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Don's openings Part 4
- Thread starter Don Bright
- Start date
I think you are missing the point.
Being able to recoup the $1K or $3.5K is not the issue. Being able to do that is a whole other discussion.
Do you really want to flush $1000 down the toilet?
Trading in 2002 is not worth any amount of money charged by any seminar. Especially if you are a newbie - you don't even know what questions to ask, much less what pitfalls to avoid. It is far better to find a firm that will take you without a deposit or charge you for a seminar THESE days.
Present trading conditions do not justify costly seminars. READING $1000 of books on trading would serve your money better.
Being able to recoup the $1K or $3.5K is not the issue. Being able to do that is a whole other discussion.
Do you really want to flush $1000 down the toilet?
Trading in 2002 is not worth any amount of money charged by any seminar. Especially if you are a newbie - you don't even know what questions to ask, much less what pitfalls to avoid. It is far better to find a firm that will take you without a deposit or charge you for a seminar THESE days.
Present trading conditions do not justify costly seminars. READING $1000 of books on trading would serve your money better.
o777 and his pal shadow just don't seem to understand that this is a "free country"...how can we discriminate against those who want to become independent traders? What type of "qualifying exam" would you suggest?? We haven't found one that adequately screens people for this profession. Our successful people come from all types of backgrounds and with various degrees of education. We're glad to provide a good place to trade, with other successful traders....it's too bad that you simply refuse to accept that fact.
It's weird that I feel compelled in some way to respond to all these bizarre statments, but the things that get posted may actually cause harm to newer people who may be confused by all the silly bashing and name calling.
I would think with the Nation on alert, that we could get past all this and focus on much bigger concerns.
BTW, I think it was 98% of retail day traders lost money according to the NASAA a couple of years back....FWIW.
I really don't understand the hosility, and wish you didn't have such an axe to grind....but I guess I'm flattered that you spend so much time on my behalf.
Don
PS...MVP, June and July were 2 of our best months ever....I do agree about the first part of the year, it was a bit tough for most.
It's weird that I feel compelled in some way to respond to all these bizarre statments, but the things that get posted may actually cause harm to newer people who may be confused by all the silly bashing and name calling.
I would think with the Nation on alert, that we could get past all this and focus on much bigger concerns.
BTW, I think it was 98% of retail day traders lost money according to the NASAA a couple of years back....FWIW.
I really don't understand the hosility, and wish you didn't have such an axe to grind....but I guess I'm flattered that you spend so much time on my behalf.
Don
PS...MVP, June and July were 2 of our best months ever....I do agree about the first part of the year, it was a bit tough for most.
Originally posted by Don Bright
o777 and his pal shadow just don't seem to understand that this is a "free country"...how can we discriminate against those who want to become independent traders? What type of "qualifying exam" would you suggest?? We haven't found one that adequately screens people for this profession. Our successful people come from all types of backgrounds and with various degrees of education. We're glad to provide a good place to trade, with other successful traders....it's too bad that you simply refuse to accept that fact.
It's weird that I feel compelled in some way to respond to all these bizarre statments, but the things that get posted may actually cause harm to newer people who may be confused by all the silly bashing and name calling.
I would think with the Nation on alert, that we could get past all this and focus on much bigger concerns.
BTW, I think it was 98% of retail day traders lost money according to the NASAA a couple of years back....FWIW.
I really don't understand the hosility, and wish you didn't have such an axe to grind....but I guess I'm flattered that you spend so much time on my behalf.
Don
PS...MVP, June and July were 2 of our best months ever....I do agree about the first part of the year, it was a bit tough for most.
What is more disgusting than using "Nation on alert" as a reason to suggest people stop speaking out for what they believe to be true?
The right to criticism and critical thinking is at the very foundation of our country, our society, and what separates us from facist states like those who curb their citizen's rights to freedom of expression.
If you had an ounce of shame Don, you are the one who should be ashamed at trying to pulling out the 911 card and "Nation on alert card."
Using the "Nation on alert" as a reason to stop pointing out what some believe is wrong with you and your practices is just another low and classless point for you.
The "Nation on alert" certainly doesn't stop you from your self-promotion efforts, now does it?
Regarding what kind of tests to give to applicants, there are a ton of psychological test and simulation tests that will help to determine if someone has the mental and emotional makeup to be able to handle the stress of day trading.
Providing the testing and results back to an applicant will only help them to see where they are deficient in their thinking and emotional development, and will help them to take the necessary steps to devlop those "mental and emotional muscles" if at all possible.
Determining if they are really suitable is another step to take, and I don't know what steps you take to determine if they are really in a strong enough financial situation with enough support from family and friends to begin trying a career at trading. I suspect you do as little as possible in this area, and only what is required for NASD compliance purposes.
I would really like to hear from some members here about how Don tried to talk them out of coming to Bright because they really were not suitable (assuming they had the money to pay for the price of admission).
I don't for a moment believe what the critics point out is in any way damaging to a new person, it can only help them be careful in their decision making process. I believe you are afraid that they might actually believe the criticism, might perform a due dilligence process, and spoil your chance of recruiting them is the truth of your concern.
You go from this previous statement:
to telling us to curtail the critism and expression of opinion due to the "Nation on Alert" status."O777 - I'm sorry for reacting strongly to your criticism's...everyone is entitled to an opinion."
One trick "Marketing" pony rides again. You swing to whatever side suits your agenda.
777
Originally posted by trader88
Optional 77
Don has always maintained that this is a tough business, and that majority who try daytrading fail at this endeavor whether trading at Bright or any other firm. He never guarantees success.
So what is the big deal?
Don suggests that someone will be more sucessful trading at Bright than at other firms.
If that could be proven, if there was statistical and verifiable data to support that claim, don't you imagine that would be used in their advertising.....instead of hype?
There are a lot of tough businesses, and the professional ones have a qualifying process to go through before one either begins the training or the practice of those professions.
777
Interesting comments about "handling the stress" of trading....why should there be such enormous "stress"?? Trading is just like any other business (except more fun, and with a looser dress code)...in that you are simply entering and exiting transactions....it's not "life threatening" and certainly shouldn't raise one's blood pressure. If it does cause you stress, then perhaps that is enough of a test to determine that you should find something else to do.
The Marine Corps was stress (1969-1975), Getting married was stress (each and every time, lol), raising a son is stress (and continues to be at times), but trading is just what you do to make a living.
But maybe you're right, a stress test might eliminate those who let this get to them, leaving this game to those who can handle it. I never really thought about it being stressful after leaving the trading floor, and even then the stress was minimal.
Don
BTW, I have posted our success rates, the same numbers all firms report to the Regulators. I haven't seen anyone else do that. Thanks 88...
The Marine Corps was stress (1969-1975), Getting married was stress (each and every time, lol), raising a son is stress (and continues to be at times), but trading is just what you do to make a living.
But maybe you're right, a stress test might eliminate those who let this get to them, leaving this game to those who can handle it. I never really thought about it being stressful after leaving the trading floor, and even then the stress was minimal.
Don
BTW, I have posted our success rates, the same numbers all firms report to the Regulators. I haven't seen anyone else do that. Thanks 88...
maybe you are correct. my point is, if you make close to $200K in your present profession, then shelling out $1,000 or $5,000 for a valid seminar is not unreasonable. again, the cost of getting started is a function of your ability to generate income/profits in alternate pursuits.
if someone can charge $200 to $300 an hour, as an expert witness, then $1,000 for someone to TEACH/INSTRUCT for a WEEK is not a bad deal, in fact its a good deal. remember back when you started and the time it took fine tuning your hardware/software, not to mention trading plans and setups. getting a jump-start for $1,000 is chump-change.
and yes, you can read a lot of books for $1,000, but again, its very time consuming. i took your approach over the years and i have read a ton of books, but after almost 3 years of part-time trading, im considering cutting out a week, weekend, or whatever and attending seminars.
dont want to continue this tangent... good trading.
if someone can charge $200 to $300 an hour, as an expert witness, then $1,000 for someone to TEACH/INSTRUCT for a WEEK is not a bad deal, in fact its a good deal. remember back when you started and the time it took fine tuning your hardware/software, not to mention trading plans and setups. getting a jump-start for $1,000 is chump-change.
and yes, you can read a lot of books for $1,000, but again, its very time consuming. i took your approach over the years and i have read a ton of books, but after almost 3 years of part-time trading, im considering cutting out a week, weekend, or whatever and attending seminars.
dont want to continue this tangent... good trading.