Inside the Industry - Chat w/ Don Bright

[OPTIONAL777]

Quote from jack hershey:



Thanks so much for your comments.

It looks like the series 7 covers the bases for Don etc.

I am just easing into learning about the prop stuff. I would say at this point that i don't have a clue as yet.

The processes you are describing for ramping up to doing it full time are fairly clear to me though.

I guess Don is doing some of the stuff the "outside" man does in a small business.

The Prop trading is beginning to look like a niche with a few variations. My guess is that most people are making a quarter mil a year or so. Say a 1,000 bucks a day for the 250 days a year.

Most people? What does that mean?

 

[howellpar]

Jack:

The earnings are not yet consistently at $200k plus, I'm doing closer to $140,000 or so. But, if I hadn't "wasted" so much of my original 'stake', I think $250k would be quite possible.

I trade off of a $50k 'stake' using short-term (1 to 15 days carry) pairs, and the Bright's capital, I seem to be doing fine. I'd love to be able to afford to have over $100k as my 'base nut' though!!

Yes, Don's Mr. Outside to new recruits, Eddie is the same to vendors and non-traders, Bob is the original brains and the true 'Master Trader'.

Good-Luck. It's a great way to live and a great way to make a living.

 

[Don Bright]

Quote from howellpar:

Jack:

The earnings are not yet consistently at $200k plus, I'm doing closer to $140,000 or so. But, if I hadn't "wasted" so much of my original 'stake', I think $250k would be quite possible.

I trade off of a $50k 'stake' using short-term (1 to 15 days carry) pairs, and the Bright's capital, I seem to be doing fine. I'd love to be able to afford to have over $100k as my 'base nut' though!!

Yes, Don's Mr. Outside to new recruits, Eddie is the same to vendors and non-traders, Bob is the original brains and the true 'Master Trader'.

Good-Luck. It's a great way to live and a great way to make a living.

I prefer "front man for the band" as opposed to "Mr. outside guy"....lol

Don

 

[howellpar]

And what a band it truly is!!

Sure beats Robin Hooding!

Good Job Don. Now, about that raise. . . .

 

[nitro]

Quote from jack hershey:

..I am just easing into learning about the prop stuff. I would say at this point that i don't have a clue as yet...

IMHO, it is useful to use "Professional" firms for firms that require a "deposit" in order to trade (usually 25K, but it can be as low as 10k) and "Proprietary" firms that require no capital (or very little, like $3K) to trade. Whereas the Prof. firm gives 100% payout, the Prop. firm gives some percentage of profit back. Examples of Prof. irms are Bright, Echo, etc. Example of Prop. firms are Worldco, Shoenfeld, ETG, etc...

nitro

 

[Ron In-a-sauna]

Quote from howellpar:

In a company the size and 'flatness' of Bright, one person often has to serve multiple functions (I know, I've owned three small business in lives past).

Only the 'big boys' (GS/MWD/MER, etc.) can afford (due to client fees/costs/commissions) to pay for recruiting staff, selling staff, training staff, drinking staff, blackmail staff, etc.

The Brights are good, they owe me nothing (and I owe them nothing as well). I just hate to see honest business people bashed anonymously. It's cheap, it's cowardly and it's chicken shit. I know, I've been the recipient of crap like 777's more than once.

Hmmm, maybe 777's the signature for the perfect A.H. - a stainless steel LAWYER.

i would like to get on the drinking staff somewhere!

 

[jack hershey]

Quote from OPTIONAL777:



Most people? What does that mean?

The average person that has been recruited by Don, Trained somewhere by someone and under what must be some kind of contract with the small company and going to the trading room on a daily basis to do the prop thing.

Making a 1,000 bucks a day seems like something anyone day trading would be doing if they were wanting to take home an income stream to support themselves as middleclass people like mechanics or bean counters or prescription fillers and the like. I imagine they would keep some capital growing as well. It could be an equal split of 250,000 a year into two parts.

Maybe it is possible that Don doesn't use income as a recruiting tool or something. Lots of people have jobs and they don't make income a top priority. This could be one of those things.

 

[jack hershey]

Quote from nitro:


IMHO, it is useful to use "Professional" firms for firms that require a "deposit" in order to trade (usually 25K, but it can be as low as 10k) and "Proprietary" firms that require no capital (or very little, like $3K) to trade. Whereas the Prof. firm gives 100% payout, the Prop. firm gives some percentage of profit back. Examples of Prof. irms are Bright, Echo, etc. Example of Prop. firms are Worldco, Shoenfeld, ETG, etc...

nitro

Thanks. Sounds like a fun situation.

If i were there if might be a little scary.

 

[jack hershey]

Quote from Don Bright:



I prefer "front man for the band" as opposed to "Mr. outside guy"....lol

Don

Having a parochial preference seems to fit.

What do you think about getting the band rolling on the suggestions I made a while back??

 

[Don Bright]

Quote from jack hershey:



Having a parochial preference seems to fit.

What do you think about getting the band rolling on the suggestions I made a while back??

Excuse me for perhaps missing some of what you suggested (you know, the private war with O7....lol). Please let me know again.....I did a quick review, but must have missed your post. (Trading is a bit "hot and heavy right now').

Don