don bright

Discussion in 'Prop Firms' started by trade555, Nov 9, 2001.

  1. I did not take SL4 up on their offer since it really doesn't relate to my current study. When I reviewed their website and spoke to them, I realized that the "system" takes outside data feeds and adds their data to it and then let's traders interpret the results with no system indicators. This would mean that 10 different people could see 10 different things on the same screen. I am researching the "systems" that actually give buy and sell indications and the chat rooms who give real picks (at this time anyway). SL4 sounds like a lot of work, but it may be worth it...we'll see in a year or two when they have enough people using it.
    #51     Dec 24, 2001
  2. Phoenix1


    WonderDuck -- I definitely asked IB about that MANY times over the past YEAR! Maybe there's another reason for why they don't want to offer it???
    #52     Dec 24, 2001
  3. SIAC is the primary data disseminater from NY. See above for the acronym (and a better explanation)

    #53     Dec 24, 2001
  4. SL4CEO


    Don, SL4 provides thousands of concrete entry-point indications each day, which are each verified through a report shown on the SL4 desktop at the end of each trading day. Trades presented are calculated as potential maximum profitability versus a maximum 1/4 point drawdown per entry-point occurance. Although the signals themselves are highly accurate, and can stand very powerfully own their own, they can be combined with other SL4 indicators to achieve an even higher degree of accuracy. This enables a trader to function on just about any time-frame they are comfortable with, while providing an absolute and distinct edge in any
    case (as opposed to a concrete entry/exit system that forces the trader to be trade on its terms, and not within the traders own comfort level -- increasing the chance the trader will "break the rules"). It confuses me as to why you would not see this as an incredible and distinct advantage to your traders. Why not let your traders try it for themselves and let them make their own determination as to how valuable SL4 could be. Regarding datafeed compatibility, our model does
    not force you to any particular vendor. Which datafeeds do you currently utilize? If it is not one that we currently support, we would consider programming to their API at our cost if you can provide us with the API and access to the datafeed for development (with the data vendor's permission, of course).

    Happy Holidays!

    #54     Dec 24, 2001
  5. trdrmac


    Don, if you have time, maybe you could answer how many indicators or monitors you feel the best for trading.

    For instance, I have been day trading a small account lately to work in with some other strategies. I can watch the Level 2, Tick, Trin, T&S and a five minute chart. I watch the same stock daily, and trade from a single monitor. Even with this limited number of indicators, there is still a lot of "noise" to filter through.

    There are traders who's work I read who use 4 monitors, etc, etc, and I assume it works for them. And if I lose money, then obviously this won't work for me.

    Not looking for a "Holy Grail" answer, but some insight would be appreciated.
    #55     Dec 25, 2001
  6. A. Since we have been using the RediPlus (with the direct SIAC feeds) for data and
    order entry, I use only the dual monitor Redi. Since this data is generated from the
    "source" I have no fear over late information. I have a spreadsheet that I pull up on one
    screen that shows me my tick charts, spreads/pairs with quotes, openings, and a quote
    line. I use the other screen for execution, message window, any extra charting and my
    quote monitor. The Redi comes equipped with Exponential M/A, Ave. Price, Median,
    Bollinger Bands, Simple M/A, VWAP, MACD, Stochastic, and a lot of other useful tools
    built right in. It even includes "Price Difference" charting for Pairs trading.

    Many of our traders do a lot of filtering and they can opt to add First Alert or Track Data
    if they like....but I think the trend is going towards "less is more"...less confusing, and
    less "spacing out" looking at too much information. It really depends on your trading

    For the remote traders: We have been authorized to add a few hundred
    "Bright-at-Home" remote traders, and they can save a bundle by eliminating outside
    quote vendors, and using the same set up that I use.
    #56     Dec 26, 2001
  7. cashonly

    cashonly Bright Trading, LLC


    Entry indications can be helpful, but how do you pick the ones you want out of the thousands? And once you're in them, how do you know when to exit?

    Those two points are key. A trader needs to be able to be presented with good, SUCCINCT data and while thousands of entries are nice, they can be confusing. Second, is there anything in the SL4 system that helps a trader determine when to get out? An entry point is useless without an exit strategy. How do traders know when to get out with your system?

    I may have just missed it on your website, can you enlighten us?
    #57     Dec 26, 2001
  8. I have now received phone calls from what I perceive as the main office of SL4 (nice people), and also from people interested in trading with us and using the system real time (sound interested in actually testing the system real time, real money). They said they were not actually with the Company. I don't care to get too involved in "who is who" at the firm, or who is using it (or wants to), since I can make our services available to anyone....but I am somewhat confused (what else is new).

    It is my understanding (and it seems to have Cash's confirmation) that the system offers "thousands" of potential trade entries. Well, every data vendor offers "thousands" of potential trade entries simply via the data itself (which must be viewed and analyzed by a trader for use). For the sample testing that I am doing, I really want more specific buy/sell signals like the one's offered by people on this board and other vendors.

    If I do well trading and I use Redi for quotes and charts and other data, then is Redi a great system for trading by itself....could someone else use it with the same results (obviously I know the answer is no...and I know that many traders use it with better results as well). So for my immediate trials, I think that SL4 will have to wait. I am not saying anything negative (since I have not used it yet, and therefore cannot make any serious comments about it)...I am just going to hold off until sometime in the future where I may decide to do a "vendor test" and include different systems for ease of use, user friendliness and the like.

    So...keep the other offers coming, and I hope to see some successful SL4 traders with the firm soon. At that point, I can give everyone a better report.

    (sorry for the long post)
    #58     Dec 26, 2001
  9. cashonly

    cashonly Bright Trading, LLC

    Now that would be interesting. A vendor test of "real-time scanning systems" with built-in scans, not just for ease of use, but for effectiveness in trading. I think it would be interesting to see how the scan results generated from these scanners (Oz scanner, SL4, ScanWizard, StormChaser,, TraderHawk, Idealink, etc.) compare to each other.

    Again, I get back to the key being exists. And while I have not thoroughly examined all these products, from what I have seen, they all give entries, but there is very little information on providing exits or even describing exit strategies that should be used with their entries. In my experience, your exit strategy is tied directly to your entry strategy. Even with the stock-picking chatrooms, most of them tell you when to get out as well as when to get in.

    Maybe someday ActiveTrader or TASC will do an article on this.
    #59     Dec 27, 2001
  10. Hi Don,

    Do you intend to open a new prop firm in the UK.

    Thanks for the answer
    #60     Dec 28, 2001