.35 per thousand shares sounds like a really, really cheap commission rate. Are you sure about that rate? Its not $3.50 per thousand shares? Are they expecting you to trade a certain number of shares each month in order to maintian that commission rate? A $200 desk fee is well worth a commission rate that extremely low. Lol!! Also giving you $100,000 in intraday buying power off of a $2000 deposit sounds pretty high. Usually firms are offering something like 20 to 1 nowadays, especially for new unproven traders. 50 to 1 is like FOREX levels. What kind of profit split are they offering you. Do they want you to trade from their office exclusively, or can you do remote trading as well? They have a WTS office here in Michigan and to be honest I never paid them much attention, but if they are charging commissions that low...then I know somepeople who might be interested in giving it a try.
I was in their LV office some weeks ago visiting Don to play some poker and the lot was pretty full. Seems pretty moronic to judge the value of a firm on the available parking. I parked the rental next to an Alpina, so someone is spending. I had a sit for a day in the office. One guy was at >$200k and the other at just over $100k on the day. The office was busy. AFAIK, there are new state regs governing home and office trading and additional fees involved. I overheard a conversation in the office, but it didn't interest me as I don't trade prop. My apologies to Don if I am talking out of school, but this is patently BS. Routine six figure days in low-vola looks ok to me. With Bright you clear GS with a ton of leverage. If I were trading delta1 prop I can't imagine anywhere better or where your money is more secure. The training fees are couch money. What decision support is lacking, specifically? I'd like to know as well, as neither of us trade there. Just curious.
WTS is a "real" company. However, the reality is you are likely to lose all your initial money. That's just a fact of life, it's not a WTS thing, it's a "I wanna be a trader" thing. If that loss causes a pinch in lifestyle, it might be prudent to think this path through, thoroughly.
Hello Don, Yep, gotta love the wild west of the net. I've seen those ads there for traders, and yes, it's scary. I was interested in a car on Craigslist, sent an email, and found out later why th car was so cheap. I got spammed... There are a few cops here that browse Craigslist making constant arrests for stolen property. Seems people these days are using that site to either trick you out of your email address, fence stolen property, and whatever other weirdness. It is a crock, no question!
100-200k a day? Is that all? What the hell was he doing!? I would damn sure be finding out if I was sitting there all day! Seriously if Brights guys are rolling like that I'd like to get out to Vegas soon..
Sure, I buy all that. Everyone/anyone at Bright averages 100k a day and they don't have a reputation for high fees and a huge bust out rate. I would love to know what percentage of his traders make over 1m per month as such a win rate implies. Plus I would say in a business like a prop shop that an empty parking lot is a pretty good indication of wanning prosperity. More interesting statistics would be about the percentages of success and bust out. One thing we will never see out of an operation like Bright Trading, oh, they changed the name to something else is exact stats on the number of people signing up vs the number of people that busted out. My bet is that the percentage isn't much different at such bust out shops as it is in the maket in general and we all know what that stat is. Other than the increased buying power, can anyone point out any edge that this shop offers. I have interviewed there twice and neither time could Don convince me of any edge at all. Last time I checked they required a 25k deposit, a series 7 exam, charged about 2k for training, plus monthly fees and a commission rate that was about the same as what some retail outlets charged for the same volume, plus additional fees for a very feature lite platform if you wanted to trade remotely. Would anyone care to post what all of that is today. I hear you that Don offers a poker game and there was a nice car in the lot and that you don't trade prop. Maybe you could define the edge offered and tell us why you don't take advantage of it. The last technology I saw advertised by Don was some, in my opinion, ptitful 3rd party calculation of fair value to indicate buy and sell programs in an even more, in my opinion, pitiful webinar they put on a few weeks ago in an effort pump up their shop. A couple of direct questions to Bright Trading or whatever they are calling it today - Could you please list all of the charges and commissions charged, the percentage of all sign-ups over the last 5 years that are still trading with you and the number of complaints, claims and or lawsuits filed against either the company or indivduals at the company by which ever name over the last 5 years.
You dropped the anecdote about the parking lot. Everyone/anyone? Very cogent response. So I said everyone was making $200k? Obviously that was the top earner on the day. I know that Bright has at least a few guys making $5-10MM a year. Edge offered? Right. They should put that on the website. If you want a babysitter I can suggest some au pairs in Nevada. I am still waiting to hear about the lack of "decision support"? You clear GS which means REDI is your front end. You have a problem with REDI? I haven't used it daily since 2004 but I haven't heard any complaints. You sound like a shill for some bucket shop. Talking trash with nothing to back it up. I already stated I don't trade prop and was there to hang with Don, not to interview prop shops. I don't trade delta1, so prop is of no interest. I don't need gearing in listed volatility or OTC exotics. Bright has hundreds of traders and has very low attrition. No, I don't have specific numbers, but if you can prove I am wrong with some specificity, then get to it.
Bust out % doesn't tell you much. Its always going to be very high. 95% fail because 95% of the information out there about how to do this - is lies. I have absolutely no reason to shill but Bright seems like honest guys. He was on here promoting 10 years ago still here and you don't stay in business if you're dicking over your customers constantly.. They probably have a few guys that kill it year after year. Some get by and most fail. Only issue I have - their vig too high.. Anyway I don't want to get into a debate about Bright. My question, what was the $200k day guy doing? I'd pay 1000 to sit behind this guy for an hour or two.
Not wanting to get into a pissing match here, but our rates are competitive with the main firms (Generic, Echo, both friends of mine). We're not a Canadian Firm, and we're not a rebate trading firm (but our people get full flow through rebates). GS offers their GSAT automated trading system, and supports our traders who prefer to write to their API. FIX too for some of our guys. We do offer some of the best support systems in the business. From daily chats, to weekly or biweekly classes, and even full mentoring programs, online of course. Some make $millions, some don't make it all. We offer those who are serious an excellent chance, with an established firm, no fear of your capital from regulatory shutdown or anything. All the best everyone, Don
I thought the idea was that Don would teach you how to do that - if not what are all those payments and that high juice supposed to buy? Jack