20K in account x 30 = only $600K....

    Many of our guys enter 100 or more stocks.

    Again, just for the record.

    Don
     
    #44     Nov 22, 2005
  5. EPrado

    EPrado



    How come you guys dont trade futures?
     
    #45     Nov 22, 2005
  6. We trade futures, even my brother and I trade the E's these days.

    It's just hard to compete for the regular traders because the CME members pay about 40 cents (total) round turn.

    Don
     
    #46     Nov 22, 2005
  7. EPrado

    EPrado


    I hear ya....cant firms like yours buy a seat / become a member of the Merc? I traded stocks for Schonfeld for about 10 yrs. I left after the powers to be decided to kill the volatility and go penny increments. Now am trading futures for a hedge fund. I just feel there is a ton more opportunity in commodities/futures. All of my buddies still at Schonfeld and other equity firms complain that is so damn hard to make good money trading equities.
     
    #47     Nov 22, 2005
  8. We've been members of the CME since 1982, but the problem is that only the actual member name can get those prices, not LLC members. You know that if we could cut prices by 90% and still make money, we would (well, we "might" LOL).

    Don
     
    #48     Nov 22, 2005
  9. EPrado

    EPrado


    Really...makes sense...when I was at Schonfeld we had futures, but the commissions were insane. I guess it matters how your firm is set up. I traded at a small prop group in Chicago that were members and set up as an LLC. But we got the same rates passed to us. Was like 40-50 cents roundturn. They were able to pass on the low rates. Maybe they had us all umbrella'd under one account.
     
    #49     Nov 22, 2005
  10. Not at all, just save enough money to switch over when you're ready, LOL.

    But, since you mention it......

    Don :p

    Boy, about 15 posts today...it really is slow.

    But I manged to buy at 1262.50 and sell out at a point higher. How easy is this futures stuff anyway...
     
    #50     Nov 22, 2005