Bright trading and any thoughts

Everyone seems to beat-up on Bright because of fees, but I have personally checked out Echo (about a year ago) and Tuco (before the SEC issue) and I do not see much of a difference in pricing.

This is what Echo quoted me when I visited their Boca Raton office:

.006/share and $600/month software fee.

Tuco

.004/share and $16/month data fee. If you don't trade much the data fee is $200/month

Bright

I attended the 3 day course in Vegas 2006. Break down in fees

.01/share for the first 1000 shares and .004/share over 1000.
If you trade in the Vegas office there is a $400/month desk fee and if you are remote it's 200/month. The remote fee can be waived if you trade 200K shares a month. Not sure what is required to have the desk fee waived in the Vegas Office.

From what I have found, Bright does not seem to be out of the ball park regarding fees. Furthermore, everytime I PM a poster who says they are paying siginificantly less than Bright they respond with a retail trading firm.

Yes IB is cheaper, but comparing Prop firm to Prop firm I have not found one shop that is significantly less expensive.

just my .02
 
I also have asked people claiimg these amazingly lower rates to post the firm and rates or pm, but get nothing in response. The one or two I saw posted were either Canadian only, or what appeared to me to be a bit on the unkown quality side. I called Echo recently and gave them a low figure for volume and the rates were quite a bit less than what you found. .0045 and $350-400 a month, but that was with all the exchanges fees, and would be a bit less if you just did one NYSE, or whatever. Also they rebated monthly fees per 100,000shs/month. They'll probably shut me out if I have a change of plans and go there now that I posted what I was quoted, but so be it. Does anyone know what the firms get charged to trade? Maybe that would give an idea of where to negotiate from, and what is or isn't a good rate. I would love the Brights, Echos, and Assents to post a fee scale for various levels, but that doesn't seem to be the way it works on this side of the business, unlike retail.
 
Not that my opinion matters but I am going to throw it out there anyway.

I have never been a fan of bright, just personal reasons. Their fees are a tad too high, in my opinion. I could get into more details but this isn't the place for that.

However I do have have a lot of respect for Don couple that with his integrity, you have something that the regular prop firm can't offer. He lives up to his word, at least from my experience.

Most of these other shops are dumb fucks that don't have a clue.

So don't bitch about Bright, hey if you don't like them; DON'T TRADE WITH THEM.
 
So what is the value add here besides leverage. I mean what can you learn from prop that you won' t learn on your own. All this talk of fees is important but it seems that you a art of a team that is at least somewhat in your success? What am I missing?
 
OK, and "beat goes on" (My apologies to Cher, LOL).... OK, up to the gentleman with the Echo number(s). A 2000 share order, for a million share trader would be .055. Any order above 1 million for an experienced trader would .006 or lower.

$200 fully rebated with only 200K shares (I don't know many successful traders who, after a short time trading, that don't trade that, usually much more).

Value added "other than leverage" hmm, the last few from Another firm cited 3 times overnight vs. up to30 times or more with us (hedged), 10+ overnight naked. Must be of value to these guys, and many more.

Other "value added" is in the eyes of the trader(s). Premarket chats with me and other mentors every morning where questions are answered...... All remote traders are online every minute of every trading day with mangagement...immediate responses....I think that's "value added."

I have hundreds on my IM...and get dozens of requests daily, answering most within a minute or two. Not sure if any of the other firms offer anything like that (they may, but judging by the complaints on this board, I kinda doubt it).

Same guys complained about "Locate fees" and not very good short stock pool to begin with. No locate fees, and if Goldman can't find it, I doubt any firm can.

Very competitive interest rate differentials.

Various "speciality" groups to join to enhance your trading.

Free advanced classes with my brother (myself and a couple of other team leaders)...... not as many as we would have liked the last 12 months, but we're gearing up again).

Several Programs and programmers available, some free, some very cheap.

I could go on, but I really don't want to sound defensive in any way... I mean it when I say that we may not be for everyone, but we work very hard with our traders, and they all know the "competition" some have strayed (LOL), most have come back.

To those who had nice words, thanks...to the others, no hard feelings, and we'll be here if and when you ever want to come by.

All the best,

Don (Stuck in JFK for a couple of hours, I hope the battery lasts a while, LOL.
 
Quote from kinggyppo:

So what is the value add here besides leverage. I mean what can you learn from prop that you won' t learn on your own. All this talk of fees is important but it seems that you a art of a team that is at least somewhat in your success? What am I missing?
More...

Hi, maybe check the above....but another comment as well. "Prop" in itself does not help the trader(s), traders help traders...... Echo/Pax/Merrill, Assent/Sungard/7 hedge funds (If my memory serves correctly), and Bright Trading, LLC in the simple name of "prop" does not help traders except, as noted, capital use. Safety, and security does not come into play with these firms, all are financially solid. I was told directly by "leaders" of both firms that they act as facilitators and do not, and will not "train" traders. Things change, I can't say for sure at this exact moment...hard to keep up with all the changes in the industry....my trip sure helped, however.

All the best everyone,

Don
 
I can also add that despite mention of trainingof some form on Echo's website, they did specifically say they do not currently have a training program and don't anticipate having one. So , yes that to me would be an intangible benefit of Bright.
 
It would seem to me, really a novice in the Prop field, that if I were to make such a move, I would want to know on the worst day that someone of good fiber was in charge. Don could use a little more fiber, but that being said, I've been at brokerage firms that failed, and it's not pretty. The leaders are reticent to share the truth. It is frightening. The last thing you want to be thinking of is "is my money safe? Am I going to get it back?" I'll pay a few extra bucks for that, if that is the case, and I don't know that it is. I've dealt with some real dirtbags, and I never want to do that again. I just had to file arbitration against a firm to get a deposit back. I won. But you don't want to have to do it.

There are some really big windstorms yet to rock the Street. I would want to be with someone I trust. I would want to be with someone open, and financially sound. Granted, people have to protect their own interests when the excrement hits the wind oscillator, but it seems to me a guy who comes on here all the time, takes some really stupid abuse, has some very basic qualities the rest of Corporate America could use in the front office. Sometimes in life you just have to go with your gut. I wouldn't do this with anyone else except Don. Just wouldn't.

How's that Uncle Don?
 
Quote from flytiger:

It would seem to me, really a novice in the Prop field, that if I were to make such a move, I would want to know on the worst day that someone of good fiber was in charge. Don could use a little more fiber, but that being said, I've been at brokerage firms that failed, and it's not pretty. The leaders are reticent to share the truth. It is frightening. The last thing you want to be thinking of is "is my money safe? Am I going to get it back?" I'll pay a few extra bucks for that, if that is the case, and I don't know that it is. I've dealt with some real dirtbags, and I never want to do that again. I just had to file arbitration against a firm to get a deposit back. I won. But you don't want to have to do it.

There are some really big windstorms yet to rock the Street. I would want to be with someone I trust. I would want to be with someone open, and financially sound. Granted, people have to protect their own interests when the excrement hits the wind oscillator, but it seems to me a guy who comes on here all the time, takes some really stupid abuse, has some very basic qualities the rest of Corporate America could use in the front office. Sometimes in life you just have to go with your gut. I wouldn't do this with anyone else except Don. Just wouldn't.

How's that Uncle Don?
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Awww, making me blush....thanks Fly, always nice to hear!

Don :)
 
It’s unfortunate for traders that TUCO failed because looking at it they did provide a good deal for traders. TUCO had 100% payout, leverage of 15/20 to 1 and lower rates .005 to .01 than BRIGHT.

For Mr. “Trader29” on 1 Million shares a month
1.TUCO at .005 is $5,000 vs
2. BRIGHT at say .0075 is $7,500.

What is $2000 to $3000 a month to you as a trader??????

Lower rates at TUCO and same benefits as BRIGHT makes the TUCO deal soooooooooo much better.

It’s unfortunate for traders that TUCO was a one man show and was overwhelmed and unable to handle all the back office work required to run a prop trading firm. Best feature about BRIGHT is they have entire family helping to run the show however traders do indeed pay higher rates for that.

Traders need to lookout for PROP trading firms that are run by a single individual. Maybe one person could handle a small number of traders (say up to 20) but more than that too much for a single person to manage.
 
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