Bright Trading

SethArb · Nov 22, 2005

hi don

2 short questions

A: will Bright trading ever offer traders the option of trading futures ( i.e. stock index futures )

B: what percent of trades done by Bright traders
are Listed vs Nasdaq ?

C: what are the present trading hours permitted for remote traders ? ( i.e. is after hours allowed ) ?

have a happy thanksgiving

seth

jem · Nov 22, 2005

don you always were a master at super spin. I could never say something like this with a straight face.

Quote from Don Bright:

We are in the fortunate position to have many of our (expensive) 1990's leases come up for renewal, and our traders have opted to trade remotely. We have traders in Florida, but they trade from home or their own office locations. We will likely be absorbing another firm in the near future, and if we do, we will keep their Southern Florida location.

Don

I would say something like this. We closed a bunch of our offices because there was not enough profit to justify the costs of the t-1s, computers, equipment, manager and office space.

EPrado · Nov 22, 2005

Quote from SethArb:

hi don

2 short questions

A: will Bright trading ever offer traders the option of trading futures ( i.e. stock index futures )

B: what percent of trades done by Bright traders
are Listed vs Nasdaq ?

C: what are the present trading hours permitted for remote traders ? ( i.e. is after hours allowed ) ?

have a happy thanksgiving

seth

I never understood why most prop groups (outside of chicago) didnt offer futures. Personally, I feel there is a ton more opportunity in futures trading. I know these equity trading shops clean up with equity commissions....maybe they dont see the same profit potential they can make off their traders with futures commissions.

Don Bright · Nov 22, 2005

Quote from ang_99:

Echo gives 30-1 intraday leverage....what more do you want. Or are you just talking about overnight?

Sorry, but I seemed to have missed a couple of posts.

Opening only orders are still the most profitable trades. So even intraday capital useage can be pretty high.

Example:

30 stocks entered with only 2,000 to buy, 2,000 to sell.

120,000 shares x (average price) of $40. = $4.8 Million.

$20K in account x 30 = only $600K....

Many of our guys enter 100 or more stocks.

Again, just for the record.

Don

EPrado · Nov 22, 2005

Quote from Don Bright:

Sorry, but I seemed to have missed a couple of posts.

Opening only orders are still the most profitable trades. So even intraday capital useage can be pretty high.

Example:

30 stocks entered with only 2,000 to buy, 2,000 to sell.

120,000 shares x (average price) of $40. = $4.8 Million.

$20K in account x 30 = only $600K....

Many of our guys enter 100 or more stocks.

Again, just for the record.

Don

How come you guys dont trade futures?

Don Bright · Nov 22, 2005

We trade futures, even my brother and I trade the E's these days.

It's just hard to compete for the regular traders because the CME members pay about 40 cents (total) round turn.

Don

EPrado · Nov 22, 2005

Quote from Don Bright:

We trade futures, even my brother and I trade the E's these days.

It's just hard to compete for the regular traders because the CME members pay about 40 cents (total) round turn.

Don

I hear ya....cant firms like yours buy a seat / become a member of the Merc? I traded stocks for Schonfeld for about 10 yrs. I left after the powers to be decided to kill the volatility and go penny increments. Now am trading futures for a hedge fund. I just feel there is a ton more opportunity in commodities/futures. All of my buddies still at Schonfeld and other equity firms complain that is so damn hard to make good money trading equities.

Don Bright · Nov 22, 2005

Quote from EPrado:

I hear ya....cant firms like yours buy a seat / become a member of the Merc? I traded stocks for Schonfeld for about 10 yrs. I left after the powers to be decided to kill the volatility and go penny increments. Now am trading futures for a hedge fund. I just feel there is a ton more opportunity in commodities/futures. All of my buddies still at Schonfeld and other equity firms complain that is so damn hard to make good money trading equities.

We've been members of the CME since 1982, but the problem is that only the actual member name can get those prices, not LLC members. You know that if we could cut prices by 90% and still make money, we would (well, we "might" LOL).

Don

EPrado · Nov 22, 2005

Quote from Don Bright:

We've been members of the CME since 1982, but the problem is that only the actual member name can get those prices, not LLC members. You know that if we could cut prices by 90% and still make money, we would (well, we "might" LOL).

Don

Really...makes sense...when I was at Schonfeld we had futures, but the commissions were insane. I guess it matters how your firm is set up. I traded at a small prop group in Chicago that were members and set up as an LLC. But we got the same rates passed to us. Was like 40-50 cents roundturn. They were able to pass on the low rates. Maybe they had us all umbrella'd under one account.

Don Bright · Nov 22, 2005

Quote from SethArb:

DON ... are you suggesting that retail futures traders paying non member rates should stop trading futures ( as our commissions are too high
for scalping )
and instead open up stock trading acct with
your firm ?

Not at all, just save enough money to switch over when you're ready, LOL.

But, since you mention it......

Don

Boy, about 15 posts today...it really is slow.

But I manged to buy at 1262.50 and sell out at a point higher. How easy is this futures stuff anyway...