Don's openings Part 4

Bottom line...

You pay $1000 to listen to an antiquated seminar that is full of yesteryear generalities filled with obsolete information bordering on outright misinformation.

Is your friend profitable? NO What exactly is his P&L? How long has he been trading?

Don and Bob are the top in the field of sales. Oh yeah, they will make you feel warm and fuzzy til you realize that you are not able to trade for a living.

Most of the statements made about the Brights are a culmination of years of their "less than forward" reputations. When you screw enough people, the stink eventually gets out.

Has Bob told you about his $2M blowup with pairs trading in 2001? Pairs trading is NOT an advanced strategy. It is an obsolete strategy.

Wake up junior and smell the stench. (thats if you are for real)
 
Once again, Don, thank you for sponsoring Elite Trader and keeping it free and thank you for all the valuable information you've posted on this board. You are my favorite contributor.
 
some of you guys may forget what it was like in the beginning, or maybe you were trained by a trader. a 1,000 bucks in nothing for a week's training. i would pay a 1,000 bucks to watch a trader for a full week, let alone get instruction. believe me, if i could go back and start over, i would start with some seminars. just the time it takes researching brokers or setting up my screens - to see how a successful trader has his monitors set up would be a real time saver.

its a highest and best use question: what was the opportunity cost of learning all this stuff on my own. i can produce way more than $25/hour in my profession that i would pay for a seminar, and potentially recapture it in a single successful trade. just one tactic is worth $1,000, or maybe i can put a twist to it and optimize it.

i don't know if bright's seminar is any good... but, i am probably going to attend a seminar or two before the end of the year. one might be bright's or perhaps pristine. has anyone gone that route?

if nothing else, it will give me a better overview of what others are doing. learning in a vacuum has its advantages, but getting a broader view also has its pluses.
 
If anyone cares, my opinion.

I registered on this site last May.
I only knew about BT at this time (I'm based in Europe, the other US firms are nearly unknown to the trading community).
I asked a couple of questions to Don by PM, and thought the deal was great (for me).
Then, I looked at all the bashing and thought the Brights were crooks. I'm not accustomed to these marketing games, and thought something was wrong with someone deserving so much criticism.
So, I spent a lot of time investigating the pro/prop firms world.
I even looked at the most casual aspects and investigated everything. I also used third-party as well as official data.

I found out there were real scams in this industry. And I'm not talking about arguments regarding haircut fees.

Regarding BT, the operation can be completely checked from A to Z. It is clean.

Of course, there are some points that can be discussed, like the technology provided. But this is part of the deal, and could be discussed in a courteous way.

A reason why they are bashed is that they dont hide anything.
Don Bright answers questions about his firm that would remain unanswered by most of the competition, hence more points to debate, and more possibility for brainless bashing.

So, I think some people like Opt777 are actually unproductive and misleading. Anyone should do his homework before joining a prop firm. But, doing so without being looking for something crooked would make for a more interesting search, as well as a quicker one. I lost a lot of time as a consequence of this brainless bashing, and others probably missed a legitimate opportunity because of this.


OHLC
 
Originally posted by OHLC
If anyone cares, my opinion.

I registered on this site last May.
I only knew about BT at this time (I'm based in Europe, the other US firms are nearly unknown to the trading community).
I asked a couple of questions to Don by PM, and thought the deal was great (for me).
Then, I looked at all the bashing and thought the Brights were crooks. I'm not accustomed to these marketing games, and thought something was wrong with someone deserving so much criticism.
So, I spent a lot of time investigating the pro/prop firms world.
I even looked at the most casual aspects and investigated everything. I also used third-party as well as official data.

I found out there were real scams in this industry. And I'm not talking about arguments regarding haircut fees.

Regarding BT, the operation can be completely checked from A to Z. It is clean.

Of course, there are some points that can be discussed, like the technology provided. But this is part of the deal, and could be discussed in a courteous way.

A reason why they are bashed is that they dont hide anything.
Don Bright answers questions about his firm that would remain unanswered by most of the competition, hence more points to debate, and more possibility for brainless bashing.

So, I think some people like Opt777 are actually unproductive and misleading. Anyone should do his homework before joining a prop firm. But, doing so without being looking for something crooked would make for a more interesting search, as well as a quicker one. I lost a lot of time as a consequence of this brainless bashing, and others probably missed a legitimate opportunity because of this.


OHLC
More...

Clean as a whistle, quick as a wink.
 
1. Some seminars are worth $1K or $5K or $10K. Bright's is not one of them. Finding a profitable, experienced trader willing to share information is like finding a needle in a haystack. However, that is the best way to learn. Some manager/traders provide basic training for free. PLAN ON LEARNING BY PAYING THE MARKET WITH LOSSES, plain and simple.

2. Regardless of what you read about the scams and lies of prop firms, you still should do extensive research into what will work for you. What career would you consider after paying $1000 seminar to join? Would you pay for a seminar to buy into a time share condo? Prop trading is full of deceit and lies. It is a shady,devious business. THATS THE FACT. The other fact is that prop firm owners made their fortunes from commissions NOT trading. Oh sure, they trade, but that does not constitute the bulk of their earnings. SO, DO YOUR HOMEWORK AND CONTINUE TO DO ADDITIONAL RESEARCH.
 
Thanks for the support guys....and I'm sure that the 44 people in this week's class will find it very helpful with their trading.

O777 - I'm sorry for reacting strongly to your criticism's...everyone is entitled to an opinion.

Don
 
shadow,

no, i would not pay for something, such as a timeshare pitch, that is usually given for free. if the BT seminar is a pitch for prop trading, then i wouldnt pay for it. but, i certainly would pay $1,000 for a "good" or reasonably "good" trading seminar. again, that $1,00 could be recouped in one trade! the pristine seminars at $3,500 seem quite expensive, but maybe im quibbling?

anyone taken any worthwhile seminars?
 
Originally posted by Don Bright
Thanks for the support guys....and I'm sure that the 44 people in this week's class will find it very helpful with their trading.

O777 - I'm sorry for reacting strongly to your criticism's...everyone is entitled to an opinion.

Don
More...

What would the information posted here in this thread have anything to do with anyone's trading? Why would the 44 people benefit from it? They have paid their money, are committed to a process, and are going to do everything to justify their decision, even if in the back of their mind they know they have been ripped off.

So we have 44 new people, of that 44 people statistically, under 11 will make it through the year, and I suspect that less than 5 will be trading at Bright in 5 years.

So what?

Does the fact that you have 44 people who are in "this weeks class" prove anything beyond the desire of 44 people to get rich quickly and easily, and "Phineas Taylor" Bright willing to charge them the price of admission?

That you make your living providing a dis-service to people, feeding their unrealistic dreams is your business.

When I hear of any prop firms that gives qualifying entrance exams, "other than breathing and being able to afford the price of admission" then I will put them in the same light as other respected professions.

Since those who trade, or trade for a living nearly all agree that it is not the system, but the ability to execute on a trading system that is the key to suceeding at trading, why don't prop firms do extensive psychological testing of applicants to find out if they have the basic qualifications necessary to give them a reasonable shot of winning the game of trading?

With a winning percentage of only 25% (Actually, I don't believe that, I will stick with the 10% suggested by others), how can you take pride that you fail 75% to 90% of the people with your training?

Do you think they don't test air traffic controllers, a high stress and decision making profession, before they let them loose on the real deal? Most every profession that I am aware that is considered a legitimate "profession" has a qualification process before someone can begin the practice of it. Most even have examinations one has to pass before even beginning the training.

But, prop firms are different. If a sucker wants to plop down the dough and try to win, fine by the prop firm. What do they stand to lose? They are going to make money either way, right?

As long as you can find new blood, the game continues.

It is a scammy business. It is all about greed, not professionalism.

And the proof that your hucksterism is the constant misrepresentation of day trading, constant marketing, and blatant self promotion are all in the numbers---for anyone who is willing to analyze them.

My opinion, is that you are an unethical person, taking advantage of this forum to pump your sideshow, rationalized and self justified by the fact that you are a "paid" sponsor.

Just my opinion, let the buyer beware.
 
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