How about starting with the so-called old fashioned work ethic, combined with some disciplined smarts, and applying those day after day, year after year? From another thread - in response to a poster's question as to what enabled Bob to make the transition from a succe$$ful blackjack player in the '70s, to well-respected, succe$$ful trader from the '80's to the present: "...Bob Bright is an indefatigable, very highly competitive, hands-on, entrepreneurial, fair-minded individual and family man who is intent on utilizing his talents and abilities to the fullest in exploiting the obvious opportunities and the not-so-obvious inefficiencies in the financial markets, as well as in the gaming, and real estate arenas." In addition, contrary to the stereotypical "big wheel", "high roller", "flashy, high-stakes gambler" - er, "gamer", "high-flying entrepreneur", Bob's unpretentious manner may be part of his psyche, or may come from years of practiced "holding his cards close to the vest", or, most likely, his continuous focus on the task at hand - be it a trade, a poker hand, or keeping a keen risk management eye on the bottom line in running a large firm (of traders, no less) - where everything outside of the moment is superfluous, and anything less than one's best effort is difficult to comprehend. In fact, I'll bet that those who've known Bob Bright for many years would say that he is modest to a fault. (As for the much too-self effacing (IMO) younger brother, BT "front man", Don: if the few ET chronic naysayers really had any idea of the major multi-tasking that he accomplishes through his own talents day in and day out, they might... just might, admit a little respect for him, also - not that he would want any, of course. Don Bright, however, doesn't have birthdays...)
definitely a great achievement- especially the fact that he isn't a hedge fund trading billions. Are most of his profits from Pairs? His positions must be HUGE - even if they are tremendously diversified. I wonder what the edge is in this strategy? Is it just probability that stocks that traded in similar relationships in the past and diverge will converge? How big are the drawbacks?
I considered the argument that you can't teach sports greatness. Though it may be tempting to say it is not the same thing as trading, I tend to agree there is some similarity. There may be a component(s) that are not possible to pass on to most clients. Still, 20+ million is a lot of coin to make trading. Any chance we could hear how this is done, as the figure itself doesn't mean much out of that context.
First off, thanks to everyone for the nice and congratulatory IM's and notes! Some traders make a $mil or 2 with only a minimal buying power (perhaps $5-10 mil, allocated properly). Bob's use of our capital is relatively the same, percentage wise. As far as why more traders don't do as well, I can only say that there are so many variables involved, other than time, money, and discipline...that trading remains somewhat of an art form... and even though we do our best (at BT) to help new traders, we realize that only a few will reach these kinds of numbers...but, then again, we feel that a greater number would not make it if it weren't for the assistance we provide. All the best to everyone, and thanks again for the kind words! Don
for the record... Although i do not believe in selling skills through incentive based methodology i would like to say congratulations to the Bright family and all who are part of the growing enterprise that helped Mr. Bright achieve these outstanding results. As for the magazine, it's garbage. Magus is a shlumpf who obviously has enough capital to run a Hollywood trader magazine. I have no respect for this publication, but have enjoyed an article or two. Even though it is all lies and rumors. be good. alex
I disagree that the mag is garbage. You must have very high standards. The article on Nite trading in this issue is top notch. I suggest you ignore the babes, and the ads for overpriced timepieces.
Congrats to Bob. And good luck at this year's WSOP, I imagine he will be entering the main event. I have seen Bob in action at the bac table, he certainly does not have an edge. Long run negative expected value, but it appears he has devised a system to with variance such that he will have many small wins and a few big losses. No, not martingaling. On another note, the story about baccarat does not seem realistic. If you made $400,000 doing so over a period of 4 years, congratulations. I would be curious to know what type of variance you encountered and how many hands you saw in a session. If you can keep track of an 8 deck shoe and place bets accordingly, you'll destroy limit hold'em 8 tabling.
I am curious about this also. I have never known anyone to beat baccarat over the long run since the house has about 5% edge going in. This is a better edge than they have at the crap tables if you discount some of the proposition bets. If card counting is an option there must be computer studies out there somewhere but as of yet I dont know of any. I have actually had people tell me that they beat cash3 on a regular basis.
Have you even read the magazine? Its a quite interesting read.. and certainly has improved since its in inception just a few months ago. When you say its all about lies and rumors, what do you mean? Are you telling me a business magazine like Forbes, or a mens magazine like Maxim is better in the factual department? Its refreshing to see a startup like this get it right in such a short period. And don't take away the babes and the overpriced watches!!