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Don's openings and more for 2005
- Thread starter Don Bright
- Start date
Quote from spunkylives:
Don in looking at your trades throughout the year it appears that your profits are quite small. I mean 200 one day 185 another day. I am quite confused I thought with all your knowledge you would be raking in a lot but I actually feel that in reading your posts you probably ended the year in the red. Only a 2005 tax return will demonstrate your real results.
Why would I "grandstand" with a large tax bill? As I mentioned many times, I have posted only the basic, simple, small size openings to show new people how easy a basic strategy like this is.
I'm going to post, at least, my "dialed up" openings in 2006, and I hope to increase $$ results significantly.
It's funny you mentioning tax returns....a little story here: 3 years ago I invited 27 "trading guru's" to join my Professional Trading Panel, and received positive responses from 22 of them. Since I wanted to legitimize the panel's authenticity, I asked those 22 to show me a portion of their tax returns that would only reflect only a meager $100k from the prior year....and, of course, shared my personal (not my C corp or S corp) information. Well, after this request, my Professional Panel consisted of me, my brother, and 3 others.....makes one wonder, eh?
No need for antagonisim, we're all just comparing notes and helping one another...and, we already have our handful of negative type posters here on ET.
All the best,
Don
Quote from chiguy:
don...
would you like to enlighten him or should i taunt him severely...
Really...
I'm not a Bright user but I like Don and his helpful (being PC is not necessary) postings. Bothered me too that this guy comes out of nowhere to "diss" him.
Why answer him? Ignore might be best.
Have a Good Holiday
2 short wins, +115.
Looked like a nice setup to hold on for more, but I figured with light holiday trading they might whip around all over the place. Both required a bit of patience after going against me, so that played into the decision.
Don't forget the Steelers play on Saturday this week.
Merry Christmas.
Looked like a nice setup to hold on for more, but I figured with light holiday trading they might whip around all over the place. Both required a bit of patience after going against me, so that played into the decision.
Don't forget the Steelers play on Saturday this week.
Merry Christmas.
Just curious that's all. I unfortunately am at odds here since I believe Don's trading results for 2005 were probably not at all impressive and I wouldn't be surprised if he were actually in the red for trading in 2005.
Just voicing my opinion which I think one is allowed to do.
Just voicing my opinion which I think one is allowed to do.
I agree apparently no one else
Quote from spunkylives:
Don in looking at your trades throughout the year it appears that your profits are quite small. I mean 200 one day 185 another day. I am quite confused I thought with all your knowledge you would be raking in a lot but I actually feel that in reading your posts you probably ended the year in the red. Only a 2005 tax return will demonstrate your real results.
Spunky,
First let me preface this by saying that I'm probably going to be lambasted for this post because I'm with Bright Trading. But even if I wasn't, I'd be saying the same thing.
FIRST, Spunky, at the time of this post, you have posted 4 times. I think before calling someone to the carpet who has contributed a significant amount to ET, you should have some record of helping people yourself. I would say the same thing on any kind of forum: trading, tech support, etc. At least that way, we would have an idea about where you're coming from.
SECOND, I have to tell you. It really doesn't matter what Don Bright makes doing the OPG's. A true trader knows that the only performance that counts is his own. I have worked with hundreds of traders. Many have done the OPG's. Some have done them profitably and some have not. I know of some that have made over a quarter million so far this year doing OPG's and that's the only thing they do (do the math: 1 hour/day, 250 trading days, this means they are making over $1K/hour!). There are traders on this very thread that appear to do well with the OPG's.
But I will also tell you that all the people I know doing the OPG's have made them their own. They have taken the basics of the strategy and researched it and worked it to make it work for them. This, even after post after post on this thread of people saying that OPG's just don't work anymore.
I post this not for the defense of Don Bright, but for the edification of all traders. As a trader, you must realize that no stratedy will work for you "out of the box". If it did, then all trading would be done with black-box computers and there would
be no inefficiencies in the market. So, you must take the insights and gems provided here on ET by the various traders and if a strategy appeals to you, put in the effort to make it your own or it will never work for you.
I have worked with losing traders with good basic ideas that are never able to make them work. At times, with the permission of the trader, I have shared these ideas with other traders who then took the ideas, made them their own, and made money with them. These traders provided me with details of what they did as gratitude and I in turn provided these details to the original trader. Will he do anything with that info? I don't know, but his P&L suggests he hasn't yet, or if he has, it hasn't worked for HIM.
So, again, I have to get back up on my soapbox and emphasize these two points:
ONE: In order for ANY strategy to be successful, you must make it your own. You must work it in a way that works for you. If you do, and it still doesn't work for you, then maybe it's just not the strategy for you. If you don't try to make it your own, but just follow someone else blindly or throw a few half-hearted trades at it, then you shouldn't count on too much good coming from it.
TWO: It JUST DOESN'T MATTER how well other traders do. That will have no impact on YOUR trading. People are always asking me how people are doing. They want someone to tell them that this works. What they need to be asking me is what do THEY need to be doing to make it work. (BTW, when they do, I tell them and they usually aren't doing it or aren't interested in doing it, or say they'll do it, but never do). So, I say to all traders reading this: read the threads on ET, find the things that are of interest you, ask questions of those that seem to have a handle on them, do your own research, get in there and start swinging one lots to get the feel of it, and make it your own. Only YOU can make you a successful trader.
Good Trading!
Cash
My lack of posts should not disqualify me from making observations. I believe that most of the money are being made from the trading shops themselves and not so much from the traders. The real money it appears is from the fees being generated from traders not from trading. The promotion of trading shops coming directly from the co owners and managers of the trading shops just like yourself should be viewed with an open mind.
One should really analyze how fees are generated from trading shops how much profit is being made from these fees and the promotion of these shops.
I believe that topic would be interesting to explore.
One should really analyze how fees are generated from trading shops how much profit is being made from these fees and the promotion of these shops.
I believe that topic would be interesting to explore.
Quote from spunkylives:
My lack of posts should not disqualify me from making observations. I believe that most of the money are being made from the trading shops themselves and not so much from the traders. The real money it appears is from the fees being generated from traders not from trading. The promotion of trading shops coming directly from the co owners and managers of the trading shops just like yourself should be viewed with an open mind.
One should really analyze how fees are generated from trading shops how much profit is being made from these fees and the promotion of these shops.
I believe that topic would be interesting to explore.
Those that don't make a dime trading will always be bitching about trading shops. Fact is they'll still be bitching even if they trade retail. Traders who are profitable or are truly serious about finding an edge in trading will find prop/trading shops indispensable for its advantages.
And what are the advantages, you may ask? Leverage, sharing of ideas with other successful traders in the office, low commissions, proprietary tools not available to or which may be too expensive for retail traders (customized scanners - and I am not talking about Trade-Ideas either, quality news services, superior trading software, etc.), training and mentoring in certain offices, to name a few.
I have traded prop for the past 3 years with different shops and not once have I been forced to overtrade or churn to generate commissions. My relationships with the trading shops I have been with have always been mutually beneficial for both of us, which is the way it should be.
BTW - I do not trade with Bright, but personally know of some very successful traders who learned the ropes from different Bright offices.
Good luck to you.