I am currently retail and thinking about taking the "7" exam. I ordered the books and study materials from amazon.com and should have them in about a week. I feel that even if I don't go "pro" I have everything to gain and nothing to lose by reading some more While I have traded for many years on and off I would like to go to the next level. ( I have not really made or lost much money and it seems that my brokers that I have used and am using have made the most from my trading.) I am thinking of taking the one week Las Vegas trip and seeing what I can learn that may improve my performance. (I am also thinking of taking my wife who said she would go if she can sit by the pool all day) It would appear to me that the biggest advantage to going "pro" is the leverage one gains. At my current 4-1 its not bad but I feel that if my leverage AND my abilities were to improve that I would have a better balance sheet at the end of the month. The commissions that I pay now don't seem to be any higher than what Bright or Echo offer?? I would like to know what people who have taken the course offered by Bright think of it and maybe some reasons that I should or should not take the test (series 7). I wish the Bright website offered more information on the content and experience to be gained in attending the week long training. I also have to say the same for Echo. I put this on the end of another thread but I dont think it will get seen much so I added it here
1Reason, I actually went and attended the 1 week training (I believe your talking about Bright's training class). I found it to be worth every penny I spent, as one who actually attended the course (theshadow neglected to mention if he had actually been to the course yet), I felt that yes some of the course was repetitive and very tailored to new traders yet within the week their were SEVERAL strategies that in of themselves would more than make up for the cost of the class, one more thin you need to realize that as a Bright trader you never have to pay for ongoing "advanced course's" ever again or you can repeat the week long course again for no cost, I believe this has some significant value as well. Just my .02 cents worth from my personal experience. Good trading all.... mrktwiz
On this site <somewhere?> I wrote an ongoing day by day breakdown of the week long training while I attended the BT course in Las Vegas. Yes, I'll let you know I've come to repsect both Don and Bob Bright as I have been following this specific company for over 3 years and plan to start trading with them hopefully this year sometime. If you read my synopsis it will describe, in detail and not everything is glowing and positive, I tried to give a realistice evaluation from one persons point of view though...check it out It might provide you with a littel more information.... take care.... mrktwiz
I of course welcome you to come to our class, we have had several good "write ups" here on ET. Each class is a little bit different, but we do cover a lot. Not just about trading, but about the industry that you want to become involved with. In my opinion, no one should venture forward into any business without knowing the right questions to ask. Just an example: Over the years my brother and I have thought about other businesses, and have always done our best to find out good solid information. Of course we were "spoon fed" some info from competitors in the field, but that is easisly discerned. I hope to see you in Vegas.....and wish you well wherever you end up trading! Don
On commissions I noticed by reading some of your other threads you use island a lot. Well ECHOtrade gives you the Island Rebate when you add liquidity. As you do more size your cost do down much more heavily than retail firms. Hi send me an email/private message (with how to contact you_ ) i and I'll get you in contact with a few past attendees who can tell you their opinion of our seminar Robert Tharp
FYI, read the fine print, Bright charges the same commissions for Nyse and Nasdaq. There are no pass thru charges at Bright, but some other firms say they will "rebate if you add to liquidity". They pass all ECN fees to you. You will still be paying more commissions under this plan.
The next level isn't necessarily at a "pro" shop. You'll get leverage, true, but you'll also most likely learn how to trade in a manner which maximizes transactions, and not necessarily maximizing profits. If scalping is your game anyways and capital is needed then by all means take the best deal out there. But firms that let you trade with their capital will want their capital traded a certain way (if you want full support). If you're just starting out and not sure what kinds of trades you're most comfortable with, i think you're better off scraping together a minimum grubstake, say 5K, and go to a retail firm using just 2:1 margin. You're liable to actually learn how to trade on your own (the market is always the best teacher), and the risk you'll be putting up for the lesson is minimal. Sure it will take you much longer at the start, but believe me, you will want to use as much time and as little money as possible during the learning period. And if you're already fairly successful at trading, why the need to "take it to the next level"? If you're already making profits, the only logical next step is leveraging those profits into larger position sizes on each trade. Spend some of those profits into getting better hardware, look for the best trading platform for your style of trading, but if the system works there's no need to tweak it. Don't fall for the "pro" label; there's a reason certain firms leave their doors open to everyone who wants to walk in and become a "real trader", while it takes time and effort to find a true mentor to help you shorten the learning curve. IMO, better to have E*Trade rip you off with every market order, than have to change your style and trading plan to suit your broker/backer. Good Luck!
Jack, You are wrong--if the trader's style depends on bidding and offering. Countless professional traders--including some of the best traders in the country--use ISLD, INCA, ARCA, and LSPD to trade "like a market maker" and get the rebate. They lower their commissions considerably by doing this, versus paying an "all-in" rate at a firm like Bright. Bright's rate schedule is NOT the best approach for everyone.
I just love it when someone writes a post about becoming a "pro" trader. It doesn't take long before the sharks come calling for fresh meat. Contrary to what everybody here reads, there are many other places to trade besides Bright and Echo.....and much better deals to be had.