Bright Slashes Rates for 2010.

[yobo]

This sounds better and more clear than how you originally described it. But if Bob is willing to risk 10k on a trader, why do you even require an initial account?

Why not just recruit traders and let them open accounts with a 50/50 split without an initial deposit and be more rigid on share size, total amount committed and the recruitment process?

Then you would be more like a First New York Securities type of company.

Seems like you may be moving in this direction?

Curious on your thoughts about that?

 

[Don Bright]

Quote from yobo:

This sounds better and more clear than how you originally described it. But if Bob is willing to risk 10k on a trader, why do you even require an initial account?

Why not just recruit traders and let them open accounts with a 50/50 split without an initial deposit and be more rigid on share size, total amount committed and the recruitment process?

Then you would be more like a First New York Securities type of company.

Seems like you may be moving in this direction?

Curious on your thoughts about that?

The point of the venture is help serious traders who have accounts set up with us get past a rough time, or to help them with discipline etc. Many will likely stay in JVC for a long time, some may opt out after a while. They "should" make much more money in their normal trading accounts, without having to split profits.

Something to run in the background, while they're doing their normal trading.

Meant more for, again, the serious traders who are willing to keep a normal trading account going and hopefully the extra income will help them through any rough times. Most of our traders would never give up their nomral trading account with 100% payout for this, but many are jumping at the chance to augment their incomes.

I'll keep you all posted.

Don

 

[shortie]

Q about the second account:

i deposit 25K and get 30x leverage for fully hedged positions in my main account. in parallel i open a subaccount where a robot will be making money for me after i have done some homework each day by selecting pairs to trade. what is BP in the subaccount? does it affect BP in the main account?

 

[Dustin]

Quote from shortie:

where a robot will be making money for me after i have done some homework each day

...and here in lies the rub. What is it that they say about assumptions and free lunches?

 

[Don Bright]

Quote from shortie:

Q about the second account:

i deposit 25K and get 30x leverage for fully hedged positions in my main account. in parallel i open a subaccount where a robot will be making money for me after i have done some homework each day by selecting pairs to trade. what is BP in the subaccount? does it affect BP in the main account?

The buying power of the second account is not affected by the buying power in the main account, and vice-versa.

Don

 

[Don Bright]

Quote from Dustin:

...and here in lies the rub. What is it that they say about assumptions and free lunches?

No "free lunches" Dustin...you and I know better...- we've based the program on a viable model that has actual results..."But" ... we are giving each trader discretion, which can be a blessing or a curse, LOL. We've had good results so far, and hope to continue.


Don

 

[Mikegoldmann]

Don do you charge for training.

Several firms look really good up front, but when I have looked at the details many are charging $1,000 to $5,000 in up front training fees.

It just kinda rubs me the wrong way to have to pay them in advance for the privilege of giving them commissions.

Have a good New Year.

Mike

 

[Shreddog]

Quote from Don Bright:

GGSAE is pretty much right. I can say that 2009 was not a good year overall. Our top guys made less, our medium guys made less, and yes, our newbies had a tough time.

Our top traders seem to always make money, sometimes more, last year less.

I wasn't kidding when I brought up sub-pennies, flash orders etc., as being part of the problem. I normally take the opinion that traders should take full responsibilty for their trading... but this last year has brought up unforseen hurdles.

Don

Considering the rosy picture you normally paint Don, Bright must really be hurting for you to say this. Sorry to hear Don. Hope you guys get back on track soon. All the best!

 

[GGSAE]

Quote from Shreddog:

Considering the rosy picture you normally paint Don, Bright must really be hurting for you to say this. Sorry to hear Don. Hope you guys get back on track soon. All the best!

I don't think that Bright is hurting there's still 400 or so traders and the profitable ones are still doing well - just not as well as they did in the past Check out Dustin's thread about how difficult trading has been this year and you see the picture. This is more of an example of Bright giving back a little more to really help out a lot of breakeven/struggling traders.

The JVC is really a communal way of helping everyone, i'm a profitable trader (with decent volume) but jumped at the chance of getting in because i've been looking at automated trading for some time. I've also helped out a number of guys with some of the pair programs we use; when you start to become friends with people you sit beside or chat with you try to help them out anyway you can.

 

[shortie]

Quote from Don Bright:

The buying power of the second account is not affected by the buying power in the main account, and vice-versa.

Don

but what determines BP of the subaccount? is it comparable to BP in the main account? i imagine it may be affected by the level of experience of a trader among other things.

i am trying to understand how much a subaccount may contribute in terms of the supplemental income to a trader. for example if the subaccount only gets tiny BP than it is more about having fun playing with the robot than about risk-free income.