Bright Trade

Stereo brings up a very interesting point which has rarely been brought up -the role mkt structure played in a trader's success..or failure. Serendipity might be the word for it. PnL's of traders sometimes go parabolic when they were in the right place at the right time. The great ones triple up when they sensed the once in a lifetime opportunity. The "dumb money" in the 70-80's options pits, the loopholes in SOES, the RAES bandits late 90's,bullets, the SPY, EMini Arb, etc. Even the biggest SP local Borselino in his book needed serendiptiy/luck. He was weeks if not days away from quitting when he had a 50k outtrade whcih went in his favor and ..the rest is history. NOw mkt strukctures are arbed far quicker and require tons of computing power to discover.


Just goes to show you how fragile this career (if you can call it that) can be.

I batted .500 on that serendipitous journey. I was in the sugar options (right place) but was there 8 yrs too early.Damn it!!!!
 
You don't need to "extract knowledge" from me, and I certainly don't consider anyone here an "opponent".
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I disagree...

If you don't know who the sucker is at the table, it's you.

When Bob pulled me aside and said, "have you traded before? you seem like you would have the aptitude for it" -- that's when I knew. If a guy w/ 250 mil. and a trading firm says that but doesn't offer backing, hmmmmm...


BTW: I congratulate you and your family on the extreme success. Stay away from the pink ties...(ya know, Trump)
 
I dont understand all the attacks toward Bright Trade

The only complaint i have ever read about them are thier fees.

Does everyone buy the cheapest food ? shop at Walmart for thier clothes ? drive the cheapest car ?

They seem to be upfront about thier buisness and fees, and I have never read any complaints about anyone being ripped off by them

For 1,000 they teach you the basics of proven trading stratagies,and thier trading office gaurantees traders that thier money wont be stolen from them.

How much does crooks like Larry Wialliams,Optionnetics,Bryce Gilmore,etc charge for thier guru services and seminars that everyone here has read a million compliants about ? What about the complaints about prop shops that shut down and took thier customers money ?

If they are honest and upfront about what they offer, that is all one could hope for in a buisness transaction.
 
Quote from series 7:

I dont understand all the attacks toward Bright Trade

The only complaint i have ever read about them are thier fees.

Does everyone buy the cheapest food ? shop at Walmart for thier clothes ? drive the cheapest car ?

They seem to be upfront about thier buisness and fees, and I have never read any complaints about anyone being ripped off by them

For 1,000 they teach you the basics of proven trading stratagies,and thier trading office gaurantees traders that thier money wont be stolen from them.

How much does crooks like Larry Wialliams,Optionnetics,Bryce Gilmore,etc charge for thier guru services and seminars that everyone here has read a million compliants about ? What about the complaints about prop shops that shut down and took thier customers money ?

If they are honest and upfront about what they offer, that is all one could hope for in a buisness transaction.
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"only problem is fees": man this is what is all about in tradin' prop, that's where u edge resides. and what an absurd comparison talkin' about food, mkt is the food and is the same for everyone, so u overpay for what? spreadsheets and perceived security?
what's the point: if u put down $5k u get $500k of BP at most prop firms so that 5000 dollars is all u risk if u sweep your monthly gains regularly and in just 1 month u should be able to make enough to cover the initial deposit..so practically u are risk free almost off the gate...there's just no argument here to pay those atrocious commish. also all the plenty of reputable prop firms out there teach u viable strategies better designed to make money than freakin' pairtradin' and they are not much more more likely to go belly up than bright..it is just question of choosin' wise.
 
Quote from stereo70:

When Bob pulled me aside and said, "have you traded before? you seem like you would have the aptitude for it" -- that's when I knew. If a guy w/ 250 mil. and a trading firm says that but doesn't offer backing, hmmmmm...
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This is the most insightful comment on all of ET, regardless of whether it's applied to BT. It's VERY telling about the structure and nature of the prop industry and the fact that unless you go into it with your eyes wide open, you're toast.
 
Quote from Bitstream:

"only problem is fees": man this is what is all about in tradin' prop, that's where u edge resides. and what an absurd comparison talkin' about food, mkt is the food and is the same for everyone, so u overpay for what? spreadsheets and perceived security?
what's the point: if u put down $5k u get $500k of BP at most prop firms so that 5000 dollars is all u risk if u sweep your monthly gains regularly and in just 1 month u should be able to make enough to cover the initial deposit..so practically u are risk free almost off the gate...there's just no argument here to pay those atrocious commish. also all the plenty of reputable prop firms out there teach u viable strategies better designed to make money than freakin' pairtradin' and they are not much more more likely to go belly up than bright..it is just question of choosin' wise.
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If this is told to you in the beginning,whats the problem ?you can take it or leave it

If anyones trading ability cant profit with thier fees,dont go there

For some,Brights training and the comfort of knowing thier money is safe ,makes Bright Trade worth it to them .

Even if thier marketing is aggressive,if they're honest about what they have to offer i still see no problem
 
Quote from series 7:

If this is told to you in the beginning,whats the problem ?you can take it or leave it

If anyones trading ability cant profit with thier fees,dont go there

For some,Brights training and the comfort of knowing thier money is safe ,makes Bright Trade worth it to them .

Even if thier marketing is aggressive,if they're honest about what they have to offer i still see no problem
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it is not a question of not being able to profit with those fees, is the huge amount of money u have to give back to the house for no enough of a good reason. and again, if u go elsewhere fees are less than 1/4 of bright's and your first month of profits should be enough to cover your deposit risk and all the cash u'll keep savin' on fees later on will well cover an eventual blow up and surely a month of profits, R0R§...u just sweep your gains regularly and u wont risk a dime past the initial deposit. so, again, i just dont see the point.
 
Quote from Don Bright:

I really don't quite understand your point here .... do you not think that the trading business should be open to all who want to go through training and licensing?

And, yes...breathing is a requirement...and as a public entity, we cannot discriminate....
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The ability to take money out of the market on a consistent basis as a prop trader is one of, if not THE most, challenging endeavors anyone can do. And I'm not talking about making $50 per day but enough to live very comfortably off of. The odds are stacked very high against new traders. There is a great deal of discipline, controlled aggressiveness and mental toughness that characterizes good traders. Very few people really have all of these attributes. Prop trading has humbled academics and laypeople alike.

There is a 95% drop out rate within the first three years. Prop traders are competing with the best and brightest people in the industry who are experts in their field. They will eat them for breakfast if they're not prepared.

To say that breathing is a requirement or an "interest in the market" is enough to become a Bright Trader downplays and insults the profession. You should have a moral obligation to be a little more stringent about who should become a trader. A little old grandmother who is completely computer illiterate, timid and slow to learn should be discouraged from coughing up a $20K performance deposit at Bright. Of course, you will welcome her with open arms with the altruistic notion that trading is for everyone and your firm can not discriminate. Utter bullshit. Who are you, Ellis Island? Send us your sick and weary? Are you the Mother Theresa of daytraders?

Maybe if your firm was more selective, it would lower the attrition rate and save many people from learning a very expensive lession: that daytrading is not for them. But of course, this would conflict with your purpose to accept everyone in as long as they are breathing and more importantly, can pay the "performance deposit."
 
Quote from goldenarm:

The ability to take money out of the market on a consistent basis as a prop trader is one of, if not THE most, challenging endeavors anyone can do. And I'm not talking about making $50 per day but enough to live very comfortably off of. The odds are stacked very high against new traders. There is a great deal of discipline, controlled aggressiveness and mental toughness that characterizes good traders. Very few people really have all of these attributes. Prop trading has humbled academics and laypeople alike.

There is a 95% drop out rate within the first three years. Prop traders are competing with the best and brightest people in the industry who are experts in their field. They will eat them for breakfast if they're not prepared.

To say that breathing is a requirement or an "interest in the market" is enough to become a Bright Trader downplays and insults the profession. You should have a moral obligation to be a little more stringent about who should become a trader. A little old grandmother who is completely computer illiterate, timid and slow to learn should be discouraged from coughing up a $20K performance deposit at Bright. Of course, you will welcome her with open arms with the altruistic notion that trading is for everyone and your firm can not discriminate. Utter bullshit. Who are you, Ellis Island? Send us your sick and weary? Are you the Mother Theresa of daytraders?

Maybe if your firm was more selective, it would lower the attrition rate and save many people from learning a very expensive lession: that daytrading is not for them. But of course, this would conflict with your purpose to accept everyone in as long as they are breathing and more importantly, can pay the "performance deposit."
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what is your point ?
 
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