For Serious Traders from Don Bright

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Don Bright

Since I see that quite a few people are coming here to discuss trading firms, I thought I might monitor the board from time to time. I replied to a thread asking about a list of proprietary firms, and listed a few of the more reputable. Since I need to "walk a thin line" here, and try not to sound like an advertisement for our firm, I thought I might simply point a few of you to some reading material. You may want to read about Proprietary Trading in Stocks and Commodities magazine (March April and June, I believe), and read the November article about "3 Traders."
I have posted a few reasons why our traders have chosen our firm, and you may want to use some of this as a basis when deciding where to trade. As in any business, there are those who try to succeed by bad-mouthing the establishment (I guess we are in the "establishment" now ). We have grown to be the largest firm by being honest, fair, and reputable. We have been with the same clearing firm since 1978, and have given hundreds of traders a home.

Please do your homework, ask the hard questions, and don't be fooled by silly remarks about technology, market access, and "bells and whistles." Seek out solid, reliable, reputable firms that have grown due to having the best "stuff" out there, and by having a good relationship with their traders. I mentioned other firms in another post, here goes: Schonfeld has a good program for new traders, and those who are seeking employment. ETG and Generic are good companies. Newer guys like Leiber & Weissman seem to be reputable. There are so many other "new kids on the block" that you must simply wade through. You have to ask yourself whose money are they spending trying to bring in new people? Anyway, good luck, and good trading!!
 
Don,

I find it interesting that you are deciding to log on and start to commercialize this board. I hope that other firms do not follow your lead, as I think it is innappropriate for firms to come here to an open forum and hype themselves as you are doing. Your "fine line" of referring people to the articles you write is humorous also as everyone I have read has the look and feel of a Bright advertisement.

But... as long as you are here... I do have a few questions for you:

You mention "Lieber & Weissman" as a newer firm. Have they not been around for years? I have looked into them and they are very straightforward and seem very reputable, I am curious why you do not classify them as such?

Do you pay the magazines to be included in them? If you are a paid columnist, I will be impressed.

You say here that Bright Trading has been around since 1978? I have heard that Bright trading started in 1994? True, not true?

I have heard that Bright trading is simply a reseller of Spear Leeds, that you do not have any proprietary technology or software? That you can only use Redi Plus if you trade there? I hope this is not true but would love a response.

I also have heard that in your offices your First Alert quotes come from a satellite connection, which is one of the cheapest and slowest ways to get quotes? Is this how you get your First Alert quotes?

A response to some of the questions I have wondered about is much appreciated.

-Jim
 
and welcome to the board!

I, for one, hope you check in from time to time. You're the absolute authority when it comes to Bright Trading. There's a hell of a lot of speculation and guessing when it comes to your firm and it would be great to hear what's what straight from you.

btw, Gene Weissman stops by occasionally and I hope you will continue to do so as well.

Best regards,
Jim
 
Why not have anyone who wants to post here? The more the better.

Do not underestimate this board. NO ONE will get away with "pushing" anything for very long. There are some very experienced and Big (as in big boys) traders here.

I have spoken with Don on the phone a while ago, couple, few years? and he shot me straight then. I did not go with bright for various reasons, but I more than welcome his input here.
 
Hi Jim...and thanks for allowing me the courtesy to respond. I am not trying to commercialize this site, but find that it has been commercialized already by others who are hiding behind screen names. I do think that Lieber and Weissman are reputable, have exchanged emails with the principals. Now to answer your questions:

1. I actually do get paid for my monthly column, and when asked for articles, I respond and they pay me for them as well. Hope you're impressed :-) I find that those who "pay for play" at the expo's and such are simply people who are selling software or videos, and have little or no contact with real trading at this level.

2. I said that we have been with the same Clearing Firm (First Options of Chicago - SLK), which is entirely accurate. My brother started in 1978, and I started in 1979. Bright Trading, Inc. was formed in 1992 and is the Managing Partner of the firm.

3. Here's your response about SLK and software. If a firm qualifies to clear with the Broker Dealer (professional not retail) wing of SLK, then we can use Redi Plus for executions, quotes, filtering, charting, news, automated orders, dde linking, active-x and all the cool stuff, including individualized proprietary software programs (yes we have plenty of programs used by our traders). We offer other platforms to those that prove their viability. What I find humorous, is how people are duped by other firms who claim that the software they offer is somehow better or different. I know one firm that is mentioned often on this board that simply uses First Alert execution and put their "brand" on it...now that is just plain silly. When all is said and done, the major firms all have the best stuff available, and, to be honest, the software is a small part of overall trading success ( a necessary part, however). As far as First Alert quotes, they come in either satellite or land lines, but they still cannot compete with the direct lines offered by Redi Plus. Please believe me when I say that we try very hard to test the new data feeds and all the cool products, but over the years we have found that the success of our traders prevails over everything else, and their input is used to explore new options. If you think about it, wouldn't all the data vendors come to the biggest firm first to sell their wares (they have), and we are in the position to pick and choose what we use, who we clear with, and who we have trade with us.

Thanks again for your questions!

Don Bright
 
Don't get me wrong, I also value his input and welcome him to the forum. I am sure we all will enjoy the fact that we can now ask him about some of the rumors about his firm.

I hope he can shed light on earlier dicussions about whether they get their First Alert quotes through the satellite feed or a T1 for each office, that is the true determiner of whether the firm is looking out for themselves (satellite = very cheap, slow, unreliable) or their traders (T1 based First Alert quotes = more expensive but crucial).

I hope he takes the time to answer our questions.

-Jim
 
I am glad to reply, Jim...and have already answered your list of (good) questions. And I thank you welcoming me to the board. In the past I have tried my best to add some reality to various boards, and hope to be of some value here. I feel that I have my "finger on the pulse" of the industry as a whole, and will try to help when I can.

Don Bright
 
Don,

Just saw you response pop up after I sent my previous post, thanks for your post.

Can you cover a question you missed from my earlier post:

Do your First Alert quotes in your offices come from a satellite feed?

Also, you say you have other software besides Redi Plus, but your website doesn't mention that. Where can people see a demo version or screenshot of what we can trade on besides Redi? I would like to use anything but Redi.

Thanks!

-Jim
 
I am very happy that Don Bright and others inputable people do respond for their firm and under their REAL NAME !
There is nothing wrong with that imo.
I prefer facts to rumours. I prefer opened questions and answers.

And just a reminder, I remember the thread regarding IB (not a prop firm but it does not matter) people arguing this was pushing and advertising. Well, not always when you read so many helpdesk questions (which was the real issue with IB, not hyping) these don't give only a nice image. it is tough sometimes.

Def or Don or Gene or Robert etc.. carry their colors and are willing to interact with members. I wish this would happen with more executives and in more industries.

So look at the big picture. If you disagree with something said, if you want to argue, the forum is there for that, remain civilized, stick to the facts and no hype (that's for both sides).

In that perspective, therefore I want more execs to respond not less.

tntneo
 
Don, I would like to hear your thoughts on a topic. Everyone I have talked to that has heard your thoughts on the market has said that you are very critical of Nasdaq traders, and that you have said that you can't make money trading Nasdaq stocks.

Bright Trading, from what I know, also requires a $50K deposit to trade Nasdaq stocks, and charges an additional fee on top of the $600 monthly fee you charge if you want Level 2. How much is this fee?

Is there a particular reason Bright trading is so against Nasdaq trading, does this come from seeing many of your traders do better in NYSE stocks, or do you think this is the case everywhere?

Courtney
 
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