Is there a Don Bright in the house? If so, please make your way over here. I have a question for you. Don't worry, I'm actually endorsing you this time! I'm having a debate with a guy over PM that is weighing his options on where to trade and you won't believe this, I actually recommended you! I know I know, maybe it's the holiday spirits or end of the year stuff, not sure. But here is the question I have for you and feel free to pimp yourself out as much as you want. I was telling this trader to make any kind of meaningful money you need to have access to capital and lots of it. There is no way around this. I told this trader that your firm provides access to 5 to 10 million of capital if the trader shows such an ability. So let me ask you this, if a trader had access to only 50k in notional capital at your firm with a 60% payout, do you think they could afford a bus pass? What do you think the minimum is in notional capital that a trader needs to have access to just to make a living? I've never thrown so many soft balls in my life Don. And you better f*cking hit every of them out of the park!
A well deserved "LOL" - you been hitting the egg nog a bit early, old friend? We just had our Retreat for nearly 200 traders, some attended, some via Webcast...I was very fortunate to have 4 of our very top people come out (on their dime) to give presentations and answer questions for all the others. Common themes and "takeaways" included some basics like "capital conservation (cut back when losing $$, dial up when things are going well, don't be afraid to do either)....keep adapting, but don't bail on exisitng strategies since they tend to "cycle" based on market conditions. Many specifics were shared as well - I was overwhelmed by the responses, as was my brother (hard to do). Now to your questions - every one of those traders use at least a $million in capital daily, and most overnight - and, yes, they trade over a million shares per month. You and I take this for granted, but I hesitate to share this at times for fear of scaring away new people by either $$$ (notional capital) or trading volume. HOWEVER, I push very hard for new people to FORGET volume for a while, quite a while - don't try for home runs - build up consistency with 100 - 500 shares for quite a while. To be more specific to your point about attempting to make money using $50k or so, regardless of profit split....ladies and gentlemen, this just won't work for 99% of you - no matter how good or how smart you are. "It takes money to make money" especiially in our game. Nor will a "$50 per day draw down" venture, or anything similar to that. Not much need for "pimping" (but thank you for allowing me to do so, LOL)....just hard facts - we shared a lot with our people over the weekend - and most came away energized for 2011.... All the best MAV Don
Since I mentioned the Retreat, here are som samples: From the Retreat - some helpful links: UK live charts from Bob: http://www.livecharts.co.uk 200 years, 200 Countries video: www.youtube.com/watch?v=jbkSRLYSojo Economist Debt Clock - check per capita debt http://buttonwood.economist.com/content/gdc Mark T. Powerpoint:. http://www.stocktrading.com/markbtretreat2010.ppt Dennis Dick's Website: www.defendtrading.com Dennis Dick's Powerpoint: http://www.stocktrading.com/HFTDennis.ppt Don
I told this individual the same over PM. Apparently there is another thread below this one that is advertising such a deal and the person asked me my advice about it. Since I'm an open and transparent guy, I'll post exactly what I told this person. One, there is no way he would ever make a dime on that 60% payout deal. His response is he'll ask for more capital. I then told him you can ask for whatever you want but you are not going to get it. The firm can lend only to their ability and this a derivative of their class A partner capital. The reason they are starting guys at 50k in capital is because they don't have any. Their capital is limited and it's safer for them to spread it over over 10 to 20 guys then too give one guy all of it. Trading a 50k account with a 60% payout is the same as getting a 100% payout on a 30k account. You can't make a living on that. I advised this guy to give you a call.
See now, if that's the reason why you started this thread you could have named it more appropriately. Bottom feeder piker shops aren't really competition for either of your firms, even though it's always a fine service if you ridicule such outfits every now and then. I was expecting the new schematics for the Don Bright voice-activated robot. Or the Bright Facebook/Twitter/FourSquare marketing strategy. Enter a bar in SF and some Bright Trader's location pops up on your iPhone. This is Christmas and I have a nephew. Huge letdown.
I'm actually waiting for the Bright Trading i-phone app that lets you know in real time where Don is doing a meet and greet with free food and drinks.