Don as a followup to my previous post which was mostly erased, I would like to say that you were and I repeat were until yesterday wrong on both counts. But, you have fired me up and I have worked on my website and am working on a business plan to compete with you directly for remote traders. Why not. Good idea. I now have a guy in charge of making that business run and I have recently formed a relationship with a competitor of yours offer offer retail trading (insured), bullets, competitive all in pershare pricing and a platform that blows redi away. So I will be offering both retail and pro. I think instead of doing it in a small non-competive way that would not interfere with my trading, perhaps I will try to sell out and be the best damn business man I can be. I look forward to a good fair competitive endeavor. Before I was going to concentrate on my trading but hey why not take a run at a firm with 700 hundred traders. We will see how good you are? and we will see how good I am. John McConnin not an alias
Better the devil you know, then the devil you don't. Bright seems to be more financially stable than most firms, so from that standpoint they seem to be a good choice. Lightning quick, state of the art software is not really relevant to the type of trading (listed stocks) done at Bright. Only Nasdaq momentum jocks need super fast software and hot keys since they're scalping for nickels. Swing traders and position traders with a time horizon greater than an hour don't need exact entry and exit points, thus a second saved by superior software is moot.
from what I know about Bright, if you are a swing trader or a position trader you will never generate enough commissions to avoid the desk fee. Their rates are setup for pure daytrading.
Well, John...good to see that you're interested in a solid business effort, and I sincerely welocme those interested in growing the industry. I don't have any "mean streak" towards you guys, and I was honest when I said that Dave actually helped me do my homework back in the nineties. I appreciate the work you do in the industry, and even check out some of your stuff (traders edge), and hope that we can be friendly competitors....you must see the nonsense I take on the board at times, some justified, some just silly...but when I know who someone is, I have always tried to remain civil....heck even "hitman" and I get along well now. If my retorts seemed mean or too strong, I apologize..... My opinions are just that, opinions, and I am always glad to discuss the topics of value here or elsewhere. I prefer "truce" to "battle" ...I do not perceive us as enemies....best of luck to you and Dave. Don
Actually, I find that listed trading is becoming more and more like Nasdaq trading every day. ECNs are far more prevalent today than they were even six months ago. I find myself missing bids and offers by 1-2 seconds a lot more today than I did in the past. I also think the majority of NYSE traders at firms like Bright are short-term traders versus hour-long holders. In this case, slower software can cost you money.
Again, just to clarify...we have "hot keys", we have "automation" and we have 'linking"...and Redi is always offering new stuff. We have traders doing hundreds of opening only orders, pretty tough to do with "crummy" software. The "stuff" we have makes money for the good traders, and the best "stuff" won't help the poor traders.... And with new connectivity, we are enjoying quicker "ping" times in several offices. Just doing our best to keep up or ahead... Don
The US intelligence services had the same notion - technology will solve everything. It is an american disease - often we can't do a simple calculation with pencil and paper because WE must have a calculator. Similarly, I feel, many traders place all their eggs in the salvation that fast order entry and super-duper front ends offer. Are you so much better off with that? Louder you proclaim that less I tend to belive. The super computer driven traders in Chicago don't even know about this board. It is a marketing ploy for new prop firms to entice traders (often losing traders) to go elsewhere because the 'grass is greener' across the street.