"Bright Trading"
- Thread starter habari
- Start date
I can only laugh. WOW!
Hey Habari, maybe you should have your mother walk you through my posts and explain the context to you. I am not expressing any vendetta towards Don or his firm. I was only agreeing with another poster about my displeasure when the title of the thread changed at the request of the one who the thread is about, not the person who started the thread. I would have made this comment whether it was in relation to Don, Mother Theresa, Tony the Tiger, whoever... I personally enjoy Don's participation here actually, he's a witty guy. But in reference to your comments I could really care less anyways, so I will waste no more time on you.
Good luck with your series 7, and let me know when you start trading because I will be happy to take the other side of your trades all day long.
What exactly is the logic behind taking home 'winners' vs losers.
Is there some proof that these trades are worth holding? If so, then I'd like to see the rules and the P&L since there must be some candy money there.
Or is it just a way of enforcing trading discipline so that bad trades don't get ridden into the ground.
Personally, I think holding stock overnight exposes you to unmanagable risk that has nothing to do with true 'daytrading', whether it's a stock you made money on today or not.
Is there some proof that these trades are worth holding? If so, then I'd like to see the rules and the P&L since there must be some candy money there.
Or is it just a way of enforcing trading discipline so that bad trades don't get ridden into the ground.
Personally, I think holding stock overnight exposes you to unmanagable risk that has nothing to do with true 'daytrading', whether it's a stock you made money on today or not.
You mean you're not aware of the event called a negative gap? Just because your position is a winner at days end doesn't mean it's gonna open as a winner..
Nevertheless, I know Bright allows traders to take home positions (whether winners or losers). I'd say most firms allow it too. The only one I can think of that doesn't - someone correct me if I'm wrong - is Worldco.
You asked a simple question, "why not take home losers?" We have a simple answer...It is the second worst thing that traders do that causes them to lose money (the first is "adding to losers"....this is so important. Mental stress from worrying about the position, lack of contol over it (market's closed), against momentum (a big no no).
Anyway, to each his own...I can just go by the records of our firm for the last 10 years or so. We strongly discourage it.
Winners on the other hand tend to be trending in the right direction, and even if they reverse a bit, you still have a profit in them...and that's what its all about...profits.
Don
I noticed that the forum changed the name from of the thread from "Why are people so against Bright?" to simply "Bright Trading."
Think perhaps Don put a little of his weight on someone who needs his advertising money?
Clean as an whisle, quick as a wink.
Think perhaps Don put a little of his weight on someone who needs his advertising money?
Clean as an whisle, quick as a wink.
I'm a dedicated IB man, (started at Broadway) but from what I read on the boards at Elite I like Don Bright. Never been in one of his offices and never talked to him, but I admit to admiring his business and the opportunities he provides to those who want to go that route. Mind you I'm well up today, so I'm in a good mood about everything.
By the way for you BGEN traders, if you are wondering who the dork was that sold BGEN for an exact buck under the market in the pre-market today (Friday) it was me. Didn't have my glasses on. The mistake got my adrenaline pumping and I did A-OK. Have a good weekend.
By the way for you BGEN traders, if you are wondering who the dork was that sold BGEN for an exact buck under the market in the pre-market today (Friday) it was me. Didn't have my glasses on. The mistake got my adrenaline pumping and I did A-OK. Have a good weekend.
Don
It is the second worst thing that traders do that causes them to lose money (the first is "adding to losers"....this is so important.
Not so long ago your response to my post was that you didn't understand people's preoccupation with controling losses. I didn't get an answer until now. Contradictory but still an answer.
It is the second worst thing that traders do that causes them to lose money (the first is "adding to losers"....this is so important.
Not so long ago your response to my post was that you didn't understand people's preoccupation with controling losses. I didn't get an answer until now. Contradictory but still an answer.
I'm sorry if I missed something about controlling losses. My initial point was that "losses just happen, and are treated the same as gains"....we look for good entry points and even better exit points. Those that worry too much about taking a loss are probably going to have a tough time trading for a living...because they are a way of life (hopefully less than half the equation!).
Don