cash com'on you're on here looking for suckers. i went to your new revamped web site and you no longer list any offices and quote remote is growing fast. you had 40 offices 6 years ago and what are you down to 5 or 10 offices? please for the life of me tell you why any person on earth would ever trade with you remote? i mean i can get 50-1 leverage and .002 with 5k down down for 1 million shares out there. i take my profits every month and all i risk is 5k. if one does 1.5 million shares the difference between .002 and .004 is a massive 3k a month. what are you going to do for anyone thats worth $3500 more trading remote? you and your boys are making a killing off people and that's the truth
Bright Trade
- Thread starter trader29
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there's nothing wrong with bright for someone starting off if they need an office. cash correct me if i'm wrong but you charge .004 for everything over 1k per share correct? so for the first 1k you're like .007 right? to me it seems bright is going more remote. so i can't fathom paying .004 or .007 for a high vol exp trader. i'm not here to give companies. each rate is dependent on one's negotiating power.
Sounds like you have a good deal there. We often hear about different deals when people talk to us, but when we investigate further they always seem to fall short. There are conditions like "Yeah but you have to close your positions at the end of the month" or "Yeah but you can't take that much home overnight", or "Yeah but you can't retrieve your profits immediately" or "Yeah but, if you join, we're going to hold your money for a year" or "Yeah but with that deal, we keep 10% of your profits". Or they promised a good API when there really was none.
I've also had some of my traders go to firms that had a supposedly better deal, but found things like the margin wasn't as great as promised, so their bottom line was much less than with us, or they were forced to close positions because the company as a whole was too leveraged even though they personally weren't or the platform kept going down.
What I've always found surprising is that we always "hear" about these deals, but the firms are very quiet about it. I would think that if a firm had such a great deal, they would be here on ET letting the world know about it. Yet all you usually see is individual traders saying "I got a great deal" and never give a firm name.
Personally, after places like Harbour Securities, I like the fact that Bright has put $10M of their own money up to prevent B member traders from being affected by other traders losses. In addition, I work closely with the Brights and know without a doubt how financially sound the company is. I've had numerous offers from other firms and am still with Bright long after those other firms have come and gone.
OK, now I'm going to pause from my reply to allow you Bright Bashers to get a word in edgewise
(oh, and by the way, if you do have one of those excellent deals, post all the details here so everyone knows it's real)Cash
All I can say are the facts (as always, all these posts are given directly to regulators). We have had quite a growth spurt from traders either returning because their supposedly "inexpensive" firms no longer allow overnight leverage needed to prosper, or because of closing their locations in complete States, etc.
These traders would not come back if the complete deal was not to their liking...fees, capital, safety, and yes, even advanced training and API concerns. And the camaraderie seems to be another reason.
Not a big deal, just common sense.
Regarding the 40 offices back iin the 1990's...very simple explanation. Back then it would cost $15,000-$25,000 for some of the T-1 connectivity and high office rents. When the technology got to where you can have the same bandwidth for $59 or so with a cable modem...why would anyone want to go into the big cities, pay exorbitant parking fees, and all the rest when they can trade remotely.
When leases came due, we simply asked the traders if they wanted to keep the office or trade from home....some chose to keep an office, some opened their own affiliate location, most wanted to go home. For example, even here in Las Vegas we have around 50 traders who live in Vegas, but at times we have only 25-30 in the office...and as traders get more accomplished, they can choose to trade from wherever they like.
And, yes, remote has been the biggest growth over the last couple of years.
FWIW, the reason I got on ET to begin with, years ago, was to correct many (many) mis-statements about our Firm being made by those who were being paid by other Firms to recruit...well, it really backfired on them, as ET has served well as a way to introduce ourselves to a lot of traders over the years.
The comments from the "nay-sayers" have actually seemed to inspire new people to call, knowing full well that our longevity, success, security and all that is well respected in the industry.
Are we the best choice for everyone, maybe not, but the days of bargain shopping a desk have long passed.
Thanks for keeping the Bright threads alive....I'll keep doing my best to respond to criticism (and I always like to see the accolades as well, LOL...generally by phone or on PM)..but it would be nice is someone, somewhere, running one of these "great" firms would come on and discuss things in a business like manner....
We're all involved in a very small club of professionals (not many discretionary traders around the World)..and we should "all get along" .... I have many friends at "competing" firms...that's the way it should be, IMO.
(jumping off soapbox now, LOL)....
Trade well everyone!!
Don
(edit/additional comment). Why would a successful trader want to "risk" only $5,000...if he was successful he/she would want to be able to keep more overnight positions without having to pay interest to the Clearing Firm, right? I really don't think that there are many long term, successful traders who would do that... just doesn't make sense. I don't want to argue with Mr. Bitstream, and as I said, we're not for everyone....but just pointing out that fact for those who may not understand the business well.
(sorry for the long post).
These traders would not come back if the complete deal was not to their liking...fees, capital, safety, and yes, even advanced training and API concerns. And the camaraderie seems to be another reason.
Not a big deal, just common sense.
Regarding the 40 offices back iin the 1990's...very simple explanation. Back then it would cost $15,000-$25,000 for some of the T-1 connectivity and high office rents. When the technology got to where you can have the same bandwidth for $59 or so with a cable modem...why would anyone want to go into the big cities, pay exorbitant parking fees, and all the rest when they can trade remotely.
When leases came due, we simply asked the traders if they wanted to keep the office or trade from home....some chose to keep an office, some opened their own affiliate location, most wanted to go home. For example, even here in Las Vegas we have around 50 traders who live in Vegas, but at times we have only 25-30 in the office...and as traders get more accomplished, they can choose to trade from wherever they like.
And, yes, remote has been the biggest growth over the last couple of years.
FWIW, the reason I got on ET to begin with, years ago, was to correct many (many) mis-statements about our Firm being made by those who were being paid by other Firms to recruit...well, it really backfired on them, as ET has served well as a way to introduce ourselves to a lot of traders over the years.
The comments from the "nay-sayers" have actually seemed to inspire new people to call, knowing full well that our longevity, success, security and all that is well respected in the industry.
Are we the best choice for everyone, maybe not, but the days of bargain shopping a desk have long passed.
Thanks for keeping the Bright threads alive....I'll keep doing my best to respond to criticism (and I always like to see the accolades as well, LOL...generally by phone or on PM)..but it would be nice is someone, somewhere, running one of these "great" firms would come on and discuss things in a business like manner....
We're all involved in a very small club of professionals (not many discretionary traders around the World)..and we should "all get along" .... I have many friends at "competing" firms...that's the way it should be, IMO.
(jumping off soapbox now, LOL)....
Trade well everyone!!
Don
(edit/additional comment). Why would a successful trader want to "risk" only $5,000...if he was successful he/she would want to be able to keep more overnight positions without having to pay interest to the Clearing Firm, right? I really don't think that there are many long term, successful traders who would do that... just doesn't make sense. I don't want to argue with Mr. Bitstream, and as I said, we're not for everyone....but just pointing out that fact for those who may not understand the business well.
(sorry for the long post).
Bitstream, where! I agree with Cash on his point, what are the names of these other firms, and are there any conditions? I have thought of getting a Series 7 to take advantage of tax benefits, but not sure where to go if I do, and would love to know which firms. I see a lot of complaining about all the firms which makes me wonder why I would do this at this all actually..
Cash you mentioned you don't need to go to the training class in Vegas to be remote, but on your site it does mention it as a requirement, so I'd be curious to clarify that. Also for others I found a link on the Remote site that lists all the branches. Cash if I'm not interested in carrying positions overnight will that help me get a lower rate, or are rates strictly volume based? I ask as I see Chicago Trading Services starts out at .008 for retail people who join, and I'm guessing if you come in with a License you could probably start less. They drop lower with more volume, but include ECNs. Just to double check, your rate is net of ECn fess? You eat, or take the ECN charge and the trader pays flat rate plus SEC fees? Thanks!
Cash you mentioned you don't need to go to the training class in Vegas to be remote, but on your site it does mention it as a requirement, so I'd be curious to clarify that. Also for others I found a link on the Remote site that lists all the branches. Cash if I'm not interested in carrying positions overnight will that help me get a lower rate, or are rates strictly volume based? I ask as I see Chicago Trading Services starts out at .008 for retail people who join, and I'm guessing if you come in with a License you could probably start less. They drop lower with more volume, but include ECNs. Just to double check, your rate is net of ECn fess? You eat, or take the ECN charge and the trader pays flat rate plus SEC fees? Thanks!
seE bob you get all pissy when people say something about bright. NOT ONE PERSON HAS SAID BRIGHT IS NOT A GREAT COMPANY. THERE'S NO QUESTION YOU'RE AN HONEST UPSTANDING COMPANY WITH GREAT FINANCIALS. what we are saying is there are better deals out there and yes there are other great company's like assent,hold,carlin and echo. go ask the huge hitters with echo on here if they're paying .004. they get huge leverage also and overnights. like i said i'm not on here to give companies. any deal is determined by a persons ability to negotiate. anyway don why would someone with 15k want to hold huge overnights? that's suicide. PEOPLE SHOULD NOT HOLD MUCH OVERNIGHT UNLESS IT'S THERE MONEY
While I'm still on...the class is certainly not a requirement...especailly for traders with a solid 6 figure track record. I will say, however, since it gets everyone acquainted, entitles traders to attend the advanced classes for life, and allows them to mingle with some of our best traders...it's usually worth a grand to come to Vegas for a couple of days.
We constantly change / modify the content to keep up with market conditions...and even allow those who don't join Bright to return for free.
I can honestly say (again, LOL)....that I have had many (many) traders who have said "gee, I wish I had started by taking the class before I lost all this money" ....
AGain, thatnks for keeping the interest in Bright. I'm going to call Caliber trading this morning to chat and compare notes.Maybe I can get a deal for no money down and free commissions (just kidding, they may be a good firm, I don't really know anything about them, so I actually may call to chat)...oops, market is opening...bye for now.
Don
We constantly change / modify the content to keep up with market conditions...and even allow those who don't join Bright to return for free.
I can honestly say (again, LOL)....that I have had many (many) traders who have said "gee, I wish I had started by taking the class before I lost all this money" ....
AGain, thatnks for keeping the interest in Bright. I'm going to call Caliber trading this morning to chat and compare notes.Maybe I can get a deal for no money down and free commissions (just kidding, they may be a good firm, I don't really know anything about them, so I actually may call to chat)...oops, market is opening...bye for now.
Don