A nice surprise to see a post from a fellow student at Bright's Las Vegas training class last week. I remember a fella with the same first name; he's typical of the quality people I met there. If he's the one I spoke a with a couple of times, then he was also with a few of us after a fine Thursday night Italian dinner hosted by the Brights. As most of the students were leaving the restaurant afterwards (for even more fun elsewhere...), Bob and Don stayed and talked more "shop" with about 10 of us for about another 2 hours as the wine flowed...... Then, after much pleading (goading?) Bob graciously agreed to give us a demo of his unmistakeable gaming prowess (my description, not his) at one of the poshest casinos in town.... As I recall, he made $2100 in about 21 minutes beating the house at 21.....!! All this after starting his day at 4 AM, trading a couple thousand shares of AOL, share-teaching class, handling other duties of the business, hosting a packed dinner, and answering endless questions about his first love - professional trading! Don, after his full day of teaching Opening Only Orders, share-teaching, fielding phone calls from all over the U.S., and wrestling with a the ET Chat endeavor, also was heading for another casino where he could perform the same feat at a variation of 21, when the remaining of us headed still elsewhere.... Also had a nice conversation at the Thursday dinner with a couple of people from Worldco.....! They can also vouch for the professional, common sense, no promises instruction from Bob, Don, & Earl Van Alstyne. Series & exam in a couple of weeks - then start with Bright. So, we'll see......
Hey kids! Don Bright will be joining us in the Elite Trader Chat Room today. Few people are as connected to the constant changes in the trading industry as Don. Keep up with the latest trading strategies to what's happening behind the scenes by joining Don in a "State of the Industry" chat session in the Elite Trader Chat Room on Wednesday, Feb. 4th @ 4:30PM EST. more André Chat Log: http://www.elitetrader.com/ch/transcripts/trading_for_a_living.cfm
I read the transcript; very informative. Thanks Don and Andre! One question: could you explain NYOB, how to use it, and what stocks it it is most useful for..
New York Open Book is a "must" for all listed trading. If gives you a few seconds head's up before larger prints, shows you "real and live" orders within 10 seconds of being placed which give you breadth and depth of the "real" markets. VWAP is "volume weighted average price" and is used by firms that place orders with some discretionary range (old way), and now place orders based on receiving the VWAP price on a daily basis. Both of these come into play during the tape reading (multi session) training...and I do my best to verbally narrate both when I trade live for the boot campers. My brother has literally yelled at a few long time traders who were not using NYOB....but virtually everyone knows the value of VWAP. Hope this helps... Don
I enjoyed the chat Don. We had lots of good questions. This is the kind of chat we wanted to do with you last year, but were overwhelmed with Bright Trading questions. Let's do a State of the Industry chat every year, Don? Also, we didn't really talk about the growth plans for Bright Trading, or the new opportunities for Bright Traders to become Portfolio Managers within the Firm. Can you type a little here on what you mean by portfolio managers? André
Track down the transcript of last month's "chat" - and I will see if we can do another one. If I get another group of specific questions (PM or Email), then we can use them as a start for another "State of the Industry" forum. Currently, we are dealing with overseas traders, access to the markets, uptick rules, ARCA-EX auctions, Specialist rules and the like.... Send a note to Andre' - perhaps he will plan another chat... Don