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Bright Trade
- Thread starter trader29
- Start date
maybe if u are a maso and a very charitable guy wilin' to deprive uself to give it to the rich..... sort of an anti-robinhood, then u can tolerate bright. and for what concerns the balance sheets argument, it sure falls apart when u deposit 5k 'cause that's enough to make good money with 100/1 and that's all u risk..also bright is not immune to problems either, there are many reputable prop firms that have same if not better stability.
Quote from TraderJeff:
I'm not as informed as the rest of you, but maybe Don can clarify this for me. Is it not true that the commissions are capped on a trade at $25.00 at Bright ? Whether I'm trading 5K shares or 25K shares I would only pay top commish of 25 bones. This is either TRUE or NOT TRUE and if of interest to me so please someone help me with this one. thx
Well, it "was" true, but we found that very few traders were able to take advantage og this benefit (more pairs, smaller shares).. very few trading in 5,000 share blocks....so, we negotiated with Goldman a way to benefit more traders starting at 1,000 by giving all of Brioght traders .004 for all shares above 1,000. This allows a bigger benefit to more traders.
There is a $200 connection fee FULLY Rebated with only 200K shares per month, 3 days after the end of the month. Sorry, but it does cost to be in the Goldman system....
Since we've gotten so many large traders and grops from "competing" firms lately I have no fear of our rates not being truly competitive, with all factors considered.
(Sometimes it's lonely at the top, LOL).....
All of you who would prefer to buy an exchange membership and get a clearing firm and go negotiate rates with Goldman, feel free to do so. You'll find that you will get worse rates than we give our traders...(yes, it's true, it's happened recently)
Another small comment to those of you who are still being "blindsided" by retail brokers...trying doing pairs trading or going short ...when your Firm keeps all of your short stock interest....(that pretty much negates any chance of sustained profits, don't ya think?).... a $million long being charged for, a $million short where they keep all the interest...think about it.
Back to work now...all the best,
Don
Quote from goldenarm:
So Bright charges you $200 per month to use your OWN desk at home? Do they also charge you to eat the food in your fridge? That's really insane.
Geez, a trader who can breakeven at Bright would earn a six figure income at another firm!
as a pro you are paying professional fee rates for quotes, not to mention there is a cost for software. nyse has the highest monthly fee and if you want sp500 futures you will pay for that also. $200 a month rebated fully after 200k sh's is a good deal. that comes to 10,000 sh's a day or $10 ......... if this seems expensive, then this may not be the right business for you.
yes, that's the truthQuote from ratboy88:as a pro you are paying professional fee rates for quotes, not to mention there is a cost for software. nyse has the highest monthly fee and if you want sp500 futures you will pay for that also. 200 a month rebated fully after 200k sh's a month is a good deal. that comes to 10,000 sh's a day or $10 ......... if this is expensive to you..... then you may not be the right business for you.
Since you brought up the subject of the broker keeping the interest, can you comment on the practice of charging a penny/share upfront and rebating the difference between that and the trader's real rate at month's end without credit for any interest?
Quote from Don Bright:
Another small comment to those of you who are still being "blindsided" by retail brokers...trying doing pairs trading or going short ...when your Firm keeps all of your short stock interest....(that pretty much negates any chance of sustained profits, don't ya think?).... a $million long being charged for, a $million short where they keep all the interest...think about it.
Don
Quote from lescor:
Since you brought up the subject of the broker keeping the interest, can you comment on the practice of charging a penny/share upfront and rebating the difference between that and the trader's real rate at month's end without credit for any interest?
Sure, Goldman won't charge 550 different rates (based on parameters)...so they charge a penny and we rebate the difference...a bit better than the IRS keeping money all year, just to refund it, LOL. We like to keep GS happy.
Interest is accumulated daily, and paid monthly to the traders.
Don
Sure, Goldman won't charge 550 different rates (based on parameters)...so they charge a penny and we rebate the difference...a bit better than the IRS keeping money all year, just to refund it, LOL. We like to keep GS happy.
This sounds assinine. Does Goldman know you're pimpin' em' like this? I thought you just cleared through SLK.
And for the record, Bright is a member of the Chicago Stock Exchange, right? not the NYSE (when I was in Vegas I asked why and was told it was too expensive)...sounds kind of funny from a firm w/ such "deep pockets".