Prop firm (bright?) for nondaytrading buy-hold stocks?

Discussion in 'Prop Firms' started by econometrics, Jun 23, 2011.

  1. Read edgehunter's comments, thanks for the input. Many people have written glowing testimonials which I don't bother publishing, because I realize that would be "cherry picking" - nonetheless, we have, over the the years, adapted to what the traders need and ask for. Some may never garner anything fron our traders who (many) donate their time to come to Vegas to share how they're making money... most seem to learn from it. What may seem basic to some, is brand new to others. Our traders prefer to speak to many at one time vs. a "one on one" ... extremely time consuming for a serious professional... that's why we started the classes to begin with.

    And, we are taking your suggestion, and offering more of our "stuff" online in coming months.....thanks.

    Several other firm's still send their new people here, which is nice... saves them from losing a bunch on the basics right off....

    #11     Jun 24, 2011
  2. Maverick74


    Don, I was expecting you to refute the 5k in charges Edgehunter put up there. Are those numbers right? The first year a trader that comes in with 20k will take a 25% hit in their account just to cover the vig? Those numbers seem way too high.
    #12     Jun 24, 2011
  3. Well, I also did not mention another important cost... since it is optional and NOT required by Bright but still necessary part of the trading needs.

    I left out a Bright Trader needing (but NOT being required) to subscribe to eSignal Profesional Charting Service since REDI Charts don't do a decent charting job.

    That would be another extra $150+ a month (totally optional) but it would add another $1800+ onto the trading costs which are not included in my total.
    #13     Jun 24, 2011
  4. the cost are higher then 5 k for sure. then again getting licensed & paying the fees & dues associated with that is costly no matter what firm. bright does allow traders to hold overnight positions which is hard to find in this business . if someone is strictly daytrading then bright is not the best choice for obvious reasons.. for short term trading i would rather take 80 % in profits then get zilch by not being able to participate in holding various positions for days . that is a advantage for many experienced traders that want to do more then scalp intraday. flexibility is important for those that are profitable & bright offers choices if someone can make good trades anyway. trading for pennies in this environment is dead for the most part. you need to trade for bigger profit targets to make money these days. a trader needs to make good trades regardless if they pay zero in commisisons so that is something that will not change. Most traders can only daytrade with limited skills . then most daytrading firms are a good choice. bright is a good choice for someone that wants to have some freedom to trade various styles & have peace of mind that their money is safe.. For short term trading then bright is one of the best choices out their these days .
    #14     Jun 24, 2011
  5. If a Bright Trader does over 200K volume in shares each month then he does not pay the Software/Desk fee of $200...

    So 12 months of doing this would save the trader a yearly cost of $2400 desk fee and cut that cost out although commission costs would go up with that amount of volume (per Bright rate)
    #15     Jun 24, 2011
  6. Costs vary by individual. For the "average" trader, the $200 per month fee is rebated fully. They all get their NYSE level one quotes, exchange fees, and DDE links in that rebated fee as well. If they choose to add nasdaq level 2 for example, they just pay the pass through fees (35 or so I think).... $500 annual fee to exchange. One time fee for takiing tests.

    Here are the commission rates:

    Training is optional as mentioned. It's kind of funny, over the years I have taken a smaller role in the actual training, preferring to leave it those who are actively trading more and including our top people. New people ask for this, we give it to them.

    As I've said a zillion times, professional trading is not for everyone... and, just like any business venture, some make it and some don't. And, also like any business venture, there are some start up costs.

    All the best everyone...

    #16     Jun 24, 2011
  7. Maverick74


    For the record, there are many firms out there that allow over night positions at a cheaper cost. I know a firm that will back you through their incubation program. No, it's not my firm.
    #17     Jun 24, 2011
  8. OK, I'll bite....which firm? Licenesed equity firm? Just curious as to what you mean by "back you through their incubation program?" What are the offsets?

    And, for the record...I got a call from a gentleman asking a similar question about just holding a pairs position, and I pretty much explained that he would likely be better off at a retail firm. No sense in buying a restaurant if you only need one meal catered to.

    #18     Jun 24, 2011
  9. Maverick74


    Yes, licensed and I would rather not mention them on here. I didn't know you were a biter Don. :)
    #19     Jun 24, 2011
  10. mav74. bright is unique for their over night flexibility. the costs of holding over night positions is important. but. To be clear.. How many equity firms will allow a trader to hold More then 6-1 over night bp for days or weeks with only 20 k in equity.. most firms its usually 1 day hold if allowed. most firms will not allow a trader to hold positions for days or weeks . What firms if any do offer what bright does regardless of fees. Have to compare apples to apples.

    Nothing wrong with sharing ..

    What firms offer what bright does specifically for over night positions?

    #20     Jun 24, 2011