May they rest in peace: dead firms

I agree this is one happy day for the Brights. Congrats Don. I wonder if you knew anyone lobbying for the rule?

This should have been cured by self regulation within the industry. There should have been madatory disclosure of financials.

And remember Don's opinions and practices have changed over the years. Probably for the better due to competition. When I was a Bright trader, I was certainly not given access to Bright's financials.

Their line back then in 1996 or 1997 was hey I am not asking for your financials and --- you are more of a risk to us than we are too you. Or something like that. (Which may have been true.)

Their other favorite line was when traders asked for software with charts they said eddie always says every ship on the bottom of the ocean has charts. That one still makes me laugh.

And finally their costs were much higher than they are now. So much so that I could start my own office with two other guys in 1997. At first we did not have any other traders and we still saved money every month.

Then the pedulum swung the otherway and the rate competition became too severe.

This new rule will make things very interesting.
 
from Don Bright.........."Very soon you'll be adding a bunch of names to the list. I am waiting for full documentation, but from the NASD and PHLX releases that I read, most LLC's will be gone by the end of the year."


Mr Bright.......when did these releases come out?......I ve been anticipating that the sec would change the rules in respect to firms who accept traders' monies and call them "prop", as opposed to customers, thereby skirting day and overnight margin requirements....is this "recent" ruling in respect to this, or is this a different angle?....again how recent is this development....any reply would be most appreciated......thank you in advance.
 
You guys are getting me nervous about my money.. Do I have
to wonder if my money is safe at the firm? I am a customer not a prop trader. How do I know that the firm is ok with this reg thing?
When will I find out if I can contuinue to have an account there?

Another thing. Some of you guys are really ripping this Don Bright.
Everytime I see or read his posts he sounded like an upstanding citizen. Am I reading something wrong here?


Moffitt

PS I do no biz or know this guy or his firm. Only reading his posts..
 
Quote from jem:

I agree this is one happy day for the Brights. Congrats Don. I wonder if you knew anyone lobbying for the rule?

This should have been cured by self regulation within the industry. There should have been madatory disclosure of financials.

And remember Don's opinions and practices have changed over the years. Probably for the better due to competition. When I was a Bright trader, I was certainly not given access to Bright's financials.

Their line back then in 1996 or 1997 was hey I am not asking for your financials and --- you are more of a risk to us than we are too you. Or something like that. (Which may have been true.)

Their other favorite line was when traders asked for software with charts they said eddie always says every ship on the bottom of the ocean has charts. That one still makes me laugh.

And finally their costs were much higher than they are now. So much so that I could start my own office with two other guys in 1997. At first we did not have any other traders and we still saved money every month.

Then the pedulum swung the otherway and the rate competition became too severe.

This new rule will make things very interesting.
More...

We were not an LLC back then, that's all there is to that. When we started having "members" then, of course we shared our financials. You probably had a one page agreement back then as well, right? LOL. Now it's about a zillion pages of legal stuff. Yes, things do change.

And, regarding rates, when one group was looking for market share (at any cost to themselves or the industry), so they could sell their firm, it caused a lot of problems to the smaller firms. We had to make some adjustments as well. But since it backfired to the guy who caused it, it just goes to show that Karma shows up in weird ways some times. As long as traders are given a solid place to trade, plenty of money to use, and fair pricing...we'll be fine.

Don
 
Quote from grimer11:

from Don Bright.........."Very soon you'll be adding a bunch of names to the list. I am waiting for full documentation, but from the NASD and PHLX releases that I read, most LLC's will be gone by the end of the year."


Mr Bright.......when did these releases come out?......I ve been anticipating that the sec would change the rules in respect to firms who accept traders' monies and call them "prop", as opposed to customers, thereby skirting day and overnight margin requirements....is this "recent" ruling in respect to this, or is this a different angle?....again how recent is this development....any reply would be most appreciated......thank you in advance.
More...

Here you go: http://www.fasb.org/st/summary/stsum150.shtml is the FASB release that causes all this (the reclassification of members capital to liability).

Here is the NASD "Notice to Members" No. 4-33

http://www.nasdr.com/pdf-text/0433ntm.txt

April and May 2004.

However, the big push started from the Phlx. June 16, 2004 in its' Memorandum No. 1246-04.

You can read more on Bob Green's site:

http://www.greencompany.com/PropTraders/Traders.shtml

And if want to hear my brother's discussion from the radio show, you can listen to this week's archive:

http://www.stocktrading.com/archives.shtml (June 19) This part is in the last 15 mintues or so....but feel free to listen to the whole thing.

Again, I have received 50 or more emails and PM's...I am glad to help, but I prefer not to give an "opinion" of any particular firm. Simply grab a balance sheet, contact Bob Green or any good CPA. I've given my comments publicly on the 3 major firms.

So, continue with the general questions, and I'll do my best, but I really can't analyze everyone's financial condition.

Stay diligent!

Don
 
Quote from moffitt:

You guys are getting me nervous about my money.. Do I have
to wonder if my money is safe at the firm? I am a customer not a prop trader. How do I know that the firm is ok with this reg thing?
When will I find out if I can contuinue to have an account there?

Another thing. Some of you guys are really ripping this Don Bright.
Everytime I see or read his posts he sounded like an upstanding citizen. Am I reading something wrong here?


Moffitt

PS I do no biz or know this guy or his firm. Only reading his posts..
More...

Check with your firm to be sure but customer accounts are SIPC insured so you should have nothing to worry about.

If you follow Don's posts you will see the same people always there to give him a hard time, on the other hand most of the people that know and trade with Don don't defend him because we are not supposed to feed the monkeys and if we do every meaningful discussion turns into a flame war. So for that reason I WILL NOT say that most of his detractors are either failed traders, jealous traders, owners of other less profitable prop firms, or just plain mean people. (Sorry Don, I tried to resist, reallly I did, won't happen again....maybe) I have found Don to be very helpful both to other traders and his own. I don't see any other prop firm giving away strategies that work or putting so much time and effort into meaningful discussions that help everyone, not just his firm. I could go on and on but I guess I've said enough. I'll shut up and take my punishment now.

Good trading to everyone.
 
Quote from tradestocks:

Don Bright has been known to pad (write fake positive responses) to his own reviews. Anybody can make an email address and and an online nickname and pretend they are somebody they are not. Don Bright has been known to do this on numerous occassions. He has numerous Alias (fake) email addresses to write positive information about himself. You will notice all this is online only and anybody that has ever met Don Bright in person can understand everything that I am saying. What kind of name is Ron Womble? LOL. Another one of Don's fake nicknames. LOL. Do your homework people.
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Another vain attempt....Rob Womble is one of my traders, you can check this out, all public information. Anyway, now that I know that you are totally out of sync with the real world, we can just laugh and thank you for, once again, helping with the positive presence that we try to keep.

Don
 
Quote from tradestocks:

Tell us Don Bright. How do we check out who is trading with you? You say that all your traders are public information? That is like saying we can find out where people bank at. Give us a link so we can take a look at who is trading with Don Bright. I would like to know names of everysingle person that is trading with Don Bright. You said this is public information. I personally would NOT want to trade with a company that publicly displays a list of every single trader that is a member of Bright Trading. No Way. Show us this public list Don Bright. We are waiting.
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Check registrations for individual traders..."AS IF" I would divulge this type of info...again, you're showing your ignorance. Do your own homework, if you know how.

Don:D
 
seisan is a definite don bright alias- so is stockwrangler- go back and read their posts- pathetic don, just plain pathetic.........
 
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