Bright Trading and Other Pro Shops?
- Thread starter vonk
- Start date
When I was still new to this a couple years ago I checked out a firm here in SF called Landmark Securities. It was run by three guys at the time. Once I visited the office, I liked the atmosphere so I opened an account.
After a couple more visits to the office I got the feeling that nobody there knew what they were doing. There were about 10 other traders in there at the time, and it seemed that nobody there traded with a strategy, or plan. I asked the main owner how his turnover rate was...he said it was good compared to other firms because they used a hands-on approach in teaching the traders.
Anyways, I closed my account within the month. About a year later my suspicions were confirmed. I read an article that followed a couple traders in that Landmark office for a couple weeks.
Article: http://www.upsidetoday.com/texis/mvm/tia_obrien?id=3831c1da0
This excerpt pretty much says it:
"Over the next two weeks, I check back with both Stuchiner and Lucy as the Dow heads into a tailspin. Lucy loses $3,500 on a little-known stock she figured would skyrocket but that instead plummeted. "I'm furious," she vents. "I just learned that no one in this office has made money. I didn't know that." According to Bleimann, he and two other traders "go in and out of profitability." But after nine months, the office's top trader is ahead by only about $5,000 to $10,000."
This trading office couldn't be that different from offices across the country. In my opinion these offices are just slaughter houses for newbies ;-)
After a couple more visits to the office I got the feeling that nobody there knew what they were doing. There were about 10 other traders in there at the time, and it seemed that nobody there traded with a strategy, or plan. I asked the main owner how his turnover rate was...he said it was good compared to other firms because they used a hands-on approach in teaching the traders.
Anyways, I closed my account within the month. About a year later my suspicions were confirmed. I read an article that followed a couple traders in that Landmark office for a couple weeks.
Article: http://www.upsidetoday.com/texis/mvm/tia_obrien?id=3831c1da0
This excerpt pretty much says it:
"Over the next two weeks, I check back with both Stuchiner and Lucy as the Dow heads into a tailspin. Lucy loses $3,500 on a little-known stock she figured would skyrocket but that instead plummeted. "I'm furious," she vents. "I just learned that no one in this office has made money. I didn't know that." According to Bleimann, he and two other traders "go in and out of profitability." But after nine months, the office's top trader is ahead by only about $5,000 to $10,000."
This trading office couldn't be that different from offices across the country. In my opinion these offices are just slaughter houses for newbies ;-)
Check out the thread I started on Professional Margin of 10-1 for a few other ideas on firms.
I disagree with DUSTIN I do know a few good trading outfits. My friends at FMB are super talented. http://www.careerdaytrader.com (for more info) They are traders and take a hands on approach to any new trader who comes in.
I'm flying out to Chicago in April to meet an ex floor trader turned daytrader who turned $30,000 into over 2 million in about two years. His entire operation I've heard is pretty decent. I'll post more when I learn more.
I've learned a lot about Bright. First and foremost they take 25% of your profits!. WOW talk about hurting your potential. $600 per month in fees having to trade in their offices. The majority of traders are losing money so an emotional blackhole is surrounding you. Check out the reviews too. Seems equipment is outdated. The other thing is if you trade with them if you decide not to they hold your money for an entire year. The interest they can earn by holding $25,000 isn't too bad. Guess how they stay in business?
rtharp
I disagree with DUSTIN I do know a few good trading outfits. My friends at FMB are super talented. http://www.careerdaytrader.com (for more info) They are traders and take a hands on approach to any new trader who comes in.
I'm flying out to Chicago in April to meet an ex floor trader turned daytrader who turned $30,000 into over 2 million in about two years. His entire operation I've heard is pretty decent. I'll post more when I learn more.
I've learned a lot about Bright. First and foremost they take 25% of your profits!. WOW talk about hurting your potential. $600 per month in fees having to trade in their offices. The majority of traders are losing money so an emotional blackhole is surrounding you. Check out the reviews too. Seems equipment is outdated. The other thing is if you trade with them if you decide not to they hold your money for an entire year. The interest they can earn by holding $25,000 isn't too bad. Guess how they stay in business?
rtharp
Excerpt from March issue Active Trade Magazine
Cover story :
Trading for a living: The new proprietary traders
Trading firms across the country are giving individuals access to big trading accounts and cutting-edge technology as proprietary traders. Is this arm of the trading biz for you? Do you have what it takes?
http://www.activetradermag.com/coverstory.htm
Cover story :
Trading for a living: The new proprietary traders
Trading firms across the country are giving individuals access to big trading accounts and cutting-edge technology as proprietary traders. Is this arm of the trading biz for you? Do you have what it takes?
http://www.activetradermag.com/coverstory.htm
it seems the marketplace is coming back, large, and it may be time to get your affairs in order.
if you've decided to go professional, then do it!
if you've decided that perhaps Onsite / AB Watley or other cheaper firms don't offer professional services (bullets, conversions, house capital instead of 10:1 on your own money, etc.) then make the change and get it done quickly....
this next bull will be a PC bull. He won't be breaking all the china in the shop, but walking around each stand. Maybe a few records will be broken every now and then, but there won't be smashing hits...
if you've decided to go professional, then do it!
if you've decided that perhaps Onsite / AB Watley or other cheaper firms don't offer professional services (bullets, conversions, house capital instead of 10:1 on your own money, etc.) then make the change and get it done quickly....
this next bull will be a PC bull. He won't be breaking all the china in the shop, but walking around each stand. Maybe a few records will be broken every now and then, but there won't be smashing hits...
Re: Bright Trading
I visited their office in San Francisco a few months ago.
The office is dark, and the equipment looks outdated. They do not use technical indicators for their trading, only "reading the tape".
The one fact that disturbed me the most: Bright allows to trade NYSE stocks only, i.e. it does not allows trading Nasdaq stock.
I decided to start my own trading business, in my home, with a nice setup (fast computer, 4 monitors, etc.), using Cybertrader, trading Nasdaq stocks (and the QQQ). I am very happy, and am glad that I didn't start at Bright.
I visited their office in San Francisco a few months ago.
The office is dark, and the equipment looks outdated. They do not use technical indicators for their trading, only "reading the tape".
The one fact that disturbed me the most: Bright allows to trade NYSE stocks only, i.e. it does not allows trading Nasdaq stock.
I decided to start my own trading business, in my home, with a nice setup (fast computer, 4 monitors, etc.), using Cybertrader, trading Nasdaq stocks (and the QQQ). I am very happy, and am glad that I didn't start at Bright.
(Note: It has come to my attention that this post is old, and that someone has "reactivated" it since we went through this nightmare of deception. I am going to leave my "ranting" up in the interest of "no-censorship" on the board). Mr. Tharp, I apologize for the negative wording.
BRIGHT TRADING DOES NOT TAKE 25% OF TRADERS PROFITS, PERIOD! PLEASE DO NOT LIE ON THIS BOARD ANY MORE. THIS IS THE REASON OUR REGULATORS GOT US INVOLVED IN THIS BOARD IN THE FIRST PLACE.
SINCE YOU ARE WITH ECHO, I THINK THAT JEFF DEWITT SHOULD BE MORE CAREFUL ABOUT THE TYPES OF THINGS THAT YOU ARE SAYING! I WILL SEE THAT HE GETS CALLED ABOUT THIS.
(Capitals for irritation)
Bright Trading has always seen that their profitable traders keep their profits. We had a reserve program to help those who needed it, and to conserve cash for people's taxes. If and when a trader had problems, we would use that money to keep the trader in business, or simply put it back into their account.
I have purposely not posted some facts about your firm, from ex traders who have tried to get their own money out because I prefer to maintain some propriety, but this is outrageous!
BRIGHT TRADING DOES NOT TAKE 25% OF TRADERS PROFITS, PERIOD! PLEASE DO NOT LIE ON THIS BOARD ANY MORE. THIS IS THE REASON OUR REGULATORS GOT US INVOLVED IN THIS BOARD IN THE FIRST PLACE.
SINCE YOU ARE WITH ECHO, I THINK THAT JEFF DEWITT SHOULD BE MORE CAREFUL ABOUT THE TYPES OF THINGS THAT YOU ARE SAYING! I WILL SEE THAT HE GETS CALLED ABOUT THIS.
(Capitals for irritation)
Bright Trading has always seen that their profitable traders keep their profits. We had a reserve program to help those who needed it, and to conserve cash for people's taxes. If and when a trader had problems, we would use that money to keep the trader in business, or simply put it back into their account.
I have purposely not posted some facts about your firm, from ex traders who have tried to get their own money out because I prefer to maintain some propriety, but this is outrageous!
To Simba...yes our SF office is dark, but the equipment is state of the art. This office is one of our most successful, and is full of ex floor traders who prefer the darkness, and prefer to trade NYSE listed.
We trade OTC and have lowered rates to allow for new people to trade whatever they like.
That SF office has been filled up with traders from VB and other "spin offs" who have come back to us. We had to add a Walnut Creek office, and a Novato office to make room for new traders.
Sorry if I sound upset, but I get a bit concerned when outright errors and lies are posted up here.
We trade OTC and have lowered rates to allow for new people to trade whatever they like.
That SF office has been filled up with traders from VB and other "spin offs" who have come back to us. We had to add a Walnut Creek office, and a Novato office to make room for new traders.
Sorry if I sound upset, but I get a bit concerned when outright errors and lies are posted up here.
Don
My references came from the magazines I can't remember but it was either Active Trader or Stocks and Commodities. I would get those corrected before I'd worry about here.
Not something I made up. I never saw a correction printed in the magazine (I'm now in Phoenix instead of California but when I go back home I'll try to find the exact issue which I'll post later.)
That is an extremely old post too. Look at the date.
One of the other things I did when looking for a pro firm was talk to different traders at the different firms. This was a reason for a lot of the traders at your firm left. So it isn't correct now but in the past it was.
Robert Tharp
My references came from the magazines I can't remember but it was either Active Trader or Stocks and Commodities. I would get those corrected before I'd worry about here.
Not something I made up. I never saw a correction printed in the magazine (I'm now in Phoenix instead of California but when I go back home I'll try to find the exact issue which I'll post later.)
That is an extremely old post too. Look at the date.
One of the other things I did when looking for a pro firm was talk to different traders at the different firms. This was a reason for a lot of the traders at your firm left. So it isn't correct now but in the past it was.
Robert Tharp