Bright trading and any thoughts

Quote from lindq:

LOL! Don's job is to promote his business and attact traders to his firm, at which he does a good job.

As a trader, I don't know that he's ever claimed to be successful.

Don't confuse the two. Because he doesn't. To his credit.
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Don is like a money-printing machine. check out opening orders thread.
 
Quote from traderbravesfan:

OK everyone - I have questions on interest fees and haircut fees -

Earlier in this thread, Don Bright mentioned haircut fees. Can we assume that a haircut fee is calculated as "extra interest" with the same general logic as described below for interest fees, except using the appropriate haircut rate?

Are interest fees charged on intra-day positions? If I use 30:1 buying power on a basket of 50 stocks and exit the positions prior to end-of-day, will interest be charged? Will haircut fees be charged?

If trading intraday, (and therefore in and out of the positions on the same day) is the calculation based on the amount of time that the position is held? Is the calculation:

Interest fee =
{Annual Interest Rate} * {1 day / 365 days} * {percentage of the day that the position is held}?

For overnights, is the interest fee (and corresponding haircut fees) just rounded to a whole integer time period in days? In this case, is the formula:

Interest fee =
{Annual Interest Rate} * {1 day / 365 days} * {number of days that the position is held}?

Are overnights treated the same as over-weekends (which are 3 overnights and sometimes 4 overnights on holiday weekends)? I.e. are the interest fee and haircut fees larger because of the greater length of time involved? I assume that you've got to have balls of steel and/or damn-near zero brains to take on that much risk...
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Haircuts are for overnights, intraday it doesn't matter and yes it's calculated each day so you'd be paying for the days on weekends...it all depends on the traders, there's many times it makes a lot of sense to hold much capital over weekends...saying someone has zero brains is a pretty stupid thing to say.
 
OK, my head is still a little sore from surgery, but I'll try to insert some answers below:

Quote from traderbravesfan:

OK everyone - I have questions on interest fees and haircut fees -

Earlier in this thread, Don Bright mentioned haircut fees. Can we assume that a haircut fee is calculated as "extra interest" with the same general logic as described below for interest fees, except using the appropriate haircut rate?

Are interest fees charged on intra-day positions?
(No)
If I use 30:1 buying power on a basket of 50 stocks and exit the positions prior to end-of-day, will interest be charged? Will haircut fees be charged?

(No haircut, no interest).

If trading intraday, (and therefore in and out of the positions on the same day) is the calculation based on the amount of time that the position is held? Is the calculation:

(See above)

Interest fee =
{Annual Interest Rate} * {1 day / 365 days} * {percentage of the day that the position is held}?

(See above)

For overnights, is the interest fee (and corresponding haircut fees) just rounded to a whole integer time period in days? In this case, is the formula:

Interest fee =
{Annual Interest Rate} * {1 day / 365 days} * {number of days that the position is held}?

(Calculated daily by Goldman Sachs...and offset by short stock interest paid to trader)

Are overnights treated the same as over-weekends (which are 3 overnights and sometimes 4 overnights on holiday weekends)? I.e. are the interest fee and haircut fees larger because of the greater length of time involved? I assume that you've got to have balls of steel and/or damn-near zero brains to take on that much risk...

(Daily, weekend = 3 days).
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Hope that helps,

Don
 
GGSAE and Don, thanks for your replies.

GGSAE - wasn't trying to offend or anything - just at 20 or 30:1, a big move in the wrong direction can wipe out an account. My first rule is to not do that. I'm not ready for that level of risk yet, so I won't take it. When I'm better / more confident in the expected outcome, I'll be glad to.

Don - yes, it helps. Expect a call.

Thanks
 
Don is about 28 years old but looks 35. that said,he is a nice guy. i may join his firm if and when he opens an office in arkansas.
 
Quote from NY_HOOD:

Don is about 28 years old but looks 35. that said,he is a nice guy. i may join his firm if and when he opens an office in arkansas.
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wow don is only 28 years old? That's much younger than i expected!

Don, does the 3day and 2 week boot camp only happen once a year? If a new trader is looking to join, do they need to wait until the schedule time to take the training before able to fund the account and start? thanks
 
Quote from newguy05:

wow don is only 28 years old? That's much younger than i expected!

Don, does the 3day and 2 week boot camp only happen once a year? If a new trader is looking to join, do they need to wait until the schedule time to take the training before able to fund the account and start? thanks
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LOL, well I couldn't be this smart at 28, so I'll settle for 58, LOL.

The whole training process happens 4 times per year. Once per quarter. More info: www.stocktrading.com/training.html

Don
 
Quote from traderbravesfan:

GGSAE and Don, thanks for your replies.

GGSAE - wasn't trying to offend or anything - just at 20 or 30:1, a big move in the wrong direction can wipe out an account. My first rule is to not do that. I'm not ready for that level of risk yet, so I won't take it. When I'm better / more confident in the expected outcome, I'll be glad to.

Don - yes, it helps. Expect a call.

Thanks
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I wasn't offended, it was just a point to emphasize that you can't make such blanket statments about other trader's style...I did in fact hold 20:1 or more on a regular basis when i had a smaller account starting out but I wouldn't do that now for a number of reasons...
 
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