A simple request for explanation of the facts would suffice. Success is defined by making net, taxable, profits. Many of the traders out there consider themselves successful at a a point that perhaps you wouldn't or I wouldn't. Simple profits vs. losses. I have no reason to mislead anyone....and we report our facts every year. I will let the numbers speak for themselves. I haven't seen anyone else come to the plate yet!
Your math is a bit off. You are saying 3% (the retail figures are about that). We had approximately 250 traders start in 2001, and around 220 are still here. I will post the 2001 figures after year end. To everyone: What are we searching for here? Is anyone looking for "magic"? We are pretty sure that if someone is going to do this as a profession, that we offer them the best (or one of the best) opportunities to do so. There are no guarntees anywhere. And to those who wonder how I have time to do this....well, I too wonder! Since I enjoy my life a lot, I don't consider anything I do as "working" (although I am technically "working" 75 hours / week) - and If am enjoying myself (or sometimes "defending" ourselves.. ) then I will do it. That combined with the fact that I type really well, certainly allows time. Again I ask...where are everyone else's numbers? And yet, I totally understand not posting them...you certainly wouldn't see Etrade or Schwab putting up numbers at all. I just don't want to be accused of not being open or of hiding anything.
"Your math is a bit off. You are saying 3% (the retail figures are about that). We had approximately 250 traders start in 2001, and around 220 are still here. I will post the 2001 figures after year end." Don actually i meant how many traders out of 100 are left after 3 years with Bright. So how many traders are left from 1998 out of the crop that started that year?
We have 93 traders who started in 1998. I get this on my printouts every day (date started). I don't have handy the exact number who started in 1998, but I think it was around 200 or so, which would make sense (since we had 250 in 2001). That would allow for the number that don't make it the first year or move or change firms. Hope this helps.
yeah, but of those 93 how many came from other firms or the floor???? i'd bet a dollar vs a doughnut they weren't all beginners.
You're correct. A simple question would've sufficed. As to your answer, if I understand it correctly, anyone who made ONE dollar or more is considered successful for your calculations. If that is true, I contend you should actually expand your definition. It should include anyone still in business. If you are still in the game you have a chance to win and be successful. To me if you haven't failed yet, you are a success. Hey did someone say something about donuts?
Yes, profitable AND still in business is the criteria we use. We have found that if we can keep new traders from "blowing themselves up" the first year or so, that they have a great chance to start making some real money. We keep these records NOT for marketing purposes, as some seem to think that I am "spinning" everything on the board in our favor..., but we just keep records for IRS and SEC purposes, and if I have them at my fingertips, I am happy to share. (I still haven't seen anybody else post any numbers).....
I don't think I explained myself. I would consider someone successful if he were still in business even if he was losing a little because he had potential upside still being in business. If you are out of cash which is inventory for a trader business, then you have no upside potential. As for numbers, when I was at ETG a few years ago, they posted those numbers on their website for a few weeks. (They were similiar to yours.) They claimed the NASD made them take them down as unsubstantiated claims. I do not know if this is true. They will give you those numbers in an interview if you ask. I haven't asked in a while. Be careful with the regulators Don. They seem to go after the little things. Gene, what are your numbers? What are the Echo numbers?