I've been a member on this board for nearly 5years and I don't think I've ever bashed any person or any firm. However, I feel like I need to express my opinion. I know Bright Trading has a lot of supporters but I have not received any sort of reasonable professionalism from this firm. A few months ago I e-mailed Don about the status of an office near me. Weeks went by and it wasn't until I mentioned it on this board that he finally responded that the office was indeed closed. Trying to be understanding that Don is busy at times and e-mails can slip by, I sent an e-mail to one of their remote managers with some general questions over a week ago. To date I have not received a response. So personally, I would never put any $ with BT. I can't expect a firm that cannot offer simple e-mail responses to prospective traders to give proper service to an actual trader.
Sorry to hear that...I was in Anaheim last week and answered a zillion emails from my hotel room....because of regulatory requirements, I have to keep a single "complete" file of all responses - to and from every member of management (this causes some concerns when traveling). All remote inquiries come to our main server (again for regulatory purposes)....so if I missed a couple I sincerely apologize....it is certainly not in our best interest to "dis" anyone....quite the contrary. All PM's here are up to date as well...and I replied to 76 inquiries today...including 32 "questionnaires" and I try to respond personally rather than be in an "Ivory Tower" ...... No excuses, the %$#@ stops here...and I thank you for your comment Don
From what I hear, both Echo and Bright offer remote trading. Trading with $5,000, though, is too small amount, especially when you consider platform costs. Granted, those platform costs are rebated with volume but with only $5,000 you're not approaching trading seriously.
The problem with very low volume traders is that the firm still has fixed overhead to turn you 'live'. Software licensing fees, exchange fees, etc. Some people bitch about a software fee or seat fee, but if you trade a couple dozen times a month you really don't have much of a case for complaining. The fee is needed so the firm won't lose money on you. No one is in this business to provide charity. Not to say you will be turned away if you only trade a thousand shares a day, just don't expect cheap rates and no expenses. There might be firms accepting people with only $5,000, but I agree, it's way too little unless you are a hobbyist.
Well if they're going to leverage you up to 10x, wouldn't it be fine for 5-10k... and have the rest of your money elsewhere..?
I have 6 spots available for our "beta" test...non-licensed (perhaps S7 later on)...$10K 10x capital use. PM me please. Don
Come on, Don. I've been reading your posts on here and this is what I think is your strategy (and Bright Trading generally).... #1: Most traders lose money. #2: Most traders think that trading is both easy and big money. #3: Most traders lose thier money because they get into big size before having a solid, non-random, consistent strategy. So, Don & Co. pitch thier firm to address #1 by saying that if you put up more money, you'll last longer. They also satisfy #2 by giving you too much BP initially. Which leads to the logical consequence of #3 - the only factor that a trading firm cannot control - the trader's decision to make bad trades. So, when Don Bright comes on here and says you need 25k to even consider trading, run, don't walk away. You are going to lose that 25k using Bright's 1 million in BP at the same rate that you would putting up 5k and trading 100 share lots. The only difference is that Bright Trading pretends to overcome #1 by requiring more money and #2 by providing you with the illusion of riches via too much BP. Oh and, getting you into bigger size means more money for them, of course. You'd be better served putting up 5k at any arcade and learning how to read the tape. Use another 10k to support yourself while you learn. And then put up another 5k for real if you think you've learned enough to overcome the real hurdle, #3.
I'm curious, why do people join prop firms if they have to put up their own money? Do they get special training or extra services that make it worthwhile? I use Cybertrader to day trade stocks and what would the benefit be for me to join a prop firm? The platform is free for me since I meet the minimum share requirements/month. I thought the benefit would be that you use someone else's money to trade but this doesn't seem to be the case. Sorry, this maybe a stupid question but I really do not know. Thanks.