I can not believe that Don's statement: "by my records over 90% are very glad they took the training." Most are lossing time & money. They probably would be better off with IB's trading by themselves.
OK, my original post got deleted (rightfully so), so I thought I would respond with something more general. I don't edit my thoughts thats why they come out the way they do, whether it looks like I'm shilling or not. Here are my thoughts. I will use a firm that is no longer around so it doesn't conflict with ET's advertising policies. Worldco Trading in my opinion had the best model for training traders. What they did is two fold. They held weekly sessions after the close (usually on Wednesdays) with a top trader who would speak about how he trades and how he became profitable. Then we would take a very profitable trader and put 15 to 20 newbies around them. THe profitable trader was the mentor and he would work with each of the traders one on one. They would trade the same stocks together, talk after the close and before the open, go over their bad trades and offer whatever guidance they could. I believe this model to be very successful. They didn't charge traders for this because it was in their best interest to make sure the traders succeeded as they stood to make a lot of money on the commission over rides. The problem with the mass training approach is that it's impersonal. Trading is a very intimate endeavor. It's more art then science. You can't fit everyone into a round hole when they are a square peg. I'm not saying what Don offers is not effective. I'm simply saying what I believe works and what I have seen work personally. Nothing beats one one one training. It's how Goldman does it, it's how Susquehanna does it, it's how Steve Cohen does it. Again, I'm not saying Don is wrong to offer the big group trading. Maybe he finds it effective. All I know is what works and Worldco was very effective in creating some of the best traders I have ever met in my life.
The model was done everywhere around, not only Worldco. Group trading was around too, it's been a while so I apologize if I'm wrong... but Schonfeld inclined to the group model where there were quants in the back, forwarding potential trades to traders in the firm. Of course, there were mentoring done in Schony... ET's Rearden Metal is one of them... and he IS one of the top discretionary traders on the planet. ... I personally view that both are equally important. Well... being in prop. firms, I can say that it's impossible to reach every newbie trader. I have my own trades to do and having a bunch of kids asking the same question every 10 min. becomes a bit annoying. There's always the quick learners and a deep thinkers... there's kids who you like and dislike... I'm only human and I don't trade to become a Saint. Anyways, there's always gonna be kids who will be left out. They might be extremely anti-social or just freaky. Still, they may have tremendous "talent" or "drive". Whatever kind of kid that maybe, a group type training does help and has value. Everyone thinks and leads different paths, as I've met great traders who's never been mentored. (Relatively rare and they do exist...)
I have a question for Mr Bright if I may. Mr Bright, How profitable each year are you trading? Do you show those who signed up for your course or classes your Federal Income Tax return to show them how you personally did trading yourself? Thank you.
More importantly, what percentage of traders who trade at the Vegas office gain 30 pounds or more the first year of trading, from eating all the junk food in the kitchen?
None. The LV office charges money for the limited junk food from a vending machine. However, the PairCo office in Canada is awesome. They have drinks/sodas, chips, snacks and etc available free for all its traders.
Good thing they got rid of all the free junk. I remember one trader saying he got to over 300 lbs after working at the LV office.
I think lescor's reply to you is exactly correct. You have to really want this, it simply has to be in your blood. Then, you find a way--and in my experience it takes years--to become consistently profitable. Then, the money does roll in, and it is just as easy to make a thousand as ten thousand (scale size) when the opportunity is there. My journey to profitability took roughly five years. Now, I don't see many posters saying this, and some even say like six months and if you haven't made it then quit... Well, I wasn't finished loosing money the first six months. That took like 18 months. Then, I buzzed around even for a long time more, up big, down big, never reliable money. Books, holy grail indicators, etc. but everything lags price and nothing works consistently. But, during this time you learn the nature of the markets, and when to know to look elsewhere and where to look. Then, one day, finally, you get it. At that point, all the hard work and money you missed begin to be repaid, and you start making what most consider a lot of money. But to get here, it cannot be about the money, it has to be about the trading. This is just my experience. Profitably trading full time now 7 straight years (since 1999) this past October. Best of luck to you.
'Mr Bright, How profitable each year are you trading? Do you show those who signed up for your course or classes your Federal Income Tax return to show them how you personally did trading yourself?' His business might be harsh and even deceptive on naive/new traders but Don Bright on his own is one very successful trader. Once I read an interview where he was being congratulated for making $15M for the year.