I have been trading with bright for a little over a year now. I feel that most of the comments that have been posted are unfair and inaccurate. Everyone, seems to be complaining about systems, software, executions, charges, etc. I feel compelled to touch base on all of these.
First, there software works just fine. I have no problems getting executions using the REDI product. I trade size and quantity. My trading strategy is risk arbitrage where executions are critical to making money. Furthermore, I trade at least 40 different stocks and more than 350,000 shares per day. The bottom line is REDI is a good execution platform. Second, i use FIRSTALERT, i know of no other software product that is as capable of monitoring all my stocks for my own customized criteria. I get the alert, I go after the trade, and more often than not, I get it, and make money!
As for the systems, i chose to invest in my own computer. Why would i complain about something as inexpensive as a computer. I bought my own pentium 4, for $600. Why? Because i keep 20 Montages open at one time, plus an Excel spreadsheet with an active link to REDI. This is very processor intensive. I had a problem and solved it! Improvise, Adapt, Overcome! Since this minor upgrade, i have not had any problems with order or system delays.
As for executions, well the P&L says it all. The fact is, I am making money 9 out of 10 days. If executions were impossible to get...I wouldn't make any money. This seems to punch holes in the theory that redundant systems and faster connections make for better executions. The fact is at best we are talking about nanoseconds. And you can't hit the button or the mouse any faster.
As for erroneous charges. All charges are spelled out in your trader agreement. As a trader you should be aware of these before you start.
The office environment is one that is very supportive. I can not count the times that a heads up from one of my associates has allowed me to get in and out of positions at great prices. This alone is worth the cost of leasing office space.
Finally a word about Bright. They allow me to trade. I am allowed to swing positions and take risks without being hassled by a risk department. They have helped me to reduce my costs. How may firms do you know that would call and let you know you are paying specialist fees, and could eliminate them by updating your software. This alone was a savings of $200 per day. They allow me to gauge my own risk and take the trades i want to take. When i need to pay myself, the money is in the bank that same day. When I want to trade in another office, i simply make a phone call, and i can go visit family and friends, and conduct my business. Plus, I have developed an entire network of traders and friends at other offices through out the country. As traders, we are able to talk and give feed back to each other about trades, what's working, and what isn't on an intraday basis.
I can say this about Bright, the keep their promises, they are honest to deal with, and they treat their people fairly.
Michael Schey
