god bless you don this will be my last post on the subject. there may be some sweet heart deals left you say. rates are still falling as we speak so a deal 18 months ago might just be the norm now. you clear threw goldman so i'm sure gs being the blue blood out there charges much more to clear than lets say penson. but i'm sure your short list is the best.i'm sjut stating my opinion that somebody doing 2 million shares a month in an office should be paying about .003 from share 1 with unlimited leverage. but hey obviously your business has thrived with your rates so why would you change it
Bright Trade
- Thread starter trader29
- Start date
Just fyi, we cleared with Penson for a couple of yearsl, and I can say that their rates are not any lower, and the "whole package" through a few months ago was not comparable to
gs. Don't get me wrong, I think Dan Son and the group at Penson are great, we just have to clear where we get the best deal. overall. for our traders and our firm. When, and if things change, we will explore our options yet again.
Don
hey mr don
if you trade remote at bright, are you required to take the boot camp? just curious. thanks.
if you trade remote at bright, are you required to take the boot camp? just curious. thanks.
xyannix,
I'm sure all firms now days charge less than 1 cent a share all inclusive. Even a retail firm IB charges .5 cent a share for all shares with no extra fees. If Bright would lower their commissions to be competitive with IB or other prop firms, they would be the best.
optionzztrader,
No, you are not required to take the boot camp to trade remote. You will be on a short leash based on the capital you contribute. Enjoy the 1.25 cents a share + sec fees + $200 remote desk fee. Cash will call you up and tell you to close your positions if you lose too much money in a day!
ken__0,
You are now required to have a S7 when joining a prop firm to use professional leverage. If you live in some states, you will require a S55 also.
I'm sure all firms now days charge less than 1 cent a share all inclusive. Even a retail firm IB charges .5 cent a share for all shares with no extra fees. If Bright would lower their commissions to be competitive with IB or other prop firms, they would be the best.
optionzztrader,
No, you are not required to take the boot camp to trade remote. You will be on a short leash based on the capital you contribute. Enjoy the 1.25 cents a share + sec fees + $200 remote desk fee. Cash will call you up and tell you to close your positions if you lose too much money in a day!
ken__0,
You are now required to have a S7 when joining a prop firm to use professional leverage. If you live in some states, you will require a S55 also.
Sanjuro,
Who are the other prop firms that people are members of, and what are the down sides of the other prop firms versus Bright?
I currently have a retail account with Tradestation and have been trading for a couple of months, but I want to join a firm so I can get my Series 7 and more importantly learn in person by looking over the shoulders of experienced traders.
All advice is appreciated!
Quote from Sanjuro:
You will be on a short leash based on the capital you contribute. Enjoy the 1.25 cents a share + sec fees + $200 remote desk fee. Cash will call you up and tell you to close your positions if you lose too much money in a day!
Depends on what you call short. I have numerous people with well over 20:1.
1.25c/share for Bright trading? Not sure where you get your info. We're a max of 1c/share and as low as 0.4c/share depending on volume.
$200 is only for the low volume traders so we can cover our costs. If you do just five round trip trades of 1000 shares/day, there'll be no $200 fee.
And if you lose too much, I'll call give you a virtual "tap on the shoulder" and a reality check just to make sure you realize what's happening. I myself have been caught up in the moment and was saved from wipeout by one of those from Eddie one time.
Let me know if you need any more clarification.
Cash