Bright Trade

[mschey]

Quote from goodfellow:

Can we route emini S&P500 contracts to any market like we route to ECN's with stocks? I can't find any info on it. My contracts sit on strategy runner platform for up to 20 seconds before they buy my limit order. There must a faster way to get the fill. Anybody know?

Are you on the bid or the offer....If you are offering to sell, or bidding to buy, then you must "wait your turn" in the order queue to get filled. If you are taking offers or hitting bids, then you should have instant fills.

 

[goodfellow]

Quote from mschey:

Are you on the bid or the offer....If you are offering to sell, or bidding to buy, then you must "wait your turn" in the order queue to get filled. If you are taking offers or hitting bids, then you should have instant fills.

I'm on either side, depending weather I am short or long. Isn't taking offers and offering to sell the same thing? Not sure what you mean. I put my order in to buy and automatically have a bracket order set to sell if it goes up 2 points and stop loss if it goes down 1 point. But when it hits the 2 point profit, then it waites 20 seconds to sell it for me. Sometimes it doesn't buy it at all and goes backwards and it stops me out.

 

[mschey]

Quote from goodfellow:

I'm on either side, depending weather I am short or long. Isn't taking offers and offering to sell the same thing? Not sure what you mean. I put my order in to buy and automatically have a bracket order set to sell if it goes up 2 points and stop loss if it goes down 1 point. But when it hits the 2 point profit, then it waites 20 seconds to sell it for me. Sometimes it doesn't buy it at all and goes backwards and it stops me out.

When you put in an order, you enter an order queue. That means that several hundred, and even once in a while, a thousand or more contracts must trade for you to get filled, because there are other orders ahead.

 

[goodfellow]

Quote from mschey:

When you put in an order, you enter an order queue. That means that several hundred, and even once in a while, a thousand or more contracts must trade for you to get filled, because there are other orders ahead.

Ok, then my next question is... Is there a way to buy between the bid and the offer with Emini S&P 500 contracts. We can do this with stocks. Can we do it with emini also? Is there software that allows this? For instance, buy at .251 instead of .25? or .25001 or .25009? Or sell also between the spread? With stock trading they jump in front of each other all the time. So can we do this with emini?

 

[joeyata1]

com'on goodfella you must have started trading 2 weeks ago. when have you ever seen an in between fill on the es? if you have you're the tooth ferry. if you want tighter fills go to the ym which trades in $5 moves per tick

 

[mschey]

Quote from goodfellow:

Ok, then my next question is... Is there a way to buy between the bid and the offer with Emini S&P 500 contracts. We can do this with stocks. Can we do it with emini also? Is there software that allows this? For instance, buy at .251 instead of .25? or .25001 or .25009? Or sell also between the spread? With stock trading they jump in front of each other all the time. So can we do this with emini?

The market is the way it is, There are always a couple hundred contracts ahead of you, keep that in mind, it may help your trading. Don't use stops...I don't.

NOW BEFORE YOU ARMCHAIR QUARTERBACKS JUMP ALL OVER ME....LET ME CLARIFY!

That doesnt mean you won't get out of a losing trade, it just means you are going to choose the best time to trade out of a loser rather than let the software do it for you at some predetermined point level.

 

[mushinseeker]

I've been perusing these Bright threads for a while because it is fun to see the Bright Cheerleaders and the Bashers go at it for the past years. The last 2-3 posts of Don is interesting in its subtleties and shifts and I am frankly dissapointed that the bashers have failed to pick up on it. It is so blatant and such a sea change from his previous mantra.

Oh well must be because it is the weekend and I am the only one with no life...

 

[stereo70]

Don Bright wrote:

I have to dive in again (whoda thought, eh?)... Bob trades probably between 500-2000 emini's a day, and is the most profitable futures trader in our firm, maybe the only profitable one.

Exactly!!! And that's what people might want to learn...that's why I would want to sit next to Bob. And maybe Bob doesn't want to give away his edge...that's fair too. Maybe he just uses them to hedge, but I doubt it.

There was a good question about whether Bob is a CME member and thus pays better rates, which is generally your argument against trading futures.

 

[riskarb]

Quote from stereo70:

Don Bright wrote:





Exactly!!! And that's what people might want to learn...that's why I would want to sit next to Bob. And maybe Bob doesn't want to give away his edge...that's fair too. Maybe he just uses them to hedge, but I doubt it.

There was a good question about whether Bob is a CME member and thus pays better rates, which is generally your argument against trading futures.

Futures already carry minimal daytrading haircut, thereby screwing the bloated, necrotic business model. Ppl trade with Bright for the virtually unlimited haircut and 100% payout. It's a pawnshop/currency exchange model.

 

[goodfellow]

Quote from riskarb:

Ppl trade with Bright for the virtually unlimited haircut and 100% payout. It's a pawnshop/currency exchange model.

Bright does not have 100% payout. They have $400.00 a month desk fee's and $500.00 a month NYSE fee's and 1.25 cent commission fee's for each share. So 1000 shares will cost you over $12.50 plus NYSE fee's. And they make you pay $2,500.00 for the training which is mandatory before you start trading with them. And they also pressure you into trading a certain amount of trades per day. You can't trade 1000 or 2000 shares a day and make your money and take the day off and go golfing. They won't allow it. The more shared you trade, the more you make on commissions. They are a commission hungry prop firm.