Don Bright
- Thread starter bighitter1
- Start date
please help me to understand this:
1. Is BT charging any fees that has not been disclosed, understood and agreed to by all parties? or,
2. you are angry simply because you do not like their business model and the fee structure they offer?
3. are you bound by any unfair agreement and restricted from joining another firm?
I want to know for the benefits of all the readers: are there any elements of deception, misrepresentation, or underhand dealing with their operation that caused such rage?
Or perhaps he should have a reality check and realize that you do not trade equities for a living with only 5k.
Show me a trader just starting out using 30 to 1 leverage on 5k that makes 17 % roi.
Much has been made of this commission structure. I would respectfully submit that is the profit margin on your trading strategy is so thin that 1/2 cent determines success or failure, you need a new system.
Beyond that, whatever Mr. Bright was in the past, he is a businessman now. He promotes his business. Duh! Considering the den of thieves that populate this business, he seems to play it pretty straight.
Should someone think they can fast track their way to trading shangrila through high leverage....well, good luck with that. Some will, most won't, and that's a decision you make as an adult. Live with the consequence and quit blaming someone else for your high stakes gamble if it goes bad.
Beyond that, whatever Mr. Bright was in the past, he is a businessman now. He promotes his business. Duh! Considering the den of thieves that populate this business, he seems to play it pretty straight.
Should someone think they can fast track their way to trading shangrila through high leverage....well, good luck with that. Some will, most won't, and that's a decision you make as an adult. Live with the consequence and quit blaming someone else for your high stakes gamble if it goes bad.
Okay, most traders would fail to do that. Let me modify the question. How about someone who just wants to trade part time because he hasn't decided that trading is really for him, or he just wants to practice with small share sizes before he decides to really leap into trading. Wouldn't it make sense for him to risk less money up front? 30 to 1 leverage would probably be too much. But what about 4 to 1 leverage with a $5,000 account? If he wasn't cut out to be a trader and ended up quitting after six months, he would probably have lost a lot less than if he had had a $25,000 account with 4 to 1 leverage.
What I'm trying to say is that some of these prop firms might be suitable for someone to give trading a try. Not everyone who wants to trade has decided that it's what they should be doing, and letting them practice with a smaller account, without putting up the capital to satisfy the PDT rule, could help them instead of hurt them by exposing them to less risk.
If you are just starting out you do not need to be using borrowed money to begin with. You have 5k, then trade 100 shares of a $50 stock until you put together something that works. Margin will do nothing for you but blow up your account sooner.
True. But there is still the PDT rule to contend with. Unless the newbie wanted to start out with swing trading, he wouldn't be able to practice with 5K or 10K or even 20K. He might end up holding a losing position just to avoid the PDT rule and do a lot of damage to his account. Avoiding this situation is probably the best service that some of these prop firms provide. They let one get a taste of real trading, but with smaller sizes.
u got a much better shot at it via prop; if u choose retail it might take ages or even never happen. simple reason to go prop is 1to1 mentorship 'till u get it and usually proppers get it fast; startin' small anyways, they end up makin' most of their money with simple scalpin' techniques.