Bright trading and any thoughts

TraderStavros · Mar 24, 2008

Don, I posed this question before the 'attack' ensued, I think it got missed. Mind addressing it?

Quote from 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.

EdgeHunter · Mar 24, 2008

Quote from Don Bright:
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

Hi Don,
How do you chart your values from the DDE... excel makes pretty poor charts...

EricP · Mar 24, 2008

Quote from 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.

I've got to give you credit, Don. You are smooth. Bob may be a great trader (from what I've heard), but when it comes to marketing, you're no smuck, yourself.

-Eric

Don Bright · Mar 25, 2008

Quote from EricP:

I've got to give you credit, Don. You are smooth. Bob may be a great trader (from what I've heard), but when it comes to marketing, you're no smuck, yourself.

-Eric

I agree about my brother, I'm the first to admit that my personal trading pales to his expertise.

As far as marketing. Naysayers won't believe it, my friends know it's true, and most Bright traders are just happy to be here...but, if you believe in what you're doing, and speak truthfully without "talking down" or anything stupid like that..."marketing" as you call it is pretty simple.

I enjoy writing in the magazine(s), I enjoy teaching, and (for the most part, LOL), I enjoy the various "web communities" I belong to. I answer hundreds of phone calls per week, from the binine to the bizarre, and do my best to share information.

All the best,

Don

Don Bright · Mar 25, 2008

Quote from EdgeHunter:

Hi Don,
How do you chart your values from the DDE... excel makes pretty poor charts...

Some of the programmer types have some pretty serious charting. I'm not sure which languages they used. I'm pretty happy with the Excel Redi Add-ins myself. I'll admit that I'm not a big chart guy, but for my spoo charts, prem and disc, etc. they work well.

Don

tango29 · Mar 25, 2008

Don,
Forgive my ignorance here, but when you say it is a pass thru for you does that mean there is no additional charge for the data coming through Redi? Or would I still be paying the professional rates to the equity exchanges for the data?

Don Bright · Mar 25, 2008

Quote from tango29:

Don,
Forgive my ignorance here, but when you say it is a pass thru for you does that mean there is no additional charge for the data coming through Redi? Or would I still be paying the professional rates to the equity exchanges for the data?

Whatever you have on your Redi includes full download info.

Don

GGSAE · Mar 26, 2008

Quote from Mom0/pH0x:

sure i have some thoughts, their rates are absolutely absurd, they try to say it doesn't matter because they want you to trade longer term and that "directional guessing"[sic] is a loosing strategy, this is so they can rake up multiple comms on unnecessarily complex and very commission intensive positions, as well as rape you on overnight interest charged on those positions, with all of the superfluous expenses associated with bright, the training should be free... i know don will say that some absurd % of his traders have been with him for 5+ years... just funny to watch them squirm when you ask them for proof...

Nowhere in this maze of run on sentences did you state your trading period with Bright - a criteria the OP put forth. Perhaps you're a disgruntled ex trader, but i could go around slinging mud at every other firm out there for no constructive purpose.

Midas · Mar 26, 2008

Quote from Mom0/pH0x:

sure i have some thoughts, their rates are absolutely absurd, they try to say it doesn't matter because they want you to trade longer term and that "directional guessing"[sic] is a loosing strategy, this is so they can rake up multiple comms on unnecessarily complex and very commission intensive positions, as well as rape you on overnight interest charged on those positions, with all of the superfluous expenses associated with bright, the training should be free... i know don will say that some absurd % of his traders have been with him for 5+ years... just funny to watch them squirm when you ask them for proof...

This has not been my experience at all. In fact I can carry hedged positions overnight 12x my risk capital with just a couple % net annual intetest expense. I goes up a little incrementally from there.

I do not know many Bright traders that trade "directional" in fact stat. arb. or "pairs" trading is the main strategy suggested.

You obviously have formed a strong opinion, but from your statements it sounds like your opinion is based on assumpions not facts.

Don Bright · Mar 26, 2008

Just a comment. I'm doing my best to respond to all the phone calls and emails. From what I'm hearing, especially from the "sub-llc" guys who now have no to place to trade, that our rates are as much as half what they're paying where they are (remember, all shares above 1,000 are .004). I'm doing my best to get back to everyone, and I have my Compliance Officer working overtime to process paperwork.

You guys that are already licensed, but need the extra buying power (since I guess some major changes have taken place), keep in mind that we don't do a simple 20 to one, or 50 to one, or any finite number, we go by "what" it is that you're doing. Openings, for example, you might use $2-$4Million. Intraday generally no problems. Overnights we slow you down at about 30 to one.

So, when you call, please help me out by giving me an idea of what you're looking for, and if what you're doing now has been working really well. Those that have been struggling a bit, we have several routes to help you as well. We believe in interaction with our traders, mentoring, and all the rest.

(Now, back ot returning phone calls...I try to give the ET'ers priority).

All the best,

Don