Bright Trading

Discussion in 'Prop Firms' started by Weasel, Sep 26, 2002.

  1. Always funny to see someone say "it's not sour grapes" because it assures everyone else that obviously it is, . Add that to a new "alias" and stupid remarks, makes it more of a positive tool for us.

    I think I'll just leave it alone....


    On second thought, I won't....

    1. Redi Plus is an excellent platform supported by a great tech support staff at the largest clearing firm in the U.S. (SLK and GS). So why would we waste traders money on internal tech support.

    2. We have T-1, T-3, and satellite feeds plus DSL in most silly to make a comment like that.

    3. See tech support above.

    4. "exhorbitant"...heck most firms cannot even allow traders to keep xxx times their equity in positions ....we can afford to let the trader determine their fee structure based on the trading style.

    There is always some new firm who is trying to court "none traders" with bells and whistles and "supposedly good deals" when, in fact, these same traders could trade with no commisions on the trading floor itself, and still not make any money.

    Same as always, do the research, don't fall for nonsense.

    (and yes, there are a few "good" firms around, comments are not directed to them or their traders).

    Back to work....

    #11     Sep 27, 2002
  2. Hi Don,

    It's good to see that you now have an active position in your own firm. When I was there it seemed to me that Bob and Eddie had you "buried" doing who knows what.

    Just so we're clear, this post was nothing personal against you or your outfit. But there is no denying what I said above is the absolute truth.

    I posted the no "sour grapes" comment because that is the truth. I was profitable long before I came to you guys and I’ll be profitable long after. I was profitable with you guys (even with one hand tied behind my back). I've been profitable over many years throughout many market cycles.

    But it's my contention that you have a much too high regard of yourself.

    Here's quick story:

    I was in Vegas with my wife to play and hang out and I decide that I would stop by your place out on Tropicana (you know, the one with the fraying drywall and empty chip and candy bags everywhere and the Army surplus furniture) to pickup some cash that I was owed by Bob.

    I was speaking to Bob about why I was leaving, which as it turned out was your complete lack of understanding of the technological demands of a professional trading environment, and you inserted yourself in our conversation with some silly comment about how charts were the problem with traders and that they should be abolished.

    It was at this point when I finally looked over at your screen and saw that you had MAJOR loser's working in the QQQ's. At which point I told you that you were "pissing into wind" by fighting the tape. And I then informed you how to calculate a working ETF "fair value" for all ETF's by which you could know when the specialist was trying hose you by buying the offer and selling the bid.

    The look on your face was priceless. It was one of complete befuddlement. (You were just beginning switching over to FirstAlert at that point.) Then as Bob and I continued to speak you called the FirstAlert guys to help you through the "QQQ fair value" calculation.

    I was thinking to myself "what a F-ing joke." I didn't have the heart to tell you that the calculation was about at the 9th grade level. I heard later that you assumed that little trick as your own and begin to tell your little Snake Oiler’s about it as an “in-house development.”

    Listen Don, to the experienced traders among us your shtick is embarrassing. There is NO question that you oversell and under deliver. But like I said above, this is not personal. I really don't care what you guys do.

    And I always liked Bob, I thought Eddie was a blowhard, but I thought Bob was okay. Others may disagree.

    Here is the bottom line: There is nothing that I could say or do that will be any worse than what you will do to yourself.

    Dr Zhivodka

    "Have a drink on me"
    #12     Sep 27, 2002
  3. kelly74


    That is the funniest post I have seen in my short membership with Elite Trader. I don't know if its true but it sure as hell was entertaining to read.
    #13     Sep 27, 2002
  4. I almost wet myself reading that -- I especially liked the "nothing personal against you" -- oh, no, not at all, you only portrayed Don as a bumbling idiot. Truly hilarious...
    #14     Sep 27, 2002
  5. Finally someone with a really entertaining anecdote that seems convincing specially with the etf story being developed in-house. Certainly better than the typical " my friend's roomate traded there and he said it sucks"narratives. Any rebuttals? counterpoints? I say put the doctor and Don in a Montel Williams episode or Jenny Jones , let them hurl curses, go at each other throat, pulling each other's hair. -bet it would be great entertainment!
    #15     Sep 27, 2002
  6. lidodido


    My own experiences with the circus clowns at Bright Trading confirm the picture that the Dr Z paints of their incompetence.

    I recently heard Bright was now doing a "Boot Camp" for their new traders (or, even the older ones if they're willing to plunk down another couple of Gs I guess). One more way to milk 'em eh Donster?

    The most disgusting thing is that this firm is one of the biggest in terms of numbers of traders. Well, they have Donald the Magnificent at the helm of the marketing onslaught, what else would you expect.

    Dr Z: "you oversell and under deliver". I agree. Absolutely no doubt about that statement at all. None.

    Get ready for the standard Donald rebuttal, "oh, oh, but our traders make money". Sure they do Donster. That's why you're so willing to post numbers up. Don't say, "oh, I've posted numbers before". Save the effort saying and just post them again. (He won't.)

    Don't let this grand old huckster fool you, Bright traders have the same strike out rate as all daytraders. Actually, they're at a disadvantage from the very start, with their exorbitant $600 fees (desk and software), pathetic order execution and blowhard managers.

    That doesn't bother the Brights, why should it? There's always the next crop of starry-eyed college grads, senile retirees and washed out traders who've grubbed together a fresh new stake to replace them. (Note to Don: concentrate on that demographic, you'll find it a most fertile source of new blood.)
    #16     Sep 28, 2002
  7. I don't know anything about Bright cause I don't trade listed, but a $600 desk fee is outrageous. Don't be surprised if he puts coin machines on the bathrooms stalls and you gotta pay a quarter to take a crap for extra revenue.

    Most firms with that high of a ticket price don't charge desk fees, haircuts, and demand a $25000 deposit. In fairness to Bright, I do believe that those that trade less than 10000 shares a day, which many Bright traders do, should be subject to such additional surcharges. How else can you make money off them.
    Bright has to make money too !!!

    Conversely, anyone doing around 500,000 + a month and pays these ridiculous charges, with this much capital at stake should have their head examined.

    #17     Sep 28, 2002
  8. GHJ


    I just split a rib on this one. That's entertainment!

    Do you think the Nevada Gaming Commission would approve slots in a brokerage firm's crapper? Don, have you asked them??
    #18     Sep 28, 2002
  9. Dr. ,
    Can you give a little bit more detailed explanation of this? Also, can you add to how the "fair value" of ETF can be used for trading?

    #19     Sep 28, 2002
  10. I don't work for them and they mean nothing to me in terms of conflict of interest. If you want to work for as pro firm - Bright should be up there in your first two choices.
    The only reason I would choose a different company if they offer me no money (of my own) type deal somewhere.
    I mean reading some of these posts is funny?
    But who are the competitors for a trader who is not a very profitable, experienced guy?
    I almost went with Bright, right around the time they were switching exchange membership....the only reason I did not cause I could not 'revive; my old series 7 with the new exchange membership. The other reason was - I don's scalp and trade volume....but that's just me.
    I long ago learned that it is a stupid way to trade - right around the time they went decimal....
    p.s. these(no money) deals are hard to come by anymore. Albeit still possible.
    Where are these super traders trade? Dr. Zivago and others???
    If you trade with no office fee in a office don't you feel like a mooch? Shit I have been out of the prop trading arena for decade, what do I know... :confused:
    If you have some money saved up - can do their 20-25k deal
    and have at least 6 months living covered AND have the crappy series 7 - they deal is as good as any, specially in Vegas.
    pps. just don't gamble in the city of sin ;)
    #20     Sep 28, 2002