We get traders who are doing really well with other firms all the time, of course. They still seem to like to join us to get into the "familial" feeling we try to support. Meeting face to face is generally a good thing. We need to get everyone on the same page(s) - each class is different of course. Not everyone understands market mechanics from the exchange trader viewpoint, nor the openings or how we make markets, route etc. And, our pairs and mergers education is second to none IMO. I find that those who don't come to training seem to make mistakes that would be (hopefully) eliminated via training. To each their own of course... Don
We look at this long term, and if 3 days away from trading is too much, I understand. We tried the weekend route, but everyone wanted to see live examples of platforms, etc. We don't stop trading just because we're teaching of course. Just like college, you could be working instead of getting educated to make more money. We cut back from 5 days to 3 to help those who are still trading. Again, if you're making a good 6 figures every year, you may or may not want to learn how to make more, up to you of course. We don't start until 11:30 Eastern so everyone can make money on the opening plays, of course. Our guys would shoot me if they couldn't trade the opens, LOL. Don
Allright, thanks for the answer... Same to hitnrun... So with Bright Trading you can be a market maker...? Is that what you mean by exchange trader as opposed to a DAT trader...?
Actually better IMO, we don't "have" to make markets in our chosen stocks, just do it when we like to. One sided if we want. We just choose our "children" stocks (I use GE, HPQ, and SPY) as my stocks. Don
Somebody asked what the success rate in the business. I think it's pretty even across the board when it comes to small business, including prop-trading and most other types of business ventures. 90% will fail, 5% will be moderately successful 5% will earn a comfortable living off trading the problem most traders have is they expect to make a 5k contribution and off that 5k earn a big enough return to earn a living off. Like any other type of investment, do your due diligence and research before joining any prop firm
The thing that most seem to overlook is that so many millions of people are trading retail, with the hopes of making money in the markets. When trading with a professional firm, your tools and market access is so much better, and trading is easier (when you aren't hindered by the many retail obstacles). This is the alternative to retail trading, and the ability to learn and put into practice what those 5% (actually more IMO) do to make a living. Sure it may cost a few bucks to get started, and as with any business, you need to keep up with continuing education and all that. So, rather than some deep dark secret world of Professional trading, the lights come on easily, and you up your chances of success tremendously. Get rid of margin rules, wash sale rules, buys and sells at same time (making markets essentially), surrogate specialists, etc. Just for the time and effort to get a Series 7 license. Or, take it one step at a time, take a class and decide for yourself if this is something you really want to do. So many would love to make a living at the casino's, but so few put in the time and effort to learn how to count cards effectively. Trading can actually be easier, since Wall Street doesn't bar you from playing, LOL. FWIW, Don edit: Maybe some blatant Public Relations/marketing, but also real advice as well. My brother and I won't be around forever to teach these real life, honest classes. We and our group can help.
More margin isn't going to help if the trader is not profitable. How did you get past the wash sale rule? Buys and sells at the same time is an issue that can be solved in retail. One main difference is probably the order routes/types. But is this what really tips the scale toward the 5%? It sounds like in your opinion the 5% group consists mainly of prop guys. I'm not sure if that's true. I'm sure I can learn something from your training. And you seem like a nice enough guy who aren't looking to steal a thousand here and there. If I ever plan to attend some stock training (not any time soon though), I'll likely pick yours. I'm open to going prop. Can you convince me with more interesting arguments (i.e. I can peek at the guy sitting next to me who's making millions)?
Please just give me a call. 702.739.1393. Mid trading day (slow time)... I'll be happy to explain all this to you. Don
Sorry, have to be honest, in 2006 took the class, joined the firm, back then series 7 wasn't even required, after that kept in touch with all of the guys from the class, no one made it. There were even people who came with their spouses for support, overall good folks, but all failed within 6 months..... Back then there were even rumors that Don himself took a huge hit trading a stock,,,if i'm not mistaken called calpine......averaging down on it... You do indeed get a lot of margin to trade with, but once you add up all those overnight fees, you end up giving most if not all of your profits back, and then some.. And during a loosing month, adding up all the fees, ...disaster Anyhow, unless I see a real p/l of a trader for a year, certified by a CPA, won't believe anything anyone says. And lets see how many traders like that are there in not only this, but any prop firm, because i've been to many.....