Bright trading and any thoughts

Quote from Don Bright:

(Smiling) I would like to see the numbers on that computation. With using a full $million every night (with only $30K), and trading 2 million shares per month...the total is about half that. I doubt my friends at Echo (good firm, good people) are paying people to trade. I'm not questioning that someone may have said something like that, just have to question the real numbers.

All the best,

Don
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(smiling) Just curious, Don. Why would you doubt the numbers he gave? Crazier yet, picking numbers out of thin air (volume, deposit and o/n balance) in an attempt to cast further doubt on what the guy said.

Well, now that you've seen the 'real numbers', above. Maybe you'll have further comment. (smiling) Although maybe when those guys reconsider the 'full package' they will be among the flood of traders returning to Bright?

(Just giving you a hard time, Don. Bright's a good firm, but just accept that without trying to imply that you are a particularly cost competitive firm, as well)
 
EricP, you need to stop spreading your pompous attitude around ET while blabbering misinformation. Sure, you throw around a lot of shares and pay some cheap commissions, but (smiling) if you could see though the poor balance sheet, non existent training, and 'part of a complete breakfast' bucket shop you rake the gold pit with, you would see your only fooling yourself!

:D :D :D
 
I traded with Bright for about 4 years. If you're smart enough to trade, you're smart enough to do a spread sheet of your total costs and figure out what deal is the best for you. The key is to find a deal that works for you after all the costs are out.

If you're not an experienced successful trader, watch out. Trading is damn hard (if it wasn't all you'd see in the Bright parking lot would be porshes) AND addictive.

Redi is a great platform, so you should expect to pay a little more overall than with other platforms, but it really does kick ass.

Don & Bob are reasonable and accessable and that counts for a lot too. I would trust either one to hold up their end of a deal.
 
Quote from UDon'tKnowMe:

The trader was doing around 5 million shares a month and holding between $3-$10million overnight.
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And only has 30k up? You said he was getting 30:1 overnight, that isn't 3 million, unless i am missing something.

I had 250k with my old firm and they b*itched about my overnight positions. LOL. My intra day BP was 40 mil.

It could be possible but I am with Don on this. I would have to see this, if this serves to be true...this is a bad business practice on Echos behalf.
 
Many of the best day traders out there suprisedly have never heard of et. There's a 29 year old trader using 3 million buying power who's averaging 400k a month net. I didn't believe it till i saw the guy trade for a week with my own eyes. He showed me all his records for the past 3 years. He only trades around 100 k shares a day. Trades all nyse stocks. I asked him if he was on et and he said he never heard of it. See you don't need 30 mil buying power or to trade 8 zillion shares a month.
 
Quote from ESSTUD:

Many of the best day traders out there suprisedly have never heard of et. There's a 29 year old trader using 3 million buying power who's averaging 400k a month net. I didn't believe it till i saw the guy trade for a week with my own eyes. He showed me all his records for the past 3 years. He only trades around 100 k shares a day. Trades all nyse stocks. I asked him if he was on et and he said he never heard of it. See you don't need 30 mil buying power or to trade 8 zillion shares a month.
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I didn't trade a zillion shares a month and I need the BP for the size positions that I took. That is a great return, he should be proud of himself, quite the accomplishment.

He sounds like me, I would have a few 20,000 share positions and hold for a few points each. I traded more than 100k a day just because of the size.
 
Quote from nyxtrader:

And only has 30k up? You said he was getting 30:1 overnight, that isn't 3 million, unless i am missing something.

I had 250k with my old firm and they b*itched about my overnight positions. LOL. My intra day BP was 40 mil.

It could be possible but I am with Don on this. I would have to see this, if this serves to be true...this is a bad business practice on Echos behalf.
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I think you were probably intentionally misled by Don. UDon'tKnowMe never mentioned anything about 30k on deposit. That was one of the numbers that Don created out of thin air. UDon'tKnowMe indicated that his acquaintences had 20-30x leverage overnight. He subsequently mentioned that they carried $3-10M in overnight positions. So, assuming 8M in overnight positions and 25x leverage, we can assume that the guy(s) he is referring to had capital on deposit around $300-400k.

We've got to be very careful when reading a thread on which Don participates. He can very helpful at times, but also very crafty and sometimes intentionally misleading in his marketing of his firm. You gotta take the good with the bad.

For what it's worth, I don't know that guy (UDon'tKnowMe), nor do I know whom he is referring to. Just trying to 'keep it real' by clarifying what was said. However, I don't see any reason to doubt what was said, that two of his acquaintances left Bright for Echo and are saving $300k per year as a result (from lower commissions and/or haircuts).
 
Quote from EricP:

I think you are missing something. Actually, you were probably intentionally misled by Don. He never mentioned anything about 30k on deposit. That was one of the numbers that Don created out of thin air. All UDon'tKnowMe mentioned was 20-30x leverage overnight. He subsequently mentioned $3-10M in overnight positions. So, assuming 8M in overnight positions and 25x leverage, we can assume that the guy(s) he is referring to had capital on deposit around $300-400k.

We've got to be very careful when reading a thread on which Don participates. He's very helpful, but also very slick.

For what it's worth, I don't know that guy (UDon'tKnowMe), nor do I know whom he is referring to. Just trying to 'keep it real' by clarifying what was said. However, I don't see any reason to disbelieve what was said, that two of his acquaintances left Bright for Echo are are saving $300k per year as a result (from lower commissions and/or haircuts).
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Oh okay, I didn't go back and read all the post. That makes more sense if he has about 300k up. LOL. Now with that type of deposit, that situation is very doable.
 
I never said he had $30k as a deposit! He said he always kept at least $200k in his account, but sometimes he would leave over $300k in his account. He didn't withdraw money every month, he would leave his profits in his account because he would want more BP for his pairs.

50% of Don's information on ET is hepful to traders, the other 50% is Spin and Misinformation to market his firm. His job at Bright trading isn't to trade like his brother or nephew because it has been proven he is not a good trader, or take care of compliance, not even do the accounting even though he regularly talks on ET about his accounting experience. Bob, who is the owner of Bright, not Don, decided that Don's job and title at Bright is Head of Marketing.
 
Why are so many of you guys so hard on Don? The man is extremely knowledgable and helpful on this forum and without Don...
there would be many questions from newbies that would go unanswered and they would be wandering around like lost souls.
Yes there are others that can answer these questions but usually at the expense of getting flamed or made to look like a total idiot. Egos run high in this forum. Traders do seem to have delicate egos (on the average) but I guess its a component of that competitive nature we all have.

I think Don is a true gentleman when he replies to people
and we need to recognize their is a benefit we all gain here by his presense. Ive spoken to him on the phone a few times and he seemed nice enough to me and I was going by my gut instinct and vibes. Yes I could see through all the spin but I fully expected that because its his job to market Bright i.e. it didnt change my opinion of him.

Granted that Don has an agenda on this forum.
Granted I would never trade at Bright because of the commisions.
Granted that when Don gives an answer you have to decipher and sift through whats spin and marketing and whats really useful information however...the fact still remains that Bright Trading is a solid firm

AND...

...Don is none the less is a major asset to the forum in my humble opinion. In my opinion, Bright Trading is more useful to people who need extra handholding/spoonfeeding and are willing to pay the high commissions in exchange for that kind of service.

For all we know, hey... maybe its his brother that does not want to lower the commisions and he is just doing the best job he can selling warm beer to construction workers on a hot day.

You are never going to hear him bad mouthing his own brother even when he does not agree with his business decisions for expanding the business. Bright Trading is a family business and family is well, you know...family.

But what do I know? maybe they both think they have a viable business plan as far as commisions go and why fix something that isnt broke. The conservative approach is dont stir the status Quo despite the possibility that stirring the status quo could make them even more profitable than they already are now.
You have to admit ...They have done pretty well for themselves in these past 30 years and no one can argue against that.

Something must be right with their business model even though its not the most optimal business model.
What do I mean? I mean these guys would wipe the floor with all the other prop firms if they simply had the foresight to lower their commisions.
The volume of traders flocking to Bright due to their good solid reputation and low commsions would more than compensate whatever they lost in the discount. Its just basics economics 101.
 
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