Bright Trading

[theShadow]

"To be honest Don, it kind of bugs me that you try to take credit for Bright's profitable traders in general. A large number of Bright's successful traders either:

(a) already knew how to trade before they came to Bright,
(b) were taught by someone other than "Don the All-knowing" such as an office manager or another trader, or
(c) never attended his class and taught themselves"

No F... Kidding. Don, why do you need to falsely take credit?

 

[Don Bright]

Originally posted by macal425
Based on your numbers, only 35% of your traders make it past 2 years. Although this may be above the industry average (I have no idea), I think it is misleading to keep saying that your traders, and the methods you teach them, are successful. Yes it is true that your 'successful' traders are successful, but overall you have a 65% 'failure' rate over a 2 year timeframe.

Reality check everyone: 90 % of all businesses fail in the first year, so if we want to "play with numbers" we are 500% more successful than all other businesses. No firm to date has ever come up to the plate with solid numbers on this board. I don't mind doing it, but I ask that you keep things in perspective. Our numbers this year are probably going to be better, but I can't post them until I have the facts.

Trading is a business, and we can only help those who will accept it....trading is simple, but not easy...too many psychological hangups to get past for many people.

I think the fact that we, as a business, have continued to grow at 40% per year for over a decade shows that our traders must be doing fine. Firms A, B, and C (competitors) have all "laid off" traders this year or contracted.

We've gone through this all before, and I don't mind re-hashing sometimes, but all I am doing is responding to questions....

Hope this all helps...

Don

 

[Don Bright]

Originally posted by GHansen



To be honest Don, it kind of bugs me that you try to take credit for Bright's profitable traders in general. A large number of Bright's successful traders either:

(a) already knew how to trade before they came to Bright,
(b) were taught by someone other than "Don the All-knowing" such as an office manager or another trader, or
(c) never attended his class and taught themselves

Who in the heck ever said that it was me or my training that attracts all the good traders, certainly not me. The established traders come for the financial security, pricing and other benefits. Our stat's on new traders show that those who have more intensive training do better, but that's always a "given." I certainly don't take the credit for Bright Trading, it is a team and family effort to keep doing this well, and we're pretty proud of our team.

My brother and I (along with other traders) teach the beginning and advanced classes, based on our experience on the several trading floors and in the business 20 some years. We have top traders speak about what they're doing Today, and how they are implementing winning strategies....and, again, the new traders learn a lot about reaility trading. This is not "about me"...guys, really....

 

[xtrader]

His office had several traders quit in the last 2 months. Some traders not coming in or taking a break because their strategies are not working well.

Looks like a decline is ocurring.

Padding your numbers with "potential" people taking the series 7 is not relevant.

GEEZ why rehash the hash when the hash is trash?

 

[Yannis]

OK you guys,

I don't see it the same way.

When I got a job out of graduate school, the school tracked this happy event, "took credit" if you will. It is a useful statistic to be able to say what percentage of your students get good jobs after graduation, regardless of the fact that some of them go to work for their father.

When I make some money, George Bush "takes credit" because he is the current leader of our economy. For better or worse.

The statistics that Don posted are useful and are in sufficient granularity. Yes, some traders go there knowing how to trade, as some others go there without a clue. It all averages out, we understand this. Yet, what percentage of them are still trading after a few years is very important and it does contain a significant element of what the company they chose to trade for/with is doing for them.

There's a lot being said about that almost magical 10% of traders who make it. If Don can post that 2 or 3 or 4 times that percentage make it when they go trade with them, that's a very important and hopeful statistic. Bravo!

What we want here is a free exchange of information, not endless recrimination and acrimony. I don't trade for Bright, but I, and many others, do benefit from what Don is posting here. Let him talk, please.

 

[Don Bright]

Originally posted by MVP
Let's be real...

What does is take PRESENTLY to be a successful trader TODAY?

NOT how a firm made a new trader successful in 2000.
NOT how big a firm is.
NOT...

Right now.

Walk into the office you are considering. Speak to the traders that are willing to assist you. Check out the stability of the equipment. See that the systems used are up to date. Make certain that the training program is continouos and one-to-one over a 6 month+ period of time. (1 week training is a "sales" gimmick) Make sure you are getting a competitive deal.

Don't make broad comparisons. Analyze the specifics of the office you will be trading at. What does the success of another trader in another office have to do with your success?

Many of the figures presented on this thread have absolutely NO bearing on how to choose a place to start trading.

I absolutely agree, you must stay up to the minute, ahead of the game if you will....to stay competitive in this game.
And, yes, everyone should weigh in all the factors when choosing a trading firm.

Don

 

[Don Bright]

Originally posted by xtrader
His office had several traders quit in the last 2 months. Some traders not coming in or taking a break because their strategies are not working well.

Looks like a decline is ocurring.

Padding your numbers with "potential" people taking the series 7 is not relevant.

GEEZ why rehash the hash when the hash is trash?

Yes, we do lose traders..sometimes they don't want to adapt, some just aren't cut out to be traders, heck most of the people on this board don't make a nickel trading. Our net growth is important to me, and we do our best with continuing (free) training that my brother offers, and automation, and all the rest....but even so, some just don't get it....but at least we try our best...

(no "padding": 58 on the "waiting" list).

Don

 

[mrktwiz]

RE> I just spoke to a Bright Trader

I talk to 2 or more Bright traders every week also..(I currently do not trade at Bright), one is a <very> close friend of mine, their both profitable and extremely happy...btw the training that Don and Robert provide has been ongoing , they have new trader meetings twice a week after the close and informal meeting with the office manger daily.....their not perfect, but my friend is profitable and more importantly happy, (yes trading that Ol Opening Order strategy..and you know what??? he's absolutely KILLING at that right now)....

I am monitoring my friends progress for my own information too, (I was somewhat skeptical of "some" claims Don made too so I speak frequently to him). So far what I've seen and heard from my friends that trade with Bright has been positive, I do see post's here from "former" BT traders and read them too, I'm sure not everyone has a positive experience.

Just my .02 cents worth....

mrktwiz

 

[daniel_m]

Originally posted by Don Bright


Reality check everyone: 90 % of all businesses fail in the first year, so if we want to "play with numbers" we are 500% more successful than all other businesses. No firm to date has ever come up to the plate with solid numbers on this board. I don't mind doing it, but I ask that you keep things in perspective. Our numbers this year are probably going to be better, but I can't post them until I have the facts.

I think the fact that we, as a business, have continued to grow at 40% per year for over a decade shows that our traders must be doing fine. Firms A, B, and C (competitors) have all "laid off" traders this year or contracted.

er, let me make a slight correction to those figures don.

90% of businesses fail in the first year? wow, the legend grows...
mind telling us where you got this stat from? or was it just a mental slip, as the figures i most often see are 80% in the first 5 years (cos, as we both know, a business can be run on a shoe-string for a lot longer than a trading career).

and even if that 90% figure is correct, and 50% of your traders make it in the first year, then your firm is 40% (90 minus 50) more successful than "all other businesses", not 500%.

and, i know it's your duty to paint a rosy picture, but the fact that your firm has grown by 40% pa really isn't a measure of how successful your traders are, sorry. it just means that you have been successful in attracting new trades. we really aren't justified in deducing that you've grown at that rate because trading at bright is such an advantage and everybody's clamoring to get in..

but credit where it's due, i too haven't seen any other firm step up to the plate and give an official figure of the success of its traders (altough i do remember hitman talking about it 'unofficially' back when he used to post here..)

 

[Yannis]

Originally posted by daniel_m


90% of businesses fail in the first year? wow, the legend grows...
mind telling us where you got this stat from? or was it just a mental slip, as the figures i most often see are 80% in the first 5 years (cos, as we both know, a business can be run on a shoe-string for a lot longer than a trading career).

and even if that 90% figure is correct, and 50% of your traders make it in the first year, then your firm is 40% (90 minus 50) more successful than "all other businesses", not 500%.

Daniel,

The 10% success rate of a new business in the first year is a well researched and publicized, approximate figure that the Government (e.g., SBA) and large corporations use - I learned it first during my MBA years some time ago. Later, while I was new ventures manager at AT&T we were using that same figure.

So, if the probability of success for a trading venture is about 10% and a prop trading firm documents that 50% of their traders make it past the first year, that's an improvement of 40 percentage points, a quadrupling of the chance to survive the crucial first year, a 400% net, incremental improvement.

What we don't know of course is if their traders are "average" or if they are chosen in a non-random way. This could modify our use of that approximate 10% figure. One could argue that the better capitalized, more intelligent traders tend to go to prop firms, because they are smart enough to know they could use some expert help. On the other hand, someone else could also argue with a straight face that if you are well capitalized, confident and successful you don't need to go that route. I just don't know.

Oh well, enough math. The futures look happy this morning. Take it easy