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My understanding was that he lost ~8M+, versus his capital account equity of ~2.2M. Those are the only numbers I've seen (from the poker site), but I haven't seen them disputed or contradicted. Any way you look at it, it's a lot of money. It would seem to be very poor money/risk...

I've got a general prop question that I'm hoping someone can enlighten me with an answer for. If a trader deposits $50k at a prop firm (let's assume Bright, but could be anyone), and somehow manages to get caught in a bad situation and lose $200k, for example, does the prop firm have any...

Since the question was regarding rebate fees (getting them via Laser, and not getting them via API), I would assume that for the orders in question, no fills were immediately available for the orders (on ECN's or otherwise), and the orders were posted passively to a limit book prior to execution...

My best guess is that when using Laser, the EDGX order is using a different routing option than is being used with the API. For example, an EDGX order with the routing option of "RDOT" will be posted to the NYSE book if not immediately marketable (and receive no rebate). Other routing options...

I think it would be helpful for beginning traders to first learn to profitably play Limit Texas Holdem. Bluffing becomes too much of a factor in No Limit Holdem, but for Limit Holdem, it is very good experience for trading, IMO.

http://biz.yahoo.com/ap/080730/sec_short_selling.html?.v=4 SEC extends restrictions on short-selling Wednesday July 30, 4:05 am ET By Richard Jacobsen, Associated Press Writer SEC extends restrictions on short selling of Fannie, Freddie, others through Aug. 12 Federal regulators on...

http://www.forbes.com/2008/07/29/sec-short-order-biz-wall-cx_lm_0729bizsec.html?partner=yahootix SEC Extends Naked Short-Sale Ban Liz Moyer, 07.29.08, 10:51 PM ET Short-sellers who have their guns trained on Wall Street firms will have limited ability to fire for another 10 days. As...

http://www.sec.gov/news/press/2008/2008-155.htm SEC Extends Order Limiting Naked Short Selling Through August 12 FOR IMMEDIATE RELEASE 2008-155 Washington, D.C., July 29, 2008 — The Securities and Exchange Commission today extended an order issued July 15 to enhance investor...

I disagree. Your conclusion assumes that the SEC restrictions only affect those guilty of naked shorting. If this was true, I would be supportive of the new restriction and the evidence of it's success would be a drastic reduction in the Fail To Deliver (FTD's) for shorted stocks. Instead...

You might want to recheck your math on that one. I think you must have remembered the example incorrectly. The latter will give you $4.65 in your example.

No need to start a new IndyMac thread every time you want to make a post. This is the third IndyMac thread you've created this month, and the second today. Please lighten up, unless you are trying to get to the top of the Most Ignored list.

Look below the bottom of the last post in any thread. You will see a pulldown menu where you have the opportunity to 'rate' the thread you are reading. The star rating system is merely the average rating of all those who chose to rate that thread.

Nothing odd about it. Most of those familiar with the situation recognize that Tuco was closed down and put into the hands of a receiver in order to 'protect client assets', etc. Instead, what has been found is that there was no fraud of any kind at the firm, that all funds and trader...

timcar, Excellent post. I agree with everything you have said, and think it's a very good, unbiased summary (and good place to end this thread, IMO). Well done. -Eric

I trade remote. Your math is wrong on the volume.

GGSAE, I'm assuming your post was not intended as reply to mine (as it doesn't seem to address anything in my post). Just to clarify though, I don't have any doubts that there are some very good and succesful traders that trade at Bright; I know one of them, myself. DHOHHI, <b>IF</b> the...

C'mon, Don. You know that you don't have the volume nor the track record to support that, even including the boot campers. If you are looking for a better place with lower rates, however, you might want to call other firms discretely, to reduce the impact on your brokerage business. :D...

I see your point. I suspect that he was probably probing at how many of the clients maintain open accounts, but trade extremely infrequently. For example, if I'm not mistaken, Chris Jesus Ferguson is a Bright Trading client, but if my memory is correct, Don has mentioned that he has traded...

I think it's wonderful that you feel honest and 'call it like you see it'. You are correct, there are a number of snakes and snakeoil salesmen in this business, and I've seen a few firsthand, myself, as well. Now, let's get to the point at hand. The discussion has revolved around to talking...

I suspect that high fees is one of the greatest contributing causes for a trader to blow out. If someone is swing trading (i.e. holding positions for days or even weeks), then the trader might be targeting average gains of $0.10 to $0.50+ per share and the effect of commissions/fees are...