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Prop Groups are PHONIES and full of BS
- Thread starter trader963
- Start date
Originally posted by bigscalper
The difference between people that make money and people that don't isn't a factor of PROP or retail, it is a factor of the strategy and/or system you employee. I am sure there are many profitable traders at Bright just as there are at many other firms. My point is, work for yourself, protect your capital and build your strategy.
Exactly! If you have confidence, go retail!
Originally posted by bigscalper
by freedom I don't mean vacation time, I mean the freedom to trade as you please. Most real prop firms (the ones that actually hire you and pay you a salary plus %) only allow you to trade their style, which can be limiting. Let me clarify, Bright is not a prop firm, it is a retail firm where your money isn't insured and they give you 10-1 margin. 4-1 is plenty margin for most day traders. Most guys that are using 10-1 margin don't have the skills to use this margin and that is why they don't have the capital to day on 4-1 margin. By the way, when I did work for a Prop firm vacation was limited to 3 weeks a year and we were treated as regular employees, probably this is why we got a salary.
So true. As a matter of fact, salaries are out. Virtually no firm gives a salary. In fact, almost no firm gives a stipend or even a draw anymore. And many firms give even less vacation time than that now.
Originally posted by limitdown
OK, who do you trade with?
$.001 per share is beyond excellent. What monthly volume is required, and what level is paid, when that volume is not reached? Do you watch the pershare counter all day/week/month?
Also, now that you've exposed "THEM", whom did you really mean in particular? I have often exposed Onsite Trading LLC / AB Watley Trading LLC. They are no longer in business, and I hope their dicks wither and fall off, but that doesn't change how twisted and vile they were. Those same bustards are still out there, and in here also.
So after exposure, then what?
What were AB Watley and Onsite doing?
Originally posted by dotslashfuture
I am curious also. do they enforce a work schedule or other disciplines at these firms ?
Yes, and it is partly based on your performace. If you are not doing well, the rules are strict. If you are doing well, the rules are much more lax. But of course, if you are doing well, you would be doing even better in retail, and you don't have to worry about how much freedom you have till you have to have a go around.
I am not a prop trader, but one thing that I can figure out as an outsider looking in is that they are one thing.......BROKERAGE FIRMS. Brokerage firms make their money from fees. They have no other way of making money because they don't do investment banking, or sell analysis, or anything else. They just make fees. They are pure service providers. Some of them also sell training sessions, etc., but they are primarily selling you on the whole idea of daytrading. That doesn't make them evil, that just makes them a service business.
These firms have a near 100% turnover within 3 years. That is why they are constantly recruiting and "hiring" new people. That is true across all the firms, because they are all basically the same when you get down to the nitty gritty. Some deals are better than others, but that is a matter of what your personal goals are, and no one deal is the best for everybody.
I have been enticed to do it, but I haven't figured out how to make a consistent living by churning my account all day long. I have never made a significant amount of money without at least holding overnight. The best schemes I have seen have been ways of playing the opening, as in Don's opening order scheme and other similar schemes. That would keep me busy for the first hour, what would I do the rest of the day ? Maybe there is a reason that Don Bright can play the openings and then spend the rest of his time marketing, maybe that is truly the best use of his time. What are the people in his offices doing the rest of the day?
These firms have a near 100% turnover within 3 years. That is why they are constantly recruiting and "hiring" new people. That is true across all the firms, because they are all basically the same when you get down to the nitty gritty. Some deals are better than others, but that is a matter of what your personal goals are, and no one deal is the best for everybody.
I have been enticed to do it, but I haven't figured out how to make a consistent living by churning my account all day long. I have never made a significant amount of money without at least holding overnight. The best schemes I have seen have been ways of playing the opening, as in Don's opening order scheme and other similar schemes. That would keep me busy for the first hour, what would I do the rest of the day ? Maybe there is a reason that Don Bright can play the openings and then spend the rest of his time marketing, maybe that is truly the best use of his time. What are the people in his offices doing the rest of the day?