Well excuse me Felichka. I obviously made a mistake and thought you were referring to my previous post in which I provided the director of business developmentâs email address. I am attending a tour at Lionâs Group on Thursday. I will post my impressions after my visit. Does anyone know how I can get my hands on a Series 55 study guide without having to pay through the nose?
My take from talking w/ Lions: 1. only beneficial for rookies without capital 2. they want strictly high volume trading styles 3. use REDI - can't trade NASDAQ 4. will not return calls or emails My rating... AVOID
I emailed Lion and had a response back in less than an hour. Seems pretty UNfishy to me. Try again........
We always welcome new firms, and hope that they help grow the industry by providing solid education and training. For new people, be sure to ask the same basic questions: 1. See balance sheets. 2. Be sure that they are not a "sub" LLC to another LLC. 3. Be sure they are not an "introducing broker." 4. Check their exchange membership. If all the above is fine, and they have adequate capital to protect their traders (hard to find these days, in any firm)...then I sincerely wish them well. Hey, you gotta like the free catering!!! I just tried all their website links, to no avail...??? I'll ask one of our people to go by and say hi, and see how they're doing.
Ever get an answer to the capital contribution issue? Or is it true its a good shop for newbies w/ little to no capital? Any advice on getting into the next openhouse? Thanx man.
Don, I can understand the wisdom of points 1 and 4, but would you be so kind as to explain the dangers of "sub" LLC's? There seem to be many out there nowadays. I have considered joining one and would appreciate your input on that topic and also about point 3, regarding an "introducing broker." Much appreciated in advance.
Sure. When a "sub-LLC" is formed, they are like "step child" to the parent firm, and have very few resources. Many of the "sub-LLC's" have simply defaulted on leases and held traders money, etc. These firms are generally just "introducing brokers" with, perhaps as little as $5,000 of capital. Even when the "main firm" has capital, they are not responsible for any of the other entities. On a broader scale, it's like Enron, with hundreds of smaller partnerships that went belly up prior to the main collapse. There are other regulatory issues, but the main concern is that they are simply part of a "multi-level" marketing plan that makes no sense. If there were a good business model, would not the main firm simply keep control? Why would they need the "sub-LLC" money in the first place, and vice-versa.? In contrast, our locations are all owned by Bright Trading, and the Managers are compensated based on performance (are not "middle men") and we are responsible for everything. Hope that makes sense to you... Don
Firm owners telling you how to evaluate which firm to trade at. Maybe I should ask Sadam if the US is honest.
That's pretty low. I have followed these threads for many weeks now and have read many of Don Brights' comments. I have spent time at his class in Vegas and can tell you that my experience is that he (and his partners) are a rare commodity in this business in that they are candid, self-effacing, honest and strive to remain objective. What I read in his post was constructive advice on how to evaluate other trading firms, he could of course have chosen to provide unconstructive criticism of his competitors instead. In the interest of full disclosure, I am not a trader at Bright Trading, but intend to become one soon (or could I say "I'm not a bright trader!" ) . I (and I'm sure I speak for many others) am grateful for Don's insights, and would hate to see anyone discouraged by obviously partisan comments like this.