Don Bright

[my7tvette]

Maverick is 100% right here. Although every trader here isn't shooting for a million a year, I'm pretty sure most of us not trading simply for the enjoyment. I want to get paid for my time.

Who are all these guys that talk about going "all in" with 5k and expecting to survive? I hope they have a few more 5k's in a bank account somewhere.

The way I see it, if you hope to average $500/day, you need to prepare yourself for the fact that there will be days that you will lose $1000...or more. Oh, so you want to make $5000/day? Do the math.

Why all the venom toward Bright and their commissions? If you can't make it on their commission structure, and you've only got 5k to put up, you won't make it anyway.

Flip more burgers and come back with some real $$, or go to IB if you are that good, and come back and tell us how you made that first million with only 5k down.

 

[ElectricSavant]

I would like the 300% on the 50 mil...ok maybe 48% if Oanda will let me.

I am shooting for every pip the market wants to give me...thats it..

Michael B.

P.S. Giving me more leverage or cash does not matter to me, as I follow my system. Both would accomplish growth.

Quote from Maverick74:

I know a lot of guys that do. In fact over half the traders at my firm keep at least that much. Do you really think you are going to make serious money (1 million to 10 million) keeping 5k in a prop account. If you do, you are basically committing yourself to a lifetime of mediocre earnings. It also forces you to leverage yourself to the hilt every single day of your life.

One of the things you learn in this business after you have been in it awhile is it takes money to make money. Not leverage, MONEY! There is a difference. You need to be able to withstand the drawdowns. Leverage does not allow you to do that. At some point you need to have real cash behind you. That is why guys start hedge funds. You want to be able to make real money with as little leverage as possible, not as much.

Think about it, would you rather take home 50 million a year making 10% to 12% a year or take home 500k to a million but having to earn 300% returns to do that and exposing yourself to a catastrophic risk every day to do it.

 

[syrre]

Quote from Don Bright:

When the facts come out about many of these firms, and everyone starts complaining about how they got screwed out of their money, or the owners are barred for life from the industry, and all the rest, enough is said then.

I think making insinuations about competitors is a professional way to do business - NOT

 

[Moneyball]

Quote from Maverick74:

I know a lot of guys that do. In fact over half the traders at my firm keep at least that much. Do you really think you are going to make serious money (1 million to 10 million) keeping 5k in a prop account. If you do, you are basically committing yourself to a lifetime of mediocre earnings. It also forces you to leverage yourself to the hilt every single day of your life.

One of the things you learn in this business after you have been in it awhile is it takes money to make money. Not leverage, MONEY! There is a difference. You need to be able to withstand the drawdowns. Leverage does not allow you to do that. At some point you need to have real cash behind you. That is why guys start hedge funds. You want to be able to make real money with as little leverage as possible, not as much.

Think about it, would you rather take home 50 million a year making 10% to 12% a year or take home 500k to a million but having to earn 300% returns to do that and exposing yourself to a catastrophic risk every day to do it.

Well said.

How many of these anti-Bright threads do we really need? Don's admitted over and over again that they're not right for everybody- no firm is. If they're not right for you Bighitter (all things considered), then trade somewhere else. I don't see what starting yet another "Bright's commissions are too high" thread accomplishes. Do you think he's finally going to agree with you and lower them? Maybe he'll send you a PM with a "secret" deal?

There are pluses and minuses with every firm in every business. I think even Don might admit (if you get a few drinks in him, lol) that his commission rates are on the "minus" side of the ledger, for some traders. But there are plenty of pluses as well. It's pretty simple- if the pluses don't outweigh the minuses for you and your situation, find a firm where they do.

By the way, I don't trade at Bright because they're not a great fit for me and my current situation, but I know other traders who trade different styles that are happy there.

 

[bighitter1]

lol here we go again. all the guys at prop firms leave 500k-1 mil in there non insured prop acounts. give me a damm break.don since you seem very honest how many of your guys leave 500k-1mil in there prop accounts?

 

[Brandonf]

Quote from bighitter1:

lol here we go again. all the guys at prop firms leave 500k-1 mil in there non insured prop acounts. give me a damm break.don since you seem very honest how many of your guys leave 500k-1mil in there prop accounts?

If the $500K to $1mm hit will kill you, or cause your wife to do so for you, then maybe you should not keep it in there, or if the thought of potentially losing it is keeping you up at night you should not. But most guys who are making serious money carry far more than the insured amounts in their accounts, be they at a prop firm, retail broker, prime broker or whatever. You can get private insurance for it if you like and many do, but if you cant fathom keeping more than $1mm with a firm your going to have a hard time ever living up to your nick.

Brandon

 

[marketsurfer]

Quote from Brandonf:

You can get private insurance for it if you like and many do, but if you cant fathom keeping more than $1mm with a firm your going to have a hard time ever living up to your nick.

Brandon

good point, brandon!

can you direct me to the "private insurance"?

thanks,

surf

 

[bighitter1]

there ain't no private ins for a prop house. hell the props not insured period . go ask all the worldco boys who lost all there money. a lot of bravado talk on this board about these huge non insured deposits which i think is total bs.if people did some research they'd know know most small clearing houses can't even get ins above the sipc limits

 

[ElectricSavant]

there must be an umbrella policy for anything...no?

 

[Maverick74]

Quote from bighitter1:

there ain't no private ins for a prop house. hell the props not insured period . go ask all the worldco boys who lost all there money. a lot of bravado talk on this board about these huge non insured deposits which i think is total bs.if people did some research they'd know know most small clearing houses can't even get ins above the sipc limits

Come on man. Let's separate some issues here. At a firm like Bright Trading perhaps no one is leaving any real capital in there, but in a JBO, it's common place.