I think you just lost 98% of people that take you serious. You come on as a clueless noob and attack an elder statesman of Daytrading/day trading inudstry. Bright is not the cheapest, but he is solid, they have bee around 30+years, his brother has made 100's million trading. And they are financially very sound. they will show you thier financials if you ask. they will let you visit headquarters if need be. Try getting that or even half of that from any of those shops above. Before you sound like a bonehead, next time, might want to do some background on people or this industry. EF
Heard that Hold Bros may be moving to midtown Manhattan. Anybody know when and where the office is located? Better than Jersey City. -tx
I don't know Don but he is clearly very highly regarded by many people who got their start with him. The single best thread I have ever read on ET (or anywhere else for that matter) was from a poster named Maverick who walked his audience through Tape Reading 101 about as well as Henry Ford might be at giving you a tour of a car factory. It was truly an incredible thread. Whoever made the decision to delete the thread shoud be drawn and quartered. Don contributed to that thread and made a great thread even better. But the key was that Maverick -- who was is as real a trader who has ever posted here -- interacted with Don (who he clearly knew well) as someone he held in high regard. No one should talk negatively about a man because he promotes his business well. Mr. Bright has a reputation as a straight shooter. And that is according to many who have not worked with him for years but feel they got a very fair shake when they did work with him.
Salty, your looking at things through your prospective, the perspective of a daytrader. Nothing wrong with that and if that was mymodel, I would also agree with you...... Obviously you could get cheaper rates. But many trade with other models and methods and prefer Bright because they understand them and they give you the tools and cheap overnight leverage to help in implementation... IE: Pairs Trading involves overnight trades lasting weeks sometimes. Guys trading like this are more interested in overnight Interest charges and from what I understand Bright charges 1.7% for up to 6x which is great... They have also been around the block a few times so it help put people at ease... People need to find a firm that meets their style of trading. And No I dont work for Bright although I am planning to if I can get out of my real estate prison...lol But again, I want to go there because they would give me the tools I need. Where else can you get great overnight rates from a prop broker. The closest I have seen is IB and that would mean I would have to tie up at lease 125 to 150k to get the buying power I need with p margin... Why do that when going the other route I would keep my capital free for other investments I'm thinking about.... Plus if I'm lucky, I may pick up some new and better techniques from more experienced traders who trade like I do.... TO each his own I guess.... Nick
I don't know Don from Adam, but I do know what rates are available in a number of places. I can tell you 2mm shares/mo isn't that much. It would be especially hard to find better than .002 with that volume at a registered BD/non-sub llc.
as far as i heard, bright is a nice firm but with higher deposit requirement and more expensive execution fees. if possible, can you please, mr. don, list your fees structure, deposit requirement, platform entitlement, profit split ratio etc here so that we can compare it with our current deal from other firms. thanks.
Good Idea, please PM me what the other top firms are posting these days (haven't checked in a while) and I'll create a matrix for everyone to see. Don
To help with you deciding on different types of firms to consider. Some want to keep all profits, some need training, some want a job, etc. http://www.traders.com/Documentation/FEEDbk_docs/2009/10/close.html Don
Don, I have a couple of clients using Bright for their equities. Any chance you could arrange a give-up agreement for them to execute the occasional futures trade? Think of it as a limited omnibus account; they didn't seem thrilled about IB.