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Bright Trading's new payout model
- Thread starter Maverick74
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Quote from Maverick74:
OK, I've dominated too much of this thread. I'll let others jump in and comment.
I read a few of the posts.
Mav, not sure why you are starting a thread to examine Brights payout/business. Why don't you run your business the way you want and let Don run his business the way he wants.
Quote from operator:
I read a few of the posts.
Mav, not sure why you are starting a thread to examine Brights payout/business. Why don't you run your business the way you want and let Don run his business the way he wants.
Because Don and I have spent the better part of the last 6 or 7 years discussing these issues both in person and on this forum. We even did a few audio programs together for ET. Isn't that what a message board is for...to discuss things?
Not his firm.
Quote from CQNC:
What a coincidence, could it be the same Maverick?
Equity Option Trader (NYC/Remote)
Date: 2010-08-03, 11:24AM EDT
Reply to:
With our best year in business, we are looking to add new traders from the NY area for this year. Maverick Trading will put up the capital to trade and our traders keep up to 80% of all earnings. No prior trading experience is necessary as all new applicants will undergo a training program. We are searching for motivated people with a math/finance/economics background we can teach to manage and control the risks of the financial marketplace.
To get more information about the trading position, the firm and the recruiting process, start the application process which will take you through a series of short videos and information pages. This process will answer most questions about our recruiting process and end with our online application form. After the recruiting process is complete, you will be contacted by a recruiter for a suitability interview.
Apply Now
Our top traders can make $50k+ per month
Location: NYC/Remote
Compensation: commission based
Telecommuting is ok.
This is a part-time job.
Principals only. Recruiters, please don't contact this job poster.
Please, no phone calls about this job!
Please do not contact job poster about other services, products or commercial interests.
Observations of a n00b...
Is it just me, or does anyone else get the feeling that Maverick tortured small animals as a child? Watching him repeatedly poke and prod Don while Don squirms, quite frankly, uncomfortable. One also gets the feeling that Maverick started this whole thing with the kind of glee only reserved for 10 year olds tattling on their little brother...
As I've mentioned in a previous post, I was in the process of Joining Bright, having signed up for the Setp class and studying for the 7 etc. At this point, however, I will not be joining under the new model. There is simply no way one can make it under these conditions.
As it was, I went over my trades for the past year or so, deducting 20% from all my winners. The results were devastating. Only something holy grail-ish could overcome such a rake.
I'm sure that Don knows this, thus the JVC deal, but I don't think that will make up for it in the long run. And, FWIW, I think that Don has been very gracious in taking all the flak from Mav and others here.
At any rate, I guess I will look at other firms or just stay retail...
Is it just me, or does anyone else get the feeling that Maverick tortured small animals as a child? Watching him repeatedly poke and prod Don while Don squirms, quite frankly, uncomfortable. One also gets the feeling that Maverick started this whole thing with the kind of glee only reserved for 10 year olds tattling on their little brother...
As I've mentioned in a previous post, I was in the process of Joining Bright, having signed up for the Setp class and studying for the 7 etc. At this point, however, I will not be joining under the new model. There is simply no way one can make it under these conditions.
As it was, I went over my trades for the past year or so, deducting 20% from all my winners. The results were devastating. Only something holy grail-ish could overcome such a rake.
I'm sure that Don knows this, thus the JVC deal, but I don't think that will make up for it in the long run. And, FWIW, I think that Don has been very gracious in taking all the flak from Mav and others here.
At any rate, I guess I will look at other firms or just stay retail...
Quote from iagainsti:
Observations of a n00b...
Is it just me, or does anyone else get the feeling that Maverick tortured small animals as a child? Watching him repeatedly poke and prod Don while Don squirms, quite frankly, uncomfortable. One also gets the feeling that Maverick started this whole thing with the kind of glee only reserved for 10 year olds tattling on their little brother...
As I've mentioned in a previous post, I was in the process of Joining Bright, having signed up for the Setp class and studying for the 7 etc. At this point, however, I will not be joining under the new model. There is simply no way one can make it under these conditions.
As it was, I went over my trades for the past year or so, deducting 20% from all my winners. The results were devastating. Only something holy grail-ish could overcome such a rake.
I'm sure that Don knows this, thus the JVC deal, but I don't think that will make up for it in the long run. And, FWIW, I think that Don has been very gracious in taking all the flak from Mav and others here.
At any rate, I guess I will look at other firms or just stay retail...
It wouldn't be 20% of only your winners. It would be 20% of your net profits for a month/week/year, whatever the terms of the agreement are with Bright.
Wouldn't most high volume guys (2M shares and up monthly) be much better off with an 80/20 split and 0.20/1000 commish anyway ?
Comparing 0.003/100% and 0.0002/80%
2M monthly volume : anything under 28k monthly profits and you're better off with 0.0002/80%.
4M monthly volume (let's mark it down to 0.002 for the 100% model): anything under 36k monthly profits and you're better off with 0.0002/80%.
6M monthly volume : the b/e point is over 52k.
You can imagine that as volume goes up, so does the breakeven point.
Most traders doing that kind of volume aren't over those b/e points.
So most (90%) traders doing over 1M volume per month are way better off with a 80% payout and 0.20/1000 model.
Comparing 0.003/100% and 0.0002/80%
2M monthly volume : anything under 28k monthly profits and you're better off with 0.0002/80%.
4M monthly volume (let's mark it down to 0.002 for the 100% model): anything under 36k monthly profits and you're better off with 0.0002/80%.
6M monthly volume : the b/e point is over 52k.
You can imagine that as volume goes up, so does the breakeven point.
Most traders doing that kind of volume aren't over those b/e points.
So most (90%) traders doing over 1M volume per month are way better off with a 80% payout and 0.20/1000 model.
Quote from iagainsti:
Observations of a n00b...
Is it just me, or does anyone else get the feeling that Maverick tortured small animals as a child? Watching him repeatedly poke and prod Don while Don squirms, quite frankly, uncomfortable. One also gets the feeling that Maverick started this whole thing with the kind of glee only reserved for 10 year olds tattling on their little brother...
As I've mentioned in a previous post, I was in the process of Joining Bright, having signed up for the Setp class and studying for the 7 etc. At this point, however, I will not be joining under the new model. There is simply no way one can make it under these conditions.
As it was, I went over my trades for the past year or so, deducting 20% from all my winners. The results were devastating. Only something holy grail-ish could overcome such a rake.
I'm sure that Don knows this, thus the JVC deal, but I don't think that will make up for it in the long run. And, FWIW, I think that Don has been very gracious in taking all the flak from Mav and others here.
At any rate, I guess I will look at other firms or just stay retail...
Ahaha that's funny, 20% off the each trade, what an accounting nightmare!
You guys are missing the point, this is about how the fundamental shifts in trading are affecting the viability of running a prop shop, the 20% spilt has nothing to do with it, there's lots of ways to work with that...and I don't see anything wrong with Mav prodding Don, as you put it, the tough questions need to be asked.....and there's a few things I was gonna say in comment to Don's post but held back.
one question no one asked is how can this sub account/jvc program be no risk and all profits?
Don seems to make it sound like they open a second account for you and out of the goodness of their heart they will trade your money, no risk of course and split the profits.
Does this sound about right? Just curious. There are no free lunches and this so called JVC program seems a bit sketchy especially when you hear the words "no risk." There must be a rub somewhere.
Don seems to make it sound like they open a second account for you and out of the goodness of their heart they will trade your money, no risk of course and split the profits.
Does this sound about right? Just curious. There are no free lunches and this so called JVC program seems a bit sketchy especially when you hear the words "no risk." There must be a rub somewhere.
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