Bright Trade

[Sanjuro]

Quote from Bitstream:

hey doniz are u really chargin' those ridicolous commish or what....u deal sucks big time considerin' there are plenty of firms that offer same leverage if not more with better splits and 1/4 of u commish...care to comment[?]

Quote from tomhaden:

Hopefully after the holiday, Don will post the correct figures.

I just signed up for a free eFax, installed eFax viewer, faxed myself the price sheet long distance, viewed the fax, saved as tif, skew the size, converted it to jpg.

I always thought rebating was getting money back for providing liquidity. I do not consider this rebating.

You get charged $.01 cent a share for all you shares taken from your account daily for commission.
You get rebated the $.006 cent a share > 1000 at the START of the next month.
So some traders were scalping 3000 shares for breakeven just to earn the rebate at the end of the month.

I hope the commissions have improved since.

 

[lescor]

That's a long standing, and legitimate, beef with Bright. They charge you a penny a share up front, then rebate the difference back to you based on your real rate. However in the meantime that is a sizeable chunk of cash that Bright is able to collect interest on, and money not in your account that could be affecting your leverage and how much you pay in haircut or other fees.

If a trader does 5 million shares a month at .4, but pays a penny up front, by the end of the month he's expecting a $30,000 rebate. The Bright's have collected risk free interest on your money and you've probably paid extra charges because your account equity has taken a hit relative to the positions you are carrying.

A lame and transparent money grab if you ask me (and anyone else out there).

 

[goldenarm]

That's a pretty good scheme. Bright hooks you with the $10K-20K equity "contribution." Once you're in their cross hairs, they push $1000+ trading seminars, retreats, etc. to help you "become a better trader". AND they earn risk-free interest on your money. AND they charge the highest commissions in the industry. Oh, and did I mention the $400 monthly desk fee to cover "overhead"? I guess that's why they are so "successful."

Coming soon to a city near you! The Bright Trading road show for not so bright aspiring traders!

Unbelievable. There are alot of naive people out there who don't know any better and get sucked into this racket. They'd be much better off sticking to an Ameritrade account and reading a couple of trading books. It's much cheaper and way more effective.

 

[Bitstream]

doniz, please come here and give us some clarifications about u rates; it cant be that way, can it? u were amongst a few prop firm i had in mind to open an acct with, with those rates u ain't gonna see me in a lifetime.

 

[bighitter1]

That's been the knock against bright since the beginning. I remember looking at them in 2003 and i swear there rates were the same. .007 for the first 1000 or 2000 shares and .004 for all the rest. THose rates for anyone are awful as most people scale with 1000 shares are less and the .004 never even comes in and if it did so what. As i've always said maybe they're ok for someone new but for someone with big experience i can't see how anyone can pay thise rates. Someone doing 2 million
shares amonth would be paying at least 6k or more per month with them.Again a great company but there are many cheaper good companies.

 

[larrybf]

i am not looking to join bright trade BUT if i was my primary consideration would be whether being a member of a prop firm would help me be a better trader.........some people say yes.... some say no .... so basically who knows ????

 

[nlslax]

Quote from larrybf:

i am not looking to join bright trade BUT if i was my primary consideration would be whether being a member of a prop firm would help me be a better trader.........some people say yes.... some say no .... so basically who knows ????

If I was gonna trade prop I would want to join a group like Bright or similar. Learning the correct strategies would be higher on my list than cost - initially.

Seems as though Bright is moving away from their multiple office concept to having most of their traders be remote. Maybe they've gotten as big as they want/need to be.

I do admire though how Don does appears on ET threads to answer and respond to postings.

 

[Bitstream]

Quote from larrybf:

i am not looking to join bright trade BUT if i was my primary consideration would be whether being a member of a prop firm would help me be a better trader.........some people say yes.... some say no .... so basically who knows ????

i wud join for the leverage: very small deposit so there's not much capital at risk; that's what's attractive of prop firms.

 

[Maverick74]

Quote from Bitstream:

doniz, please come here and give us some clarifications about u rates; it cant be that way, can it? u were amongst a few prop firm i had in mind to open an acct with, with those rates u ain't gonna see me in a lifetime.

Bit, I'm afraid it's true. Don does have the highest rates in the industry by far. Of course they have been around awhile and don't forget, THE BALANCE SHEETS!

I'll give kudos to Don for one thing, he doesn't try to hide his high rates. I will not give Don Kudos for that silly boot camp. LOL. The only way to learn to trade in an office environment is to sit next to a profitable trader. You can't learn to trade in a weekend any more then you can learn brain surgery in a weekend. It just doesn't work that way.

 

[Bitstream]

Quote from Maverick74:

Bit, I'm afraid it's true. Don does have the highest rates in the industry by far. Of course they have been around awhile and don't forget, THE BALANCE SHEETS!

I'll give kudos to Don for one thing, he doesn't try to hide his high rates. I will not give Don Kudos for that silly boot camp. LOL. The only way to learn to trade in an office environment is to sit next to a profitable trader. You can't learn to trade in a weekend any more then you can learn brain surgery in a weekend. It just doesn't work that way.

yeah man but the balance sheets are good to clean up me arse; with $5-10k u get 100/1 at most firms who cares if the firm gets into trouble..sweep money every month and the deposit is all u risk...for what concerns the learning process im not sure how good it cud be but frankly, hee hee, i just cudnt care the less: i am just after the leverage to add up to my retail acct.

have a good 1 man