Prop Firm that caters to remote traders

Quote from FaderTrader:

Goldman moved to Jersey City because the city only gave them a portion of the tax breaks they were insisting on. I doubt you have such a high-class problem.

My issue with Bright is that I think you are preying on losers by saying that you aren't. You are requiring more upfront capital and getting complete newbies into thousands of shares. How does that preserve capital?

Don, that's just plain reckless and misleading. Please debate the logical of:

Requiring more capital in order to get people into more shares of stock in order to pump up commissions while they are there. A trading firm cannot make a trader trade successfully. So, it logically follows that such a firm should seek to maximize commission revenue while the trader is trading. This is accomplished by requiring more money in order to give them more BP, in order to collect more commission on bigger (albeit still reckless) trades.

You recognize that undercapitalization is an achilles heel - but what about newbies getting into too much size?

I spoke on the phone with you for 30 seconds about a year ago - and after 10 seconds, you made clear to me that 1 million in BP would not be a problem. You had no knowledge of my experience whatsoever.

Seems pretty transparent to me.
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I can certainly debate with you, it's quite simple. Working strategies require considerable buying power, as mentioned before. Opening only, Pairs, M&A, etc. are LOWER RISK/HIGHER REWARD than simple 300 share gambling done by most "newbies" ..."picking stocks" on a daily basis is very high risk, where becoming a "surrogate specialist" in a couple of stocks, trading them all the time, works well (it has in NYC for 2 hundred years)...again Lower Risk, Higher reward.

There is no push for shares, we are adding a couple of hundred new traders who will likely never trade over 200,000 shares per month...so I doubt we "push" anything in that regard...we simply adjust pricing to reflect our deal with GS.

Regarding your phone call, I am perfectly open and up front with everyone, and sure I probably did tell you that using a $mil or more is no problem, because or the right strategies, I let brand new College kids (using our money) use that much in our internship programs, why would I not think an "experienced" trader could handle that much.

Under capitalization is always a problem, but not as bad as not having enough BP to engage in proper, winning strategies. Seems silly to compound the problem, doesn't it?

So, adequate capital and adequate BP seems like the best way to engage in trading for a living. "Newbies" at BT are usually successful people who have done well in other professions, are usually adult business people, and they trade the share size they choose...that seems pretty obvious to me.

Regarding GS....they simply paid our rent in NYC because they had room so spare from some layoffs due to the SLK takeover, I'll ignore the "high class" comment, LOL.

Now let's hear about your firm's policies...give the other readers a rest from BT for while, LOL.


Don
 
You guys can debate whatever you want with pro firm, but I certainly think newbies should not engage in putting up 25K to trade at Don Bright's firm. I am not bashing Don's firm. I am saying that only the experience traders should do it.

Trading is not easy. It takes a year or more to learn and be profitable. 95% of all traders fail. Newbies don't know a thing about how trading works. Take it from me because I've been there and done that.

For those newbies who wanted to trade, I suggest you go directly to a pro firm and sit and learn from the more experience traders. It will save you so much money.

Even though Don's firm offer training, it is not the same as having someone sitting by you and showing you how and why you lose money. If you sit in a training class and learn how to trade for a week or so, it is different from actually trading remotely and with your own money. Newbies don't understand that.

Don, are you telling me newbies that join your firm and take classes or training will become profitable? I bet the rate of successful for those newbies is almost impossible.

Take it from me.
 
Don - that was a decent response. It doesn't matter whether I agree with you or not, I just felt that you needed to address the issues that I outlined. And for the record - I agree - and I trade the same two stocks everyday. I recently went shopping for a new prop firm and anyone who told me that they encourage traders to pick in-play stocks each day, I simply tossed in the trash can. Few things lose money faster than doing that.

Thanks.
 
Quote from FaderTrader:

Don - that was a decent response. It doesn't matter whether I agree with you or not, I just felt that you needed to address the issues that I outlined. And for the record - I agree - and I trade the same two stocks everyday. I recently went shopping for a new prop firm and anyone who told me that they encourage traders to pick in-play stocks each day, I simply tossed in the trash can. Few things lose money faster than doing that.

Thanks.
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Glad to see we have some "common ground" - I never try to give the impression that trading is easy for anyone.

Regarding the post above...I agree with the time frame issue of learning to trade, that is why we started our live Boot Camps..at least this time frame gives a month or more of straight "handholding" to those who want it....and we keep a completely "open door" policy at our training headquarters...and many choose to come here for months of help...and I wish everyone would take us up on it.

(here goes)..."back in my day, we had to go to some gawdawful place like S.F., Chicago, or NYC (only "gawdawful" because of the costs to stay there, of course) to get into the markets...and we had to buy seats on exchanges"....etc. So, I find it pretty hard to find it "difficult" to take a few weeks or even months, to hang out with some of the best traders on the planet.

BTW, 95-98% of retail traders fail, according to the NASAA. We lose about half in the first 12 months, and another few percent the next year...so we're pretty proud of what we do for our people....and as in all things, "you can take a horse to water, etc."....some people won't listen, some people have no discipline, and perhaps have other problems....and I don't think that's a reason for blaming the firm, and traders only help our bottom line if they do well, or else they'll leave...so we bend over backwards to help our people, and the success rate shows that, IMO.

Peace !

Don
 
Quote from SizesTrader:

You guys can debate whatever you want with pro firm, but I certainly think newbies should not engage in putting up 25K to trade at Don Bright's firm. I am not bashing Don's firm. I am saying that only the experience traders should do it.

Trading is not easy. It takes a year or more to learn and be profitable. 95% of all traders fail. Newbies don't know a thing about how trading works. Take it from me because I've been there and done that.

For those newbies who wanted to trade, I suggest you go directly to a pro firm and sit and learn from the more experience traders. It will save you so much money.

Even though Don's firm offer training, it is not the same as having someone sitting by you and showing you how and why you lose money. If you sit in a training class and learn how to trade for a week or so, it is different from actually trading remotely and with your own money. Newbies don't understand that.

Don, are you telling me newbies that join your firm and take classes or training will become profitable? I bet the rate of successful for those newbies is almost impossible.

Take it from me.
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We have plans for new traders to start with less money than $25K, if they have the dedication and discipline and study habits to succeed with us here in L.V. Internship programs, etc.

I'm sorry you had trouble starting out, and would be glad to review your trading business plan and offer suggestions that might explain the problems. Send it to: don@stocktrading.com with "ET" in the subject line.

We insist our bootcampers develop their own trading plan, since most new people trade the wrong markets for the wrong reasons, and simply start buying and selling without a plan.. not good. With a few weeks or few months of supervision and structure, our traders have a much better chance at success.

All the best,

Don
 
Quote from Don Bright:

Sorry to hear that...I was in Anaheim last week and answered a zillion emails from my hotel room....because of regulatory requirements, I have to keep a single "complete" file of all responses - to and from every member of management (this causes some concerns when traveling).

All remote inquiries come to our main server (again for regulatory purposes)....so if I missed a couple I sincerely apologize....it is certainly not in our best interest to "dis" anyone....quite the contrary.
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MS Exchange + VPN connection can keep a complete copy of everything on the mail server. You can even configure auditing. Lose your laptop, no problem, all mail is saved on the server.
 
Quote from dottom:

MS Exchange + VPN connection can keep a complete copy of everything on the mail server. You can even configure auditing. Lose your laptop, no problem, all mail is saved on the server.
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Thanks, I'll pass this along to IT.

Don
 
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