Bright trading and any thoughts

[Don Bright]

Quote from uptik2000:

Out of curiosity, if a trader moves to Vegas does he still have to take those classes if they show you 2 years of trading records with zero losing months?

No one "has" to take the classes...if they're making a solid 6 figure income consistently trading equities, then they can go for it.

Remember, we get a lot of traders from other firms (for various reasons), and if they're doing well, they can certainly simply start. I wonder, at times, why they don't want to expand their horizons, but to each his own.

All the best,

Don

 

[vjr]

is bright a member if finra? b/c i don't see you on there site.

 

[flytiger]

Quote from Don Bright:

Thanks, I'll print some of this out for Bob, that'll make his day!


Don

Bob really needs to get out more.

 

[tango29]

Just looked at data fees for "prefessional" traders, what the heck is the story? CME?CBOT charge the same for data, pro or not. Why such a huge jump for data on the equity exchanges?

 

[ratboy88]

Quote from tango29:

Just looked at data fees for "prefessional" traders, what the heck is the story? CME?CBOT charge the same for data, pro or not. Why such a huge jump for data on the equity exchanges?

because they can and there is nothing you can do about it. that's why! :eek:

 

[Don Bright]

Quote from vjr:

is bright a member if finra? b/c i don't see you on there site.

We don't need to be, we're exchange members. However, as I understand it, there is a consolidation of all the data on the CRD.

don

 

[TraderStavros]

There were mumbling in another thread regarding the status of expired Series 7 license holders. I received mine in 2004 but left the business (broker) and assumed that it expired 2 years from that point. Would I still need to take the test for Bright or not? Someone made mention that just holding it in the past at some point was enough.

Thanks.

 

[Don Bright]

Quote from tango29:

Just looked at data fees for "prefessional" traders, what the heck is the story? CME?CBOT charge the same for data, pro or not. Why such a huge jump for data on the equity exchanges?

Level 1 stuff is all provided. CME is like $35. Traders just pay for what they need. For example, if you don't trade ETF's, why pay for AMEX quotes? All this is pass throughs, in our case anyway.

A lot of this is offset by not needing other data vendors since we provide DDE links for virtually everything free of charge, and spreadsheets to use the data.

Don

 

[supersizeit]

I seriously considered Bright when I first began my Prop research and I still respect this firm. (commissions aside for a moment)
These guys have a long standing good solid reputation and Don Bright is a knowledgeable and very helpful guy (God bless him)... I felt I could trust this firm. You can't help but like Don.

In fact... (commissions aside for a moment)
I think Bright Trading has one of the best (if not the best prop business models out there) They lay their cards on the table, they provide training at reasonable fees and dont play any games...

Its really a crying shame that they dont or refuse to lower their commisions because I think if they ever did...the other prop firms would be running for the hills and screaming bloody murder! I think greed has paralyzed Bright from making this move despite the ironic fact that such a move would ultimately increase Bright's profits all while benefitting the traders.

If they ever did lower their commissions... Bright would become even bigger than they are now. High commissions rates are the only reason that I decided to over look Bright. If I was in charge of running Bright I would capitalize on my good reputation, kill my competition and boost my bottom line all at the same time by simply matching what the average going commission rates are (let alone going lower) The higher volume of newbies and seasoned traders alike flocking to Bright would more than compensate whatever I lost in discounting my commission rates.

 

[Don Bright]

You know it's funny, I just had a long conversation with one of our "returnees" (from a discount type firm), wherein he had left to "save" some money. Our seasoned traders (and returnees) negotiate an overall package. With all shares above 1,000 on any given order at .004, and a sliding scale for the first 1000 down to that rate, and the lack of locate fees, higher use of capital, our people find that the overall package is better in "almost" all cases. The cases where it's not are primarily the basic "day" traders who simply scalp the naz or whatever, and that's fine. Our returnees from the "discount guys" found all sorts of reasons to come back.

As far as sending any one or any firm "heading for the hills" - well, I think most have left the field already, not due to us necessarily, but most seem to have self destructed for various reasons.

Most of our "competition" is run by managers who are simply paid a salary. They really don't know their overall costs, we do, down to the 100th of penny per share. Traders also, need to focus on their bottom line, not just basic commissions (IMO).

Celebrating our 30th year in the trading business, my brother and I and hundreds of traders are pretty satisfied with the overall deal...if it doesn't work both ways, it simply doesn't work.


All the best,

Don