I do know that the Fiedler's are over there and doing well. I worked with Saul at Worldco and it was understood that he was probably bar none the best equity trader in NY. But he is running a book. I don't know anyone just purely daytrading pulling down 7 figures.
ok. so you being the papa bear and protecting everyone else. See if you got your risk control in place right, there is no reason for the benefecial bear to save every little bear from tearing themselves apart as long as they are within their capital contribution limits - you can be more conservative say 70% of my capital contribution. But trying to control the leverage based on type of trade - its not an open model. Thats not a fair practice. Specially that you are here on the board and always asking folks to PM you instead of putting your rates in the open; its just bad business practice in my opinion and bad advertising. Be honest; you got nothing to loose. Now i am just posting what you said to me when i was on the phone; whether i have an edge or not is my business. At a prop firm the only thing i am looking for is leverage (and thats the only reason left for anyone to go prop) - for that i pay you comissions and you have your risk controls in place (as long as my losses are within my capital contribution limits; you should be fine); this is all for intraday. Heck.. for 1:5 you must be crazy to think someone is going to park money in your pool instead of going to a margin account at IB or someone; its insured. Dont you think its a joke.. you just spoil your image when you talk stuff like that. Not trying to ruffle your feathers or anything but.. just be more open and honest. -gariki
Mav, i will tell you why they think as such. Because Don is out there on every single ET thread where folks are looking for prop firms putting out an ad for his firm competing against all the rest of the firms providing 25, 30 to 1 leverage. Not just bad shops; i know for sure atleast a couple of good broker dealer registered firms offering this leverage. I've got no problem if they say for pairs trades for which they think their risk is less they provide 30:1 nominal leverage; but for directional even intraday they provide 5:1 then.. hey guess what; a lot of time would be saved for both of you (like you said) and for folks looking for a prop firm that suits them better. -gariki
the reality is most prop firms do offer traders 30-50 -1 plus buying power for daytrading only. common for most firms to offer that to it's traders bright does require more capital them most prop firms so it comes down to how they manage risk for traders. how restrictive or flex are they ? most firms will let you daytrade what stocks you choose as long as your not a cowboy & risk putting the acccount into a negative The key question with bright does a trader have freedom for directional trading intra-day only As long as they can stick to a max stop loss for the day in managing risk ?
For answers to every one of your questions you dont need to read past the last few posts on this thread ps: i guess you already know that. eh.. good one.
You may be right . we shall see what the scoop is ? I always thought that intra-day bp with bright was flexibile to let someone directional trade as they choose with managing risk accordingly but not sure if that is the case maybe they want all their traders hedged even intra-day ? Let's see what feedback we get in how it works with them for day trading only ?
Our contract say "5,000 shares of any single stock, and 10,000 shares cumulative" - as a guideline initially. And, it also says "new traders should start small and add shares after they feel comfortable" (paraphrased, don't have a copy here at home). Even on the openings, some guys may have 10 or 15 times equity in positions when we gap up, directional. My best risk control is when I ask "Do you like your money?" - well, we like our money too, let's not do anything to lose any of it, LOL. I want to thank you guys for the PM's, I really do prefer to discuss details that way. If I say too much, I'm "plugging for Bright" - if I leave something out, I'm hiding something. I honestly think that I have been the most transparent of any group here on ET. And, I rarely see anyone else post anything. Thanks to Rob Morse, of course, and to "Bone" for their contributions, but even my pals at other Firms don't seem to show up. I like our community here on ET, and understand that 90% of the people I speak with from here, never post, which is understandable.... and I thank them for the calls. All the best, "go Giants" LOL. Don
Don, you would let a new guy with 20k in his account take a directional trade in AAPL of 5k shares? I find that hard to believe. If I was drunk from a night out in Vegas I would not let a guy do that with even your brothers money. What gives?
I never understood why people go to a prop. Why not just use forex or futures to get the leverage they seek? What justifies trading stocks intraday and paying a prop shop a % of gains over trading futures or forex and keeping 100% of what one makes? Is it supposedly easier to make money in stocks or something I'm not aware of? Honestly curious about it. Is the main incentive to join a prop supposed to be the training, ongoing support, good execution, platform, data ect?
We ask that new people not trade stocks over $100 for a while, as I said, and you know very well, we need to keep risk controls. We rarely have "cowboys" - we are blessed to have a pretty good, serious group. Maybe it's the slightly higher deposit, maybe it's the training and interview process, maybe we're just lucky. I have $60 bet on the Giants, so I can't wait for tomorrow afternoon, LOL. What are you doing home on Saturday night, big stud like you Mav? You gotta come to Vegas, I'll ask my nephew to show you around (I'm too old, LOL)..... but I will take you to dinner my friend. Don