OK, well. We do have some pretty strict regulations about parking licenses. We do, as a favor our people, allow them to go on Leave of Absence for a few months to help. Since we have to keep their account and name "live" and pay some fees, it costs $100. I am extremely sorry if I offended anyone. My only point about programmer types, is that some, not all by any means, have in the past, taken a year or two developing automated systems, back=testing etc. I get concerned because by the time these guys (I have 2 specific people in Colorado that I am referring to) got their programs done, they had missed 2 of the best trading years ever, and the program was no longer effective. Now, that being said, the Programmer types who catch on to trading have become our very best, and our top earners. And, come on Mav, I've never yelled at you, have I? Well, maybe just once now that I think about it, LOL. All the best, Don
Don't they say that about day traders too , go get a real job Lol. All that matters is the cash , only thing you can spend
Other than the relatively minor fees, what are the pertinent regs that make parking a license an issue -- or is it really pretty much a matter of the firm's (obvious) preference for more volume?
As far as technology goes my impression about Don, his shop and ALL of what they offer is the same as yours. Don once told me in no uncertain terms that there is no software that can help anybody either trade or learn to trade. That, the cavalier attitude, the high failure rate, high fees and juice all explain the decline at Don's shop and also might give a clue as to why he changed the name of his business/building. The retail prop industry is in dramatic decline and has been for some time. In my opinion Don and his shop are perfect examples of why. I think it is a good thing when changes in an industry cause it to shake out the bottom feeders. My opinion is that if Don offered even an even money chance at success we wouldn't see the vague references to his "deal" on here because he would have way more business than he could handle and there would be legions of successful traders bragging about all the $$ they earned trading w/Don. Those without the experience of actually trading w/Don, myself included, don't really know the true nature of the deal. There are (again my opinion), however, many indications that it is nothing more than an elaborate process that milks those too naive to see it for what I and others think it is - no technology edge, no edge from training, high fees, high failure rate. A straight forward statement of ALL fees and terms, a statement of success, failure and longevity of all those who signed up over the last 3 years and some idea of why/how/what edge anybody at Don's shop might get for all that time and all those fees would go a long way towards changing the image held by some about shops like Don's. I wouldn't, however, hold my breath until such complete disclosures are forthcoming. The last time I was in Don's shop it looked dirtry and old. The technology was miles from state of the art and the trading room I was in only had a few in it and they were all guiet, not trading and looking lost. Jack
I've said this before and I'll say it again, the issue facing Bright Trading is the industry they are in. The equity market is not the future, it's the past. They are holding onto a dying model. Don't get me wrong. I'm not saying there is not money to be made in equities, just not for the prop firm owner, which would be the Brights. I'm going to post a speech made by Danny Devito in the great film "Other People's Money". Danny gives a speech at a stock holder meeting talking about the perils of investing in a dying business. It's a fantastic speech and it's very applicable to Bright Trading. The late Gregory Peck plays Don Bright. I'll post the longer version as well which includes his speech which was also good. But Devito's speech hits the nail on the head. Replace the words wire and cable with equity trading and his speech will really resonate. <iframe width="420" height="315" src="http://www.youtube.com/embed/MfL7STmWZ1c" frameborder="0" allowfullscreen></iframe>
Here's Gregory Peck's speech which he gave first. This is Don Bright. Sorry Don. <iframe width="420" height="315" src="http://www.youtube.com/embed/xJRhrow3Jws" frameborder="0" allowfullscreen></iframe>
HI JackDog11 What is the new name of don's shop ? Never heard don talk about any changes , please clarify ? From your previous post .. Don once told me in no uncertain terms that there is no software that can help anybody either trade or learn to trade. That, the cavalier attitude, the high failure rate, high fees and juice all explain the decline at Don's shop and also might give a clue as to why he changed the name of his business/building. The retail prop industry is in dramatic decline and has been for some time. In my opinion Don and his shop are perfect examples of why.
One thought is that if during the retail prop shop halcyon days Don had spent one small fraction of what they were earning on acquiring real trading expertise, even the slightest technical understanding and a view to the future and how to best enable their sheep to be able to deal with it then today would be a lot different for both them and all the bankrolls they have helped kill. From several conversations with Don my opinion is that he has never and will never be able to embrace change in an ever changing industy. From what I could tell from his cavalier attitude I don't believe he gives a damn now or ever has about all the newbies that have gotten wasted coming through his shop. From where I sit - I see no edge at all in trading with Don and to me he has never been able to articulate any. I translate Don's pitch as "come trade with us - we will charge you fees for technologies you can get better and cheaper elsewhere, will charge commish and fees that can be beaten elsewhere, offer trading that has produced a very, very high failure rate and training about market dynamics that are no longer valid plus greater leverage so Don can earn more juice even though this leverage flies in the face of theories about "gambler's ruin." While I personally don't care for Don's crude, gruff and vacant presentation - I am professionally offended by what I interpret as a complete lack of technical currency and even more by what I see as a complete lack of care or concern or change as regards all the sheep that have been skinned. Jack
Can someone clarify this. I hear that Bright guys are still trading pairs on non-automated systems. Is this accurate? If it is, why is anyone trading there? I know people are blaming firms for not changing their stripes, but it is very easy for traders to move to better situations if their year lock ups are over. I have had to use 5 different prop firms in my 15 year trading career. Very easy to move if you find a shop that fits your needs. Most firms won't adapt unless the traders start leaving en masse. By then it is usually too late. Moving firms costs time and some money, but usually worth it imo.