Part of the reason it is diificult to get backing without these ridiuculous $10000 payments is the idiotic statements here. "play big" "swing for the fences" "no risk to you" etc etc etc what about professional integrity and respect for just how diificult the business is. If these firms only hired people that they truly believe could make money they would not be in business.
It seems to me that the point that you and others consistently miss about Bright is that he provides capital. Berating Bright about his commissions completely misses part of the picture. Now, what the proper cost of that capital "should be" can certainly be argued. Perhaps Brights cost of capital is "too high". If so joeyata, perhaps you and truthteller should get together and fund some traders yourself. Disclosure: I don't trade at Bright, don't know Bright, trade my own capital and have for years, and don't know all the in's and out's of Bright. But why not have a little balance here in these threads? Capital is worth something. OldTrader
That's true. I'm paying almost double the commission rate at my current firm than I could find elsewhere. But I don't haggle and I don't rock the boat because they give me massive leverage and let me do whatever I want and charge a very reasonable rate for it. Sure I could save a few thousand a month in lower rates somewhere else, but it would cost me several thousand more in lost profit opportunity and higher carrying costs. The whole package is what matters.
Good point. One of my long term goals in the trading arena is that when I make it big...i.e 1MM++ a year in profits. Is to start my own fully backed group. I really want to train and fund new prospects. Not some snake oil shill book seller seminar type....but me and 5-10 traders in my office trading on my coin. I was able to cut my teeth in this biz when I had no experience or money because someone gave me a chance...and I hope to do that for others someday.