Exposing one Donald Bright

Discussion in 'Prop Firms' started by lidodido, Aug 6, 2002.

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  1. lidodido


    I recently attended the Bright Trading “School” week in Las Vegas. Overall, I was very disappointed. The information discussed was very simplistic and huge amounts of time were wasted by presenters boring everyboyd with anecdote after anecdote. Furthermore, Don made severl statements which were just pure untruths - which I will list below.

    The whole focus of the week was to convince people to sign up with Bright Trading. Don begins the presentation by saying that although he will make references to Bright, the information is applicable to all traders, and is not meant to be a sales pitch for Bright...and then proceeds to subject us to a week long infomercial on the benefits of Bright Trading. I wonder why I was made to attend - I'd already made up my mind that I wanted to join the firm!

    I guarantee you this - if you plan on attending to learn something, but don't intend to join the firm, don't go. Save your thousand dollars. You will go home feeling sorely disappointed - as many told to me by many attendees.

    As I said, Don makes some outrageous statements (bordering on outright lies) in his relentless attack on anything not-Bright.

    On Day One, he discusses the various “players” in the market. A discussion that should take 10 minutes takes more than an hour, because Don has listed such “players” as “online investors”, “retail traders” and “professional traders”. For all intents and purposes - specifically, the purpose of making money - these are the same. You cannot tell me that you can look at the tape and say, “oh, that print was a “retail trader”...therefore I'll do this...”. What a joke. The only reason Don lists them as “players” is so that he take the time to bash retail trading.

    According to Don, there is really no such thing as retail “direct access”. Why? Because, according to Don, your order has to go through your broker so that your margin can be checked. Ooh no. That takes how long Don? Milliseconds? Of course, Don fails to mention how exactly this makes it harder to trade. (Answer - it doesn't.)

    Don quotes ridiculously out of date retail comissions of $19.95/side, so that he can favorably compare them to his firm's penny per share.
    Let's compare Bright commissions to using a top notch retailer like IB. If you trade 30 round trips per day with 2000 shares (the amount of shares you'll do when you're “serious” - Don):

    IB = (.01 * 500) + (.005 * 1500) *2 (round trip) = $25
    Bright = (.01 * 2000) *2 = $40

    IB = 30 (round trips) * $25 = $750
    Bright = 30 * 40 = $1200

    Hmm, can't compete there can you Don? And, please, don't bring up that 4,000,000+ traders get .0075/share. How many people do that many shares? Sure, I bet Don can come up with reams of traders doing that much. For the beginner, IB offers a WAY better deal.

    Don also relentlessly bashes Nasdaq. There is nothing wrong with preferring to trade listed as opposed OTC, but the lies Don spreads about Nasdaq makes me wonder if he has some ulterior motive.

    According to Don, Nasdaq is impossible because Market Makers don't honor the their quotes. This is simply NOT TRUE. Sure, in PREMARKET they don't, but they are NOT REQUIRED to. The rest of the day MMs certainly trade with you at their quoted price. Don has probably never traded Nasdaq, because if he did, he'd know this is true.
    Don also says that MMs have 30 seconds to decide if they want to deal with you. This information is hopelessly out of date. Somebody next to me mentioned it, but Don ignored him and continued on with his tirades.

    Don also tells us it is impossible to trade Nasdaq because of the erratic price movements of Nasdaq stocks. Don talks about stocks making 20 point daily swings. More outdated information. Don tells stories about market orders being filled $20 away from the where they were entered. Don is either woefully behind the times, or an outright liar. Don, can you name ONE Nasdaq stock that has had daily 20 point swing in the past year? Just ONE.

    Sorry to carry on this much, but everything I've said is true, and it is true I was totally disappointed with the $1000 I spent. It is NOT as Don has lied on this site, a lifetime fee. It is only lifetime if you decide to join the firm. Otherwise, you can go back once. Personally, I would never go back. There was NOTHING that they discussed that I didn't already know (or else disagree with).

    If you are considering joining the firm, don't let me deter you. Apart from this, they are a fine firm, financically strong, with many successful traders. But don't just blindly attend the “school” thinking that there is much value to it. There is a bit - but certainly not $1000 worth. (Especially considering about half the time - seriously - is spent selling the firm to the attendees.)

    If Don stays to true to form, he'll ignore all of my allegations (he's hardly going to admit to them is he?), he'll make a storm in a tea cup that this is my first post and cry to Baron and the name of this thread will probably be changed.

    Don and Baron: I have no ulterior motives in posting this thread. I am a trader discussing a trading product - a broker - with other traders. Just as an audio enthusiast would discuss a particular stereo system with other audio enthusiasts.
  2. But I thought Don was an honest guy giving accurate information to help new traders avoid the charlatans in the industry! Don't tell me that he's really a sheister! Jeez...
  3. I get a feeling of deja-vu reading that post.. was something substantially identical posted last year?

    disclaimer: i am in no way affiliated with Bright Trading.. i find most of Don's posts to be intelligent and contain useful information. having said that, i don't think i would ever join his firm (or firms like it for that matter).
  4. Did you ask for your money back?
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  6. lidodido


    Thug_Life, I haven't asked for my money back. For two reasons.

    Firstly, and less importantly, because I'm a believer in caveat emptor - buyer beware.

    Secondly, call me a hypocrite, but I would actually like to trade at the firm. (Remember, I never said they were a "bad firm".) I haven't asked for a refund because I do not want to identify myself to Mr Bright. I would not like to cause animosity between myself and Mr Bright and any other traders who heard about my situation.
  7. Why in the world would you trade with a firm that discourages otc, hasnt set up competitive pricing or execution for options, and uses redi on equiptment thats been around a while, shit man, go for those echo dudes, they are a hungry bunch
  8. wow lido, you are into masochism aren't you ? This thread sounds like somebody that just screamed to his friends about how his girlfriend sleeps with every guy in town, and then at the end of the tirade says he is going to marry her.
  9. lidodido


    OVERtheLINE, I live in Las Vegas and would like to be able to trade in the office. At this stage I do not trade options, but should I choose to, I am able to maintain a retail account for that purpose am I not?

    I have heard many complaints about REDI. Some may be quite valid. I prefer to trade listed stocks and I do not require "rapid fire" order entry.

    You are correct, the equipment is quite old. Most of the monitors are only 15inch, which I think is surprising. What exactly does that $400 desk fee go towards? (Just another way to rip off their customers...er, "professionals", the cynic in me says.)

    Yes, I have talked to Jeff from Echo, but as I said, I would prefer to trade in an office. With all that I dislike about Bright, they are good enough for my purposes. For the time being anyway.
  10. they have a new office in vegas. those guys are a bunch of go getters as well, as a matter of fact, you can get tradecast there, cheap! this blows away most platforms
    #10     Aug 6, 2002
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