I'm considering Bright Trading as a remote prop shop but have some concerns and questions. I saw a lot limit of 100 for new prop traders. What does that translate to? In stock it would be 10,000 shares of stock. What about option contracts? What other limitations are there initially? What percentage of profits do I get to keep? What percentage of losses am I liable for? What are the terms of my contract typically going to be? Can I leave at any time? Lets say I make $100,000 in profits in my first month. Can I then choose to take my profits and leave? I'm sorry I'm just still really skeptical about a firm putting up this kind of leveage to traders they don't know. What is the catch? What is the worst case scenario? Should I consider other remote prop trading firms instead? Do you know where I can find a really well drawn out terms and agreement page that lists all fees, all margin info, all trading that is allowed and terms of trading? I can't seem to find that on any prop shops website anywhere.
LOL, you think as a new trader you'll be able to trade 10K shares of a stock? Lot limit 100 means 100 shares of a stock. Thats it.
Are you serious? What's the point of that then. My understanding is 1 lot = 100 shares. Therefore 100 lots = 100 x 100 = 10,000. That's crazy if all you can trade is 100 shares to start. You'll basically be scalping for hours and lose money purely in slippage.
U won't start off the bat with 100lots tho, it's likely u will have to practice, and for a good reason, with 1lot until u show profitability.
commiss structure seems high at bright. there are sick prop deals out there if you look ie - put 3k down - get 20,30,:1 leverage. 85-100% payout. i am not sure why you would go to bright but whatever - good luck. they teach pair trading but by the admission of their own staff on some of elites posts - nobody is making any cash (except don and the other dude)
Could you send me a few names that offer those deals? That sounds really good. If you can PM me or post the info here. Do they offer remote? Thanks.