As I said before, the best of luck...however.... We have quite a number of "millionaires" who could all sit in front of a webcam for others to see, point out what they're doing and why they're doing it...and new traders still won't make a dime. This is not a spectator sport and cannot be learned by watching or being surrounded by "winners" alone. Don't get me wrong, it is very helpful to have good traders to draw upon, I just don't want you get wrong idea. Stick to basics: Opening Only programs are key right now (about 1/3 or more of all the money made by our traders stems from this strategy). Pairs and M&A are doing well. MOC's have come back as a great strategy (after being disallowed for 2 years). Just stay away from the silliness, and don't be fooled by the "scent of a millionaire" - Best of Luck! Keep us informed on how you're doing..... (BTW, you did check all the things about the firm mentioned in prior posts before signing on, right?) Don
Is it me, or does anyone else get a bad taste in your mouth each time Don Bright comments on other trading firms? Seems like the guy only brings up exagerated horror stories on firms he's not even familiar with. Smells like a total smear campaign if you ask me. Very poor marketing tactics, and generally speaking...rather unprofessional. The guy thinks that if we don't choose Bright, we're all doomed to get screwed. Obviously most people here aren't stupid and have pretty decent judgement....unfortunately he thinks otherwise. Some Advice: Don, why not simply post the positives of your own firm rather than making up stories and dissing other firms. Let the other firms speak for themselves. I'm honestly getting sick of hearing your unfounded accusations on your industry competitors.
Being surrounded by successful traders is the best possible environment for you. Make sure you pick their brains as often as they'll tolerate it. You'll be exposed to different styles and you'll come up to speed much faster than if you're surrounded by neophytes. I've seen trading offices in NY that were packed with middle aged housewives, rabbis and numerically challenged retirees who should have never been allowed to trade. The ratio between seasoned traders and novices was about 1 to 10 or 15 which was pathetic. Within one year these suckers were wiped out or forced out because they didn't write enough tickets. These types of churn n' burn firms subscribe to the sink or swim philosophy, and if you need help the management will kindly rape you with "continuing education" fees. These firms are breeding grounds for disgruntled Mark Barton types. My first year as a trader, I was surrounded by young, experienced traders whom I could relate to. There was a sense of camaraderie and competitiveness that was contagious. Two mornings each week and every day after the close, the senior traders would hold trading seminars and recap the day's trading. We also had monthly P&L contests where the winning team would receive $500 each and a free dinner at Smith & Wollensky (a revered NY steakhouse). Training was extensive and free, lunches were (sometimes) free, there were no "desk charges" and it was a great collaborative environment for new traders. This is the ideal template for a prop firm (in my humble opinion). Hopefully, your experience will be as rewarding as mine was! Trade long and prosper!
Many things to post on this one.... First, as for Don bright posting negative comments or wanring about other firms, I appreicate it. Read them with a grain of salt and you will probably begin to understand what really happens at these daytrading firms, including Bright. It's ok that Don has his own agendas...Just use your head and get whatever you can out of his comments. He's not putting a gun to anyone's head. Second, Don is correct in saying that even if you sit next to a billionaire trader you might not make a cent. That is 100% true. There are many resons for this including (1) new trader can not implement their strategies because of lack of funds, risk management restraints, lack of experience, whatever.. (2) some of the methods can not be taught. The superstar traders at Worldco all have a group they manage (for fee)...but nobody has been able to emulate thier methods and make the same amount of money. Some things in life... you are just born with. As for why I didn't join Lion's Group, when Dave Parrault left Worldco with his group, I did not want to leave Worldco because I have always been treated very fairly at Worldco and had no reason to leave Worldco. Yes - you have to put up with walter's bullsgit everyday...but he has always come through for me at crunch times. Another reason was that I wanted to trade remote eventually and Dave's group could not support remote trading at that time. By the way, Perrault first went to Generic with his group... I believe Generic has some stake in LGT currently.
Is it really impossible to imagine that I may really care about the industry as a whole, not just about growing our firm? I honestly feel that I have helped many from making the same mistakes that I have seen hundreds of times when choosing this career. There are other firms to choose from, for various reasons...not a big deal. I really hope that newer traders will simply do their "due diligence" so that they don't become a statistic, that's all I'm trying to do. As for posting our "positives and strengths" ...believe it or not, I am trying to tone that down, let people check for themselves ..... Good Luck wherever you trade, and for whatever reasons! Don
Bright Trading owns and runs everything. We do not have any other B/D's or LLC's involved with our firm. Echo started out the same way, but I will let Mr. Kirkland or Mr. Tharp answer the question. Don
Well, this thread is about Lion's Trading Group, not Bright Trading...is it not? Why is it that you MUST come out of your little hole and always make your "watch out for this firm, it might screw you" speech? We don't need to constantly be reminded to perform "due diligence". We're not idiots you know... There are far more prop trading firms that are far more successful than the skimpy Bright Trading outfits dispersed across the nation. You can claim your "precautionary" slant...but you just reek of smear campaign and self-promotion.